ALBUQUERQUE, N.M., May 7, 2021 /PRNewswire/ -- PNM Resources, Inc.
(NYSE: PNM) wholly-owned New
Mexico subsidiary, Public Service Company of New Mexico (PNM), and AVANGRID filed a revised
stipulation with additional parties in its merger application
before the New Mexico Public Regulation Commission (NMPRC)
today.
Parties to the filed stipulation include: Attorney General of
the State of New Mexico, Western
Resource Advocates, the International Brotherhood of Electrical
Workers Local 611, Dine Citizens Against Ruining Our Environment,
Nava Education Project, San Juan Citizens Alliance, To Nizhoni Ani,
the Coalition for Clean Affordable Energy, Interwest Energy
Alliance, Walmart, Inc., and Onward Energy Holdings, LLC.
The addition of several parties to the stipulation demonstrates
a growing consensus around the benefits of the merger to customers,
employees and communities across New
Mexico.
If approved by the NMPRC, the agreement among the parties will
bring over $270 million in benefits
to New Mexico. The hearing
examiner for the case has scheduled a procedural conference for
parties on May 11.
Additional materials pertaining to the stipulation and PNM's
application for approval of the merger with the NMPRC are available
at
https://www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy
holding company based in Albuquerque,
N.M., with 2020 consolidated operating revenues of
$1.5 billion. Through its regulated
utilities, PNM and TNMP, PNM Resources provides electricity to
approximately 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse
mix of generation and purchased power resources totaling 2.8
gigawatts of capacity, with a goal to achieve 100% emissions-free
energy by 2040. For more information, visit the company's website
at www.PNMResources.com.
CONTACTS:
|
|
Analysts
|
Media
|
Lisa Goodman
|
Ray
Sandoval
|
(505)
241-2160
|
(505)
241-2782
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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.