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.
PNM Resources (NYSE: PNM) will announce its 2022 third quarter financial results on November 4, 2022, prior to market opening. A live conference call discussing these results and company updates will take place at 11 a.m. Eastern Time. Investors can pre-register for the call or join by telephone. The company, based in Albuquerque, N.M., reported $1.8 billion in operating revenues for 2021 and aims for 100% emissions-free generation by 2040. More details will be available on their website.
Public Service Company of New Mexico (PNM) submitted a grid modernization plan to the New Mexico Public Regulation Commission on Oct. 3, 2022. The $344 million investment aims to enhance electric system resilience, efficiency, and decarbonization. Key aspects include deploying smart meters and improving cybersecurity to protect customer data. The plan prioritizes low-income communities to ensure equitable access to clean energy. Approval from the NMPRC is required for the project, which aligns with legislation supporting grid modernization.
On September 30, 2022, Public Service Company of New Mexico (PNM), a subsidiary of PNM Resources, announced the closure of the last unit of the San Juan Generating Station, marking a significant step toward its Environmental, Social, and Governance (ESG) goals. With this closure, coal-fired generation now accounts for less than 10% of PNM's capacity, while carbon-free sources represent 55%. This achievement aligns with PNM's goal of a 60% reduction in carbon emissions by 2025 and aims for complete elimination by 2040.
On September 16, 2022, PNM Resources (NYSE: PNM) declared a quarterly dividend of $0.3475 per share on its common stock. This dividend is payable on November 10, 2022, to shareholders of record as of October 27, 2022. PNM Resources, based in Albuquerque, NM, reported preliminary 2021 revenues of $1.8 billion and provides electricity to around 800,000 customers in New Mexico and Texas. The company is pursuing a goal to achieve 100% emissions-free energy by 2040.
The Board of Directors of Public Service Company of New Mexico, a subsidiary of PNM Resources (NYSE: PNM), has declared a quarterly dividend of $1.145 per share on the 4.58% series of cumulative preferred stock. The dividend is payable on October 15, 2022, to shareholders of record by the close of business on September 30, 2022. PNM Resources reported consolidated operating revenues of $1.8 billion in 2021, serving approximately 800,000 customers in New Mexico and Texas.
PNM Resources (NYSE: PNM) will confirm its earnings guidance during upcoming meetings with analysts in Minneapolis and Chicago. The company projects 2022 consolidated earnings of $2.50 to $2.60 per diluted share, and for 2023, it expects between $2.60 and $2.75 per diluted share. With 2021 revenues at $1.8 billion, PNM Resources provides electricity to approximately 800,000 customers in New Mexico and Texas, targeting 100% emissions-free energy by 2040.
PNM Resources (NYSE: PNM) declared a quarterly dividend of $0.3475 per share, payable on August 31, 2022, to shareholders of record by August 17, 2022. The company, based in Albuquerque, N.M., reported preliminary consolidated operating revenues of $1.8 billion for 2021 and serves approximately 800,000 customers in New Mexico and Texas. PNM Resources aims for 100% emissions-free energy by 2040, operating with a capacity of 3.1 gigawatts.
PNM Resources reported Q2 2022 GAAP earnings of $0.18 per diluted share and ongoing earnings of $0.57 per diluted share. The company affirmed ongoing earnings guidance of $2.50-$2.60 for 2022 and $2.60-$2.75 for 2023. Notable performance was seen in the TNMP segment, driven by load growth and favorable weather. However, PNM's results were impacted by unrealized losses on investments totaling $39.0 million. The ongoing merger with AVANGRID is awaiting a court decision, with oral arguments requested by August 5, 2022.
PNM Resources (NYSE: PNM) will release its 2022 second quarter financial results on August 4, 2022, before market opening. A live conference call will follow at 11 a.m. Eastern Time to discuss results and company updates. The press release and presentation materials will be available on www.PNMResources.com. PNM Resources serves approximately 800,000 customers in New Mexico and Texas with a total generation capacity of 3.1 gigawatts, aiming for 100% emissions-free energy by 2040.
The New Mexico Public Regulation Commission (NMPRC) has mandated the Public Service Company of New Mexico (PNM) to issue rate credits due to the retirement of the San Juan Generating Station. This order results in a pre-tax revenue reduction of approximately $128 million over 2022 and 2023, limiting PNM's capacity to recover costs necessary for transitioning to carbon-free energy. PNM plans to appeal the order, which it views as detrimental to its operations, especially since it has deferred rate increases for customer benefit since 2020.
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