News Release

June 17, 2003

Annual Raffle Rewards PNM Employees
Who Practice Safety at Power Plant

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

Farmington: The San Juan Generating Station (SJGS) yearlong safety incentive program based on recognizing employees who participate in "safety actions" concluded this month with one employee winning a speed boat and two employees winning weeklong vacations. The power plant continues to celebrate its 1.3 million hours worked with no lost-time accidents.

Three big prizes — a boat and two $5,000 vacations — were awarded this month through a raffle culminating the safety incentive program's third year. Employees have three opportunities to enter the raffle based on their work groups' criteria. Eligibility is based on not having any recordable injuries and satisfying a minimum number of safety actions.

Mitch Lybrook, an apprentice in Environmental Operations, won the 2003, 19-foot Crownline boat. Greg Ryan, an outage planner, and Roy Smith, a craft supervisor in Generation Operations, each won a $5,000 trip and one week vacation.

"This safety program exemplifies our employees' and our supervisors' commitment to safety," said Russell Huffman, plant manager at SJGS. "We are continuing to improve our safety performance at San Juan, and this program rewards employees who practice safety every day."

SJGS's safety program encourages a safe work environment by rewarding safety actions, such as safety suggestions, facility inspections, safety investigations and giving safety talks or training.

SJGS has not had a lost-time injury in more than one year and four months, or 1.3 million hours worked with no accident. The plant's previous record was 225,000 hours worked, or about three months, without a lost-time accident.

San Juan Generating Station, located about 15 miles northwest of Farmington, is operated by PNM and consists of four coal-fired, pressurized units that generate about 1,800 gross megawatts of electricity to serve PNM's customer base and that of eight other owners. It is the seventh-largest coal-fired generating station in the West. San Juan is PNM's primary generation source, serving 58 percent of the power needs of PNM customers.

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.