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News ReleaseSept. 1, 2010
N.M. Regulators Modify PNM Renewable Plan, Approve 22 Megawatts of New Utility-Scale Solar Build Albuquerque: The N.M. Public Regulation Commission approved 22 megawatts of utility-scale solar power facilities that will be located at various sites throughout New Mexico. Construction is expected to be completed by the end of 2011. PNM has been researching potential sites to build the solar facilities since 2009, is negotiating with a pool of site owners and intends to build five facilities total. Those facilities are likely to be located in Albuquerque, Los Lunas, Las Vegas, Deming and Alamogordo. The solar power approval modifies a hearing examiner’s recommendation that rejected PNM’s entire renewable energy plan that called for adding 80 megawatts of solar power, including 45 megawatts of utility-scale facilities. Along with approving the smaller solar utility-scale plan, the commission also approved a plan to build a 500 kW solar power and storage demonstration project that is partially funded by a grant from the U.S. Department of Energy. In addition, the commission modified the PNM residential and business solar incentive program and expanded those programs to include solar electric thermal systems. The changes do not affect existing participants in the programs. New Mexico law requires PNM and other electric utilities to have 10 percent of the energy they generate come from renewable resources such as wind and solar by 2011. “We are pleased that the commission recognized the significance of adding renewable energy to our existing generation resources,” said Pat Vincent-Collawn, PNM Resources president and CEO. “Our industry, along with regulators, needs to continue to look for ways to add renewable power while balancing the cost impact to consumers. This is the first step toward achieving that goal and meeting the state’s requirement to diversify our energy resources.” PNM plans to file for recovery of the costs through a rate rider that would be implemented in 2012. Costs incurred by a New Mexico utility that are consistent with an approved renewable energy plan are deemed reasonable and recoverable in rates under state law. The commission’s order is available at http://www.pnmresources.com/investors/regulatory.cfm. PNM is a subsidiary of PNM Resources, an energy holding company based in Albuquerque, N.M. PNM provides electric utility service to about 500,000 retail customers in New Mexico. PNM Resources stock is traded primarily on the NYSE under the symbol PNM. For more information, see the company's Web site at PNM.com.
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