TNMP Reaches Settlement for 98% Requested Recovery of Distribution Investments
Texas-New Mexico Power Company (TNMP), a subsidiary of PNM Resources, filed a settlement to amend its Distribution Cost Recovery Factor. This will enable TNMP to recover approximately $105 million in investments made in 2020. The settlement proposes an increase in annual revenues by $13.5 million, reflecting 98% of the requested amount, pending approval from the Public Utility Commission of Texas by September 1, 2021. PNM Resources will announce its Q2 2021 earnings on July 30, 2021.
- Settlement allows TNMP to recover $105 million in distribution investments.
- Expected annual revenue increase of $13.5 million.
- Settlement reflects 98% of the company's filed revenue requirement.
- Settlement is still subject to approval from the Public Utility Commission of Texas.
- Pending merger with AVANGRID may introduce risks to business operations.
ALBUQUERQUE, N.M., July 2, 2021 /PRNewswire/ -- Texas-New Mexico Power Company (TNMP), the Texas utility subsidiary of PNM Resources, Inc. (NYSE: PNM), filed a settlement in its application to amend its Distribution Cost Recovery Factor to recover nearly
The unanimous settlement with parties calls for increased annual revenues of
PNM Resources to Announce Q2 2021 Earnings Results
PNM Resources will announce 2021 second quarter financial results prior to the market opening on Friday, July 30, 2021. The earnings news release will be issued at 6:30 a.m. Eastern.
In light of the previously announced merger transaction with AVANGRID, the company will not host a conference call. Additional information on the company's financial results and the pending merger transaction can be found on the company's website at www.PNMResources.com.
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 failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) 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 (v) 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.
FAQ
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