PNM Completes Purchase of Western Spirit Transmission Line
Public Service Company of New Mexico (PNM), a subsidiary of PNM Resources, has finalized the acquisition of the Western Spirit transmission line. This $285 million investment aims to enhance the transmission system and support the development of 800 megawatts of new wind energy in eastern New Mexico. The project, approved by the Federal Energy Regulatory Commission, is expected to have no impact on existing customer rates. The acquisition positions PNM to advance renewable energy initiatives and aligns with New Mexico's goals for economic growth through clean energy.
- Acquisition of the Western Spirit transmission line enhances PNM's transmission capacity.
- Supports the development of 800 megawatts of new wind energy.
- Investment of $285 million approved with no impact on existing retail and wholesale rates.
- None.
ALBUQUERQUE, N.M., Dec. 13, 2021 /PRNewswire/ -- Public Service Company of New Mexico (PNM), wholly-owned subsidiary of PNM Resources, Inc. (NYSE: PNM), has closed on its purchase of the Western Spirit transmission line and service under the Transmission Service Agreements has begun.
PNM announced on May 1, 2019 that it had entered into an agreement with affiliates of Pattern Energy Group 2 LP ("Pattern"), 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 partnered to develop and construct the Western Spirit transmission project, and PNM has acquired the project as planned. The capacity additions strengthen the existing PNM transmission system and provide upgrades to accommodate 800 megawatts of new wind energy.
"This project demonstrates one way New Mexico's renewable potential can be used to advance the state's economy, and it also highlights the critical need for transmission investment to achieve the clean energy future," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We support NM RETA's goal to encourage renewable investment in the state and look forward to additional future opportunities."
PNM's acquisition reflects a
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2020 consolidated operating revenues of
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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"), Public Service Company of New Mexico ("PNM"), or Texas-New Mexico Power Company ("TNMP") (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, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP'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. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (iv) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
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