News Release

June 3, 2015
PNM Asks NMPRC for Extension to File Final Ownership Restructuring and Fuel Supply Agreements for San Juan Generating Station

Albuquerque:  PNM today filed with the New Mexico Public Regulation Commission a request for additional time to submit final executed ownership and fuel supply agreements for San Juan Generating Station.  The extension is necessary to provide some of the participants with the time necessary to comply with their approval processes.

"This extension is reasonable and will allow PNM to complete this very complex process which would result in a large cost savings for customers, dramatically cut the company's use of coal and increase the use of cleaner energy resources, including solar generation," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We have made truly remarkable progress and we are grateful that the Commission is taking the time to fully consider the plan for San Juan. We are requesting the commission grant us the extension, which would not burden any of the parties in the case, yet would ultimately benefit customers and the state as a whole."

Last week, the Commission issued an order requiring PNM to file the agreements by July 1. The order included a provision for an extension if the company showed good cause. PNM, PNM Resources Development, Tucson Electric Power and the City of Farmington expect to meet the July 1 deadline.  These entities represent 92 percent of ownership in San Juan as of Jan. 1, 2018.

The six other owners are municipal or cooperative organizations that have several levels of public notice and meeting requirements, and are therefore unable to meet the July 1 deadline.  All but one of these entities however, filed affidavits indicating that they expect to meet an Aug. 1 deadline.  The City of Anaheim is striving to meet the Aug. 1 deadline but may need until Aug. 4.

The agreements are necessary for the company to proceed with implementing the Stipulated Settlement Agreement for San Juan, which would provide significant environmental benefits at the lowest cost to customers, if approved by the Commission.

 

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.