Welcome to our dedicated page for PNM Resources news (Ticker: PNM), a resource for investors and traders seeking the latest updates and insights on PNM Resources stock.
PNM Resources, Inc. (NYSE: PNM), based in Albuquerque, New Mexico, is a prominent energy holding company that serves over 800,000 homes and businesses in New Mexico and Texas through its subsidiaries, PNM and TNMP. With a balanced mix of coal, natural gas, nuclear, and wind generation, the company boasts a robust generation capacity of over 3.1 gigawatts.
Through its subsidiary PNM, PNM Resources provides electric generation, transmission, and distribution services primarily in New Mexico. PNM utilizes a diverse range of fuel sources, including coal and gas-fueled sites, to ensure reliable energy delivery. The Texas-New Mexico Power Company (TNMP), another subsidiary, operates transmission and distribution services in Texas, particularly focusing on small to medium-sized communities.
In recent developments, PNM Resources announced significant changes and projects aimed at enhancing their service and transitioning to cleaner energy sources. On December 8, 2023, the New Mexico Public Regulation Commission's Hearing Examiners issued recommendations for a 2024 change in customer base rates and the addition of 12 megawatts of distribution battery storage. These initiatives are designed to increase grid reliability and integrate more renewable energy into their network. In parallel, the company is exploring avenues for a more balanced and sustainable energy mix.
Further emphasizing their commitment to sustainability, PNM Resources recently sold its 50% share in the New Mexico Renewable Development, LLC (NMRD), a renewable joint venture, to Exus North America Holdings, LLC. This transaction, valued at approximately $234 million, will fund further regulated capital investments, reinforcing the company's dedication to clean energy and innovation. The NMRD portfolio includes numerous solar developments, underscoring PNM Resources' commitment to expanding renewable energy capacity.
Another notable update is the termination of PNM Resources' merger agreement with Avangrid. Despite the setback, the company remains focused on its strategic goals, including maintaining a 5% long-term earnings growth target. PNM Resources continues to invest in infrastructure to meet future energy needs, ensuring reliability and affordability for their customers while transitioning toward a 100% emissions-free energy goal by 2040.
With a strong financial performance, PNM Resources reported 2023 consolidated operating revenues of $1.9 billion. The company’s ongoing earnings guidance for 2024 ranges from $2.65 to $2.75 per diluted share, reflecting their steady growth and commitment to stakeholder value. Recent quarterly results have exceeded expectations, further demonstrating the company's resilience and strategic execution.
For more detailed financial information and updates, visit the PNM Resources official website at www.pnmresources.com.
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