ALBUQUERQUE, N.M., Dec. 15, 2021 /PRNewswire/ -- Today the New Mexico Public Regulation Commission (NMPRC) voted 5-0 to deny the application by Public Service Company of New Mexico (PNM), wholly-owned subsidiary of PNM Resources, Inc. (NYSE: PNM), to abandon, sell and securitize its minority interest in the Four Corners Power Plant.

PNM originally filed its application for abandonment and securitization in January 2021. In February 2021, the Hearing Examiner deemed the application to be insufficient and specified requirements for an amended application, which PNM promptly filed in March 2021. Today's decision, issued on the statutory deadline for the case, further modifies the requirements for this case and calls for new information to be filed regarding proposed replacement power resources.

"We are deeply disappointed that the Commission chose to reject a coal-free PNM at the earliest date possible and to ignore the Energy Transition Act's careful balancing of shareholder responsibility, millions in customer savings, economic aid and significant environmental benefits," said Pat Vincent-Collawn, PNM Resources' Chairman, President and CEO. "The Energy Transition Act went through a rigorous legislative process to balance the interests of all parties and benefit our environment. The Commission's actions aim to penalize the utility for complying with federal environmental standards while ignoring shareholders' commitment to pay $75 million to relieve customers from coal obligations. This also ignores shareholders' commitment to forgo previously authorized returns to provide a fair transition away from coal. We will need to carefully review the order rejecting abandonment to determine next steps, including a possible appeal to the New Mexico Supreme Court."

PNM's proposed exit from Four Corners would have saved customers up to $300 million, transitioned PNM out of coal by end of 2024 and reduced carbon emissions from the plant by 20% - 25% under seasonal operations.

Today's order and additional materials pertaining to the application for abandonment and securitization are available at https://www.pnmresources.com/investors/rates-and-filings.aspx.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2020 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 3.1 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. 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"), or 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. 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. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (iv) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. 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.          

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SOURCE PNM Resources, Inc.