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Letter from the CEO
On March 1, 2010, Jeff Sterba retired as the CEO of PNM Resources. He continues as Chairman of the Board. Pat Vincent-Collawn, who joined the company in 2007, assumed the role of CEO at that time. Accordingly, this year’s Letter from the CEO is from both Jeff and Pat. Our company’s annual report to shareholders for the past year focused on how we are defined by what we believe. There is no better example of that than our belief in a sustainable business model. That belief in sustainability has helped define how we generate electricity through continued additions of renewable energy to our system while working to reduce emissions on our fossil fuel units. In addition to the renewable energy we generate for our system as a whole, in 2009, our incentives for customer-owned systems resulted in a record number of new solar photovoltaic systems on their homes and businesses. We almost doubled the previous year’s participation levels. Our belief also has defined the programs available to customers – programs that include incentives to encourage energy efficiency and offer bill assistance to help customers through these tough economic times. During the past year, energy efficiency programs offered by PNM saved enough energy to power 5,400 homes for a year. In Texas, TNMP energy efficiency programs reduced energy consumption by more than 11,000 megawatt hours over 2008 levels. It has defined our corporate citizenship strategies – strategies that rely heavily on employee volunteerism and leadership, but that also use innovative giving to provide a lasting impact to those in need. Our Reduce Your Use grants, for example, have helped permanently reduce the energy needs for nonprofit organizations, freeing up more of their operating budgets to assist their clients. Much of what we do is visible and tangible, whether it is a solar array on a business or a volunteer outreach day where hundreds of employees go into customers’ homes to make them more energy efficient. But in 2009, one of the areas that best expressed our belief in sustainability wasn’t something our customers could see, although it certainly affected what they will see on the future energy landscape. Our work on the public policy front was probably one of the most significant undertakings of the past year. Public policy on a national and local level has the power to shape the energy future for generations to come – and we believe New Mexico and Texas should have a voice in those policy decisions. The right policy framework is essential if we are to move our company, our industry and our nation ahead toward a more sustainable path. We firmly believe that framework should help us achieve meaningful greenhouse gas reductions, and should do so in a way that minimizes the cost impact for customers. However, since climate change is a national and global issue, we believe it should be addressed at those levels. State or regional caps would create competitive disadvantages and significantly increase electricity costs in those areas. We believe in protecting our environment, so after completing our five-year environmental goals in 2008, we have established new ones for the next three years. These new goals – increasing renewable energy sources; reducing demand and encouraging energy efficiency; reducing waste; and limiting emissions – reflect our ongoing commitment to sustainability. We are pleased with the progress we continue to make toward a sustainable business model and our three-year goals, and look forward to being able to report to you in next year’s letter that we have a more certain regulatory path forward. That will certainly be a key area of focus in the coming year and a critical step toward a sustainable energy future. We believe that by building a strong, financially sound business, protecting our natural environment and empowering our neighbors and communities, we will be better equipped to face the challenges of our energy future — together.
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