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News ReleaseMay 31, 2002 Latest PNM Report to FERC: All Trades Ethical
Albuquerque: Public Service Company of New Mexico, a subsidiary of PNM Resources, Inc. (NYSE: PNM), did not engage in simultaneous sales and purchase transactions referred to as "wash," "round trip," or "sell/buy back" trades, the company reported today to the Federal Energy Regulatory Commission. "We affirmed to FERC that all of our participation in the wholesale electricity market was ethical and honest," said Jeff Sterba, chairman, president and chief executive officer of PNM Resources. The latest response to FERC comes nine days after PNM and more than 100 other energy firms reported whether they participated in wholesale marketing practices similar to those described in recently disclosed Enron memos. PNM reported to FERC on May 22 it did not engage in attempts to manipulate the wholesale power market during California’s electricity crisis in an effort to boost profits. PNM Resources is an energy holding company based in Albuquerque, New Mexico. Its principal subsidiary is Public Service Company of New Mexico, which provides electric power and natural gas utility services to more than 1.3 million people in New Mexico. The company also sells power on the wholesale market in the Western U.S. PNM Resources stock is traded primarily on the NYSE under the symbol PNM.
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PNM's May 31 report to FERC (.pdf)