ALBUQUERQUE, N.M., July 22, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) today announces the advancement of its strategic initiative to strengthen its sustainability efforts in support of environmental, social and governance principles.
The initiative builds upon numerous achievements in these areas, including significant reductions in emissions and water usage, with additional goals developed to further these successes.
The enhanced environmental focus expands upon PNM's plans to fully exit coal no later than 2031 and achieve emissions-free energy by 2040, a goal that is considerably more aggressive than the reductions called for by the Paris Climate Agreement and five years earlier than the 2045 requirement included in New Mexico's Energy Transition Act. To further advance the commitment to clean energy, additional goals will specifically address further reductions in Nitrogen Oxide (NOx) and Sulfur Oxide (SOx) emissions as well as water usage.
"Our business is rapidly changing to fully embrace carbon-free energy and realize our vision of a clean and bright energy future. We believe that ESG principles help establish a framework to meet our objectives," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Strengthening our commitment to these principles across PNM and TNMP is essential for the transition to a sustainable utility that reliably serves customers."
Consistent with this initiative, the company's long-term plans focus on the robust transition to a reliable, resilient and secure grid that delivers clean energy. As the technology and price curves advance for renewables, battery storage and other emerging emissions-free resources, utility infrastructure must be able to integrate and deliver these resources to customers reliably and affordably.
PNM announces its Wired for the Future program to prioritize up to $450 million of new investments over the five years of 2021 through 2025 in transmission and distribution infrastructure with three primary objectives: delivering clean energy, customer focus and grid resilience.
These investments supplement current transmission and distribution projects supporting clean energy, including PNM transmission expansion projects (BB2 and Western spirit transmission lines) to support new renewable resources under development and the TNMP interconnection of three,100-megawatt battery storage facilities along with numerous solar farms as ERCOT plans for substantial renewable additions to its grid.
During the company's second quarter earnings call scheduled for July 31st, management will discuss its strategy and commitment to ESG principles with new goals, sharing these achievements through improved disclosures, along with supporting investment plans.
Background: PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 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 for PNM Resources, Inc. ("PNMR"), Public Service Company of New Mexico ("PNM") and Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or 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. The Company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Company cautions readers not to place undue reliance on these statements. The Company's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its 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, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.