PNM Files 2014 Integrated Resource Plan
Plan points to expanded environmental protections, increased renewable energy
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--PNM Resources’ (NYSE: PNM) New Mexico Utility, PNM, today filed its 2014 Integrated Resource Plan with the New Mexico Public Regulation Commission. The Integrated Resource Plan outlines how the company plans to provide a reliable, cost-effective, and environmentally responsible power supply in the future. It has a 20-year planning horizon and includes specific recommendations for the next four years. In addition, PNM’s resource plan is consistent with the company’s 5-year capital investment plan.
To create the plan, PNM analyzed thousands of potential energy resource combinations to identify the best possible mix of generation sources. PNM considered future changes in the cost and reliability of each resource mix over time. Based on the results of the analysis, the company expects to add significant renewable energy resources to its power portfolio in the coming years.
Since the previous Integrated Resource Plan filing in 2011, PNM has made a $269 million commitment to solar energy, will add more wind generation in 2015, is using energy from the state’s first geothermal plant and worked with the EPA and the State of New Mexico to begin taking steps toward closing down two coal units at the San Juan Generating Station. These initiatives are consistent with PNM’s focus on maintaining a balanced fuels portfolio.
While it is unclear exactly how the EPA’s newly proposed carbon rules will affect PNM’s power sources in the future, the company considered carbon regulation in the modeling. PNM will be fully engaged in efforts to help New Mexico comply with these rules once they are finalized.
Highlights of the specific four-year elements of the PNM Integrated Resource Plan include:
- Close two units of the coal-fired San Juan Generating Station by 2018 to meet federal haze requirements, reduce greenhouse gas emissions and cut water usage. The company plans to replace the retired power by adding more solar and natural gas facilities and using energy from an existing nuclear plant.
- Participate in developing New Mexico’s statewide plan to comply with newly proposed federal rules to reduce carbon emissions at existing power plants.
- Create new energy-saving programs to meet the 2020 requirement of 658 gigawatt-hours saved. PNM is on track to meet a requirement of 411 gigawatt-hours of energy savings this year.
- Monitor and evaluate emerging technologies, particularly battery storage, for use in the future.
PNM’s 2014-2033 Integrated Resource Plan is filed with the N.M. Public Regulation Commission and posted at www.PNM.com/irp.
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2013 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,572 megawatts of generation capacity and serves electricity to more than 746,000 homes and businesses in New Mexico and Texas. For more information, visit the company’s website at www.PNMResources.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources’ (“PNMR”) or Public Service Company of New Mexico’s (“PNM”) (collectively, the “Company”) 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 and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.