PNM Integrated Resources Plan Accepted; San Juan Generating Station Compliance Filing On Track

ALBUQUERQUE, N.M., Dec. 19, 2018 /PRNewswire/ -- Today, the New Mexico Public Regulation Commission (NMPRC) unanimously approved an order accepting the Integrated Resources Plan (IRP) filed by PNM, the New Mexico utility subsidiary of PNM Resources' (NYSE: PNM). The IRP, filed with the NMPRC in July 2017, presents a road map for PNM to eliminate coal-fired generation by 2031.

Highlights of the IRP include the retirement of the remaining units at the San Juan Generating Station by the end of 2022 and the exit by PNM from its 13 percent participation in the Four Corners Power Plant when the existing coal-supply agreement expires in 2031. The plan includes significant solar and wind energy additions, along with the potential for energy storage capacity, as replacement power and to support load growth over the course of the 20-year planning horizon.

"We are very pleased that the Commission has accepted our Integrated Resource Plan," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Through the implementation of this plan, more than half of PNM energy would be emission-free by 2023, increasing to nearly 70 percent emission-free by 2032. The plan lays the groundwork for New Mexico to become a leader in sustainable energy."

Every three years, PNM is required to produce and file an IRP with the NMPRC. PNM evaluates numerous existing and potential options for energy resources over the next 20 years to determine the most cost-effective mix to support reliability and environmental responsibility. In addition, the IRP contains a proposed, specific four-year action plan.

Today's order states that PNM complied with the NMPRC requirements for the IRP. The scope of the proceeding does not consider approval for any planned resource retirements or additions, as these are required to be approved through a separate process.

PNM is also required to make a compliance filing before the end of 2018 pertaining to the future of the San Juan Generating Station, as a condition of a previous settlement. PNM expects to complete the filing in accordance with the required timeframe.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.

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") or Public Service Company of New Mexico's ("PNM") (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 and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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.

SOURCE PNM Resources, Inc.

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