PNM Resources Inc.

05/01/2019 | Press release | Distributed by Public on 05/01/2019 16:57

PNM to Expand Transmission Grid to Support Renewable Energy

ALBUQUERQUE, N.M., May 1, 2019 /PRNewswire/ -- PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), today announced an agreement with an affiliate of Pattern Energy Group 2 LP ('Pattern Development'), and the New Mexico Renewable Energy Transmission Authority ('NM RETA') to acquire a renewable transmission project, Western Spirit, which will support the development of new wind resources in eastern New Mexico.

NM RETA and Pattern Development have partnered to develop and construct the Western Spirit transmission project. PNM will acquire the Western Spirit project upon completion of construction in 2021, resulting in a $285 million net investment. The capacity additions will strengthen the existing PNM system and provide upgrades to accommodate 800 megawatts of new wind energy.

'While sunshine and wind may be plentiful in New Mexico, the ability to deliver the clean energy they can produce is limited by the capacity of transmission lines. Expansion of the PNM transmission grid makes it possible for Pattern Development to invest in wind energy resources in New Mexico,' said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. 'The purpose of NM RETA is to encourage this type of renewable investment that brings new construction jobs and tax revenues to the state, and we are pleased to have the opportunity to support these efforts along with Governor Lujan Grisham's plans to make New Mexico a leader in clean energy.'

An affiliate of Pattern Development is a PNM wholesale transmission customer that will fully fund the investment through an incremental rate that is subject to approval by the Federal Energy Regulatory Commission (FERC) and will not impact the rates of existing retail and wholesale customers of PNM. The acquisition is also subject to the necessary regulatory approvals.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,671 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. ('PNMR') and Public Service Company of New Mexico ('PNM') (collectively, the 'Company') that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM's, business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

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SOURCE PNM Resources, Inc.