PNM issues all-source RFP for new resources in 2029-2032
PNM, a subsidiary of TXNM Energy (NYSE: TXNM), has issued an RFP for at least 900 megawatts of new energy resources to be operational between 2029 and 2032, with 500 megawatts required by 2030. This aligns with their 2023 Integrated Resource Plan, which identifies needs of 900-2,900 megawatts by 2032.
The company has expanded its capacity from 2,816 megawatts in 2020 to 4,268 megawatts in 2024, achieving 72% carbon-free portfolio. PNM received NMPRC approval for 410 megawatts of new solar and battery storage for 2026 and has requested approval for 430-450 megawatts more by 2028.
The RFP also aims to replace capacity from the Four Corners Power Plant, which PNM plans to exit in 2031, and current natural gas generation.
PNM, una filiale di TXNM Energy (NYSE: TXNM), ha emesso una richiesta di proposte (RFP) per almeno 900 megawatt di nuove risorse energetiche da attivare tra il 2029 e il 2032, con 500 megawatt richiesti entro il 2030. Questo è in linea con il loro Piano Integrato delle Risorse 2023, che prevede necessità di 900-2.900 megawatt entro il 2032.
L'azienda ha aumentato la sua capacità da 2.816 megawatt nel 2020 a 4.268 megawatt nel 2024, raggiungendo un portafoglio ad energia carbon-free del 72%. PNM ha ricevuto l'approvazione della NMPRC per 410 megawatt di nuova energia solare e stoccaggio di batterie per il 2026 e ha richiesto l'approvazione per ulteriori 430-450 megawatt entro il 2028.
La RFP ha anche l'obiettivo di sostituire la capacità dell'Four Corners Power Plant, dalla quale PNM prevede di uscire nel 2031, e l'attuale generazione di gas naturale.
PNM, una subsidiaria de TXNM Energy (NYSE: TXNM), ha emitido una solicitud de propuestas (RFP) para al menos 900 megavatios de nuevos recursos energéticos que estarán operativos entre 2029 y 2032, con 500 megavatios requeridos para 2030. Esto está alineado con su Plan Integrado de Recursos 2023, que identifica necesidades de 900 a 2,900 megavatios para 2032.
La empresa ha ampliado su capacidad de 2,816 megavatios en 2020 a 4,268 megavatios en 2024, logrando un portafolio 72% libre de carbono. PNM recibió la aprobación de la NMPRC para 410 megavatios de nueva energía solar y almacenamiento de baterías para 2026 y ha solicitado aprobación para 430-450 megavatios adicionales para 2028.
La RFP también tiene como objetivo reemplazar la capacidad de la Planta de Energía Four Corners, de la cual PNM planea salir en 2031, y la generación actual de gas natural.
PNM은 TXNM Energy (NYSE: TXNM)의 자회사로, 2029년부터 2032년 사이에 가동될 900메가와트 이상의 새로운 에너지 자원에 대한 제안 요청(RFP)을 발행했습니다. 2030년까지 500메가와트가 필요합니다. 이는 2032년까지 900~2,900메가와트의 필요성을 식별하는 2023년 통합 자원 계획과 일치합니다.
회사는 2020년 2,816메가와트에서 2024년 4,268메가와트로 용량을 확장하여 72% 탄소 없는 포트폴리오를 달성했습니다. PNM은 2026년을 위한 410메가와트의 새로운 태양광 및 배터리 저장 승인과 2028년까지 430-450메가와트 추가 승인을 요청했습니다.
RFP는 또한 PNM이 2031년에 탈퇴할 계획인 Four Corners Power Plant의 용량을 대체하고 현재의 천연 가스 발전도 대체하는 것을 목표로 하고 있습니다.
PNM, une filiale de TXNM Energy (NYSE: TXNM), a lancé un appel d'offres (RFP) pour au moins 900 mégawatts de nouvelles ressources énergétiques devant être opérationnelles entre 2029 et 2032, avec 500 mégawatts requis d'ici 2030. Cela s'inscrit dans le cadre de leur Plan de Ressources Intégré 2023, qui identifie des besoins de 900 à 2 900 mégawatts d'ici 2032.
L'entreprise a augmenté sa capacité de 2 816 mégawatts en 2020 à 4 268 mégawatts en 2024, atteignant un portefeuille 72 % sans carbone. PNM a reçu l'approbation de la NMPRC pour 410 mégawatts de nouvelles énergies solaires et de stockage par batteries pour 2026 et a demandé une approbation pour 430-450 mégawatts supplémentaires d'ici 2028.
L'appel d'offres vise également à remplacer la capacité de la centrale électrique de Four Corners, dont PNM prévoit de se retirer en 2031, ainsi que la génération actuelle de gaz naturel.
