PNM files application for new resources in 2028

ALBUQUERQUE, N.M., Nov. 25, 2024 /PRNewswire/ -- PNM, a wholly-owned subsidiary of TXNM Energy (NYSE:TXNM), filed an application with the New Mexico Public Regulation Commission (NMPRC) for new energy resources to be added by summer 2028.

The proposed resource portfolio extends existing resources and adds 430 megawatts (MWs) of new solar and battery storage to meet PNM's forecasted peak load requirements in 2028 to serve its customers and to continue progress towards the zero-carbon requirements of New Mexico's Energy Transition Act.

The filing requests approval for:

• extension of a Valencia Purchase Power Agreement (PPA) for 167 MW through 2039 (current agreement expires in 2028),
• addition of 300 MW capacity through Energy Storage Agreements (ESAs) for two, 150 MW battery stand-alone storage facilities, and
• addition of 130 MW solar and battery storage facility (100 MW solar, 30 MW battery storage), with an option for an additional 20 MW of battery storage, to be owned and operated by PNM.

The proposed placement of the 130-MW / 150-MW facility is in New Mexico's Central Consolidated School District, where the San Juan Generating Station was retired in 2022. The proposed portfolio reflects $220 million of capital investment from PNM, or $252 million if the option for the additional 20 MW of storage is selected.

The filing is subject to approval by the NMPRC and PNM has requested approval of the resources within nine months.

The application is available at https://www.txnmenergy.com/investors/rates-and-filings/pnm-nmprc-filings.aspx.

Background:

TXNM Energy (NYSE:TXNM), an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company's website at www.TXNMEnergy.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made in this news release for TXNM Energy, Inc. ("TXNM"), 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, including the unaudited financial results and earnings guidance, 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 and apply only as of the date of this report. TXNM, 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, TXNM, PNM, and TNMP caution readers not to place undue reliance on these statements. TXNM'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. 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 TXNM Energy, Inc.