News Release

May 20, 2003

American Wind Energy Association Picks
PNM for Utility Leadership Award

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NEWS MEDIA CONTACT Susan Sponar Telephone: (505) 241-2768

Austin, Texas: The American Wind Energy Association today will give its 2003 Utility Leadership Award (AWEA) to PNM, the result of the New Mexico utility's role in the creation of the New Mexico Wind Energy Center and its plans to offer renewable energy to its customers later this year.

The association offers the award each year to an electric utility that has contributed to the advancement of wind energy.

"We salute PNM for making such a large commitment to wind energy," said Randall Swisher, executive director of the American Wind Energy Association. "Utility leadership in wind energy development is critical to the continued growth of the industry. PNM's involvement with the New Mexico Wind Energy Center, the third-largest wind farm in the world, is an excellent example of the kind of leadership that can serve as a model for other utilities."

"This is an award of which we are particularly proud," said PNM Chairman, President and CEO Jeff Sterba. "Our involvement with renewable energy did not happen overnight or by accident. In fact, it took years of thought, planning and negotiation to make the New Mexico Wind Energy Center a reality."

"We are proud of the difference this facility is making for rural eastern New Mexico, and we'll be proud to give our customers the option to choose renewable energy later this year," Sterba said.

The New Mexico Wind Energy Center, near House, N.M., will be capable of producing 204 megawatts of power, or enough to supply 94,000 average-sized New Mexico homes. Once operational, it will be the third largest wind-generation facility in the world, according to AWEA. Florida-based FPL Energy will own the facility, and PNM will purchase all of its output.

PNM plans to offer renewable energy to its 385,000 New Mexico electric customers once the facility begins production and state regulators have approved PNM's plan for selling the renewable energy.

PNM is the principal subsidiary of PNM Resources, an energy holding company based in Albuquerque. PNM provides natural gas service to 441,000 gas customers and electric utility service to 385,000 customers 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. For more information about our company, visit PNM.com.