PNM, eine Tochtergesellschaft von TXNM Energy (NYSE: TXNM), hat eine Ausschreibung (RFP) für mindestens 900 Megawatt neuer Energiequellen herausgegeben, die zwischen 2029 und 2032 einsatzbereit sein sollen, wobei 500 Megawatt bis 2030 erforderlich sind. Dies entspricht ihrem integrierten Ressourcenplan 2023, der einen Bedarf von 900 bis 2.900 Megawatt bis 2032 identifiziert.
Das Unternehmen hat seine Kapazität von 2.816 Megawatt im Jahr 2020 auf 4.268 Megawatt im Jahr 2024 erhöht und ein Portfolio erreicht, das zu 72 % kohlenstofffrei ist. PNM erhielt die Genehmigung der NMPRC für 410 Megawatt neue Solar- und Batteriespeicher für 2026 und hat die Genehmigung für 430-450 Megawatt mehr bis 2028 beantragt.
Die Ausschreibung zielt auch darauf ab, die Kapazität des Four Corners Power Plant zu ersetzen, aus dem PNM 2031 aussteigen möchte, sowie die derzeitige Erzeugung aus Erdgas.
- Significant capacity expansion from 2,816MW in 2020 to 4,268MW in 2024
- Achievement of 72% carbon-free energy portfolio
- Secured NMPRC approval for 410MW of new solar and battery storage for 2026
- Planned addition of 430-450MW of solar and battery storage resources by 2028
- Substantial capital investment required for 900-2,900MW capacity expansion
- Regulatory approval uncertainty for proposed resource replacements
Insights
TXNM's subsidiary PNM is executing a significant capacity expansion strategy with the new RFP for 900-2,900 megawatts by 2032. The planned additions represent a potential 21-68% increase from current capacity levels, showcasing aggressive growth in renewable infrastructure. The company's transition from 2,816 MW in 2020 to 4,268 MW in 2024 demonstrates strong execution capability in capacity expansion.
The strategic shift to 72% carbon-free generation positions PNM favorably amid increasingly stringent environmental regulations. The planned exit from Four Corners Power Plant by 2031 further derisk the company's exposure to coal assets. Recent regulatory approvals for 410 MW of solar and battery storage (2026) and pending approval for 430-450 MW (2028) indicate constructive relationships with the NMPRC, important for future growth plans.
For retail investors: Think of this as a company systematically upgrading its power generation fleet from older technology (coal) to newer, cleaner sources (solar, wind, batteries) while expanding capacity to meet growing demand - similar to replacing an aging car fleet with electric vehicles while adding more vehicles to serve a growing customer base.
The RFP signals a substantial capital deployment opportunity that could materially impact TXNM's rate base growth through the early 2030s. Based on current utility-scale solar and battery storage costs, this expansion could represent a $1.8-5.8 billion investment opportunity (assuming $2 million per MW for hybrid solar+storage systems). This provides clear line of sight to long-term earnings growth potential.
PNM's demonstrated success in securing regulatory approvals for recent capacity additions suggests a high probability of recovery for these future investments. The company's strategic focus on regulated utility operations and clean energy transition aligns with current regulatory priorities, potentially supporting favorable rate case outcomes.
In simple terms: When utilities invest in new power plants with regulatory approval, they can earn a return on these investments through customer bills. This RFP outlines a significant multi-year investment program that could drive steady earnings growth for TXNM, much like a landlord expanding their property portfolio with reliable tenants.
The all-source RFP is consistent with resource needs identified through PNM's 2023 Integrated Resource Plan, which identifies a range of 900 – 2,900 megawatts of new capacity needed by 2032, depending on the type of resources selected.
PNM has been integrating new resources to its portfolio, growing its capacity from 2,816 megawatts in 2020 to 4,268 megawatts in 2024, to match the growth in system demand and the transition to carbon-free resources. New solar, wind and battery storage capacity has transitioned PNM's portfolio to
During 2024, PNM received approval from the New Mexico Public Regulation Commission (NMPRC) to add 410 megawatts of new solar and battery storage resources in 2026 and filed a request with the NMPRC to extend a purchase power agreement and add another 430-450 megawatts of solar and battery storage resources in 2028.
In addition to meeting the anticipated growth in system demand, PNM plans to exit its minority ownership from the coal fired Four Corners Power Plant when its current agreements expire in 2031. The 2029-2032 RFP is anticipated to identify potential replacement resources for this plant along with current natural gas generation capacity.
Any proposed resource replacements or additions are subject to review and approval by the NMPRC through a separate application.
Further information for bidders can be accessed via: TXNM Sourcing.
Background:
TXNM Energy (NYSE: TXNM), an energy holding company based in
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SOURCE TXNM Energy, Inc.
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