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News Release

Jan. 13, 2016
PNM Seeks Proposals for Renewable Energy Resources

Albuquerque:  PNM, a subsidiary of PNM Resources (NYSE: PNM) and New Mexico's largest electric utility, issued a request for proposals (RFP) today for renewable energy resources totaling up to 50 megawatts of generation.

This RFP is for Renewable Energy Certificates ("RECs") and accompanying Renewable Electric Energy or for RECs without accompanying energy ("RECs-only").  PNM is looking for renewable energy resources that will be cost-effective additions to PNM's integrated system portfolio, which includes traditional generation, demand-side management and renewable sources.  Acquisition of RECs will enable PNM to continue to comply with New Mexico's Renewable Portfolio Standard ("RPS").  PNM is seeking to purchase renewable energy and associated RECs from one or more qualified Respondents up to 50 MWs of generating capacity from sources that are eligible to meet PNM's renewable energy requirements.  PNM will consider offers for asset purchases, design-build-transfer ("turnkey") projects, or purchased power agreement ("PPA") projects in addition to RECs-only bids.

On December 16, 2015, the New Mexico Public Regulation Commission ("NMPRC" or "Commission") issued a Final Order in NMPRC Case #13-00390-UT, which directs PNM to issue this RFP for renewable energy resources up to 50 MW and to evaluate the cost-effectiveness of such resources to meet overall PNM system operational needs.  Accordingly, PNM will consider renewable energy resource proposals submitted in response to this RFP in light of both the Company's operational power needs and potential cost savings.

Projects should be located in or be able to deliver electricity to customers in New Mexico. REC-only purchases must be from a facility located in New Mexico. Renewable energy sources sought include wind, solar, geothermal, hydropower and biomass technologies. Fossil fuel and nuclear resources will not be considered in this RFP.

How to Participate in the Bid Process

Those who want to participate in the bid process should submit a "Notice of Intent to Bid" by January 25, 2016 and submit their proposal by February 25, 2016. Submissions can only be made using a web link to the request for proposals on-line bidding platform. Potential suppliers can register for the RFP at https://www.poweradvocate.com/pR.do?okey=56307&pubEvent=true.

More information is posted at PNM.com/rfp, or you can email questions to renewablerfp@pnmresources.com.

Pre-Bid Conference Set for Friday, Jan. 22, 2016

PNM will host an optional pre-bid conference, along with a live webinar, at its headquarters at 414 Silver Ave. SW in Albuquerque, N.M., from 1pm to 3pm MST on Friday, January 22, 2016, for project developers interested in submitting proposals. Details for participating in the conference online and in person will be posted at PNM.com/rfp.

With headquarters in Albuquerque, PNM is the largest electricity provider in New Mexico, serving more than 500,000 customers in dozens of communities across the state. PNM is a subsidiary of PNM Resources, an energy holding company also headquartered in Albuquerque. For more information, visit PNM.com.

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