PNM Files 2018 General Rate Case

ALBUQUERQUE, N.M., Dec. 7, 2016 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, PNM, today filed with the New Mexico Public Regulation Commission (NMPRC) its request for an increase in electric rates of $99 million that, if approved, would take effect January 1, 2018. The average system bill impact from this increase would be 11.2 percent.

"This rate filing represents important changes that will transform the generation portfolio that serves our New Mexico customers as we use carbon-free nuclear energy to replace two coal-fired units that will be shut down," said Pat Vincent-Collawn, PNM Resources' chairman, president, and CEO. "We know that this change comes at a price, but we also know that it is important to our customers, and to all of us, to have reliable, affordable and sustainable energy." 

The rate request reflects the implementation of the San Juan Generating Station (SJGS) plan that was broadly supported by the intervenors to the filing and approved by the NMPRC in December 2015. This plan paves the way for PNM customers to receive power from a more sustainable generation resource portfolio by approving the use of PNM's interest in the Palo Verde Nuclear Generating Station Unit 3 to serve retail customers following the shutdown of SJGS Units 2 and 3. The values for these items were set in the December 2015 NMPRC approval. In addition to the SJGS plan, this rate filing includes other environmental improvements to generation resources, normal capital expenditures that ensure reliable service for customers and adjusts for the lower sales due to the company's successful energy efficiency programs.

In the rate filing, PNM also proposes changes to rate design to better align electric rates with the actual costs to serve customers and encourage continued energy efficiency while proposing a rate mechanism that eliminates the disincentives associated with energy efficiency and load management programs.

PNM management will hold an analyst meeting and live webcast Wednesday, Dec. 14 at 10 a.m. Eastern to discuss PNM's general rate case filing and other company updates. The presentation for the live webcast will be available prior to the start of the meeting on PNM Resources' website at http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. The webcast archive will be available following the meeting on the PNM Resources website. 

Documents related to the PNM rate filing can be found at www.pnmresources.com/investors/rates-and-filings.aspx.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

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SOURCE PNM Resources, Inc.

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