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 November 30, 2015 - 8:08 PM EST
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NMPRC Modifies Future Test Year Definition

ALBUQUERQUE, N.M., Nov. 30, 2015 /PRNewswire/ -- The New Mexico Public Regulation Commission (NMPRC) today unanimously voted to define a future test year (FTY) as beginning up to 13 months following a rate case application.  This is a modification to the order that defined a FTY as beginning up to 45 days following a rate application that was originally issued in the December 2014 rate filing by Public Service Co. of New Mexico (PNM), a subsidiary of PNM Resources (NYSE: PNM).

PNM Resources

"We are pleased with the Commission's decision today.  We agree that this is the correct legal interpretation and it supports our ability to make the consistent and timely investments to our system that are necessary to maintain high standards of reliability for our customers," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Over the last five years, PNM has invested more than $1.2 billion in our generation, transmission and distribution systems.  Timely recovery of these investments helps keep the utility financially healthy and lowers the borrowing costs that are ultimately passed onto customers."

While the written order has not yet been issued, today's decision is expected to largely adopt the definition that resulted from the workshops sponsored by the NMPRC in July and August,  allowing for a FTY beginning no more than 13 months after the filing of an application. Pending review of today's amended final order, PNM may request to withdraw its N.M. Supreme Court appeal of the NMPRC FTY definition.

The NMPRC also heard a presentation today by the Hearing Examiner on PNM's ongoing San Juan Generating Station case.  The NMPRC is expected to vote on that case on Dec. 16, 2015.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2014 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,707 megawatts of generation capacity and provides electricity to more than 753,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.

CONTACTS:


     Analysts

Media

     Jimmie Blotter

Pahl Shipley

     (505) 241-2227

(505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made in this news release that relate to future events or PNM Resources' ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") 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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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nmprc-modifies-future-test-year-definition-300185714.html

SOURCE PNM Resources, Inc.


Source: PR Newswire (November 30, 2015 - 8:08 PM EST)

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