ALBUQUERQUE, N.M., May 15, 2023
/PRNewswire/ -- The New Mexico Supreme Court (Court) issued a
decision today to deny a joint motion filed by PNM Resources (NYSE:
PNM), AVANGRID and the New Mexico Public Regulation Commission
(NMPRC) to dismiss the appeal of its merger denial and remand the
case back to the NMPRC.
The appeal of the NMPRC's merger denial remains in the
jurisdiction of the Court, and the Court has scheduled oral
arguments for September 12, 2023.
There is no statutory deadline for the Court's decision. The
Court also denied motions by intervening parties to supplement the
record.
The decision and additional materials pertaining to the
merger-related regulatory dockets 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 2022 consolidated operating revenues of
$2.2 billion. Through its regulated
utilities, PNM and TNMP, PNM Resources provides electricity to more
than 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 2.7 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:
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Analysts
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Media
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Lisa Goodman
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Ray Sandoval
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(505)
241-2160
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(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, 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. 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 the
Company by Avangrid, Inc. (the "Merger") which may adversely
affect the Company's 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 remaining required
governmental and regulatory approvals of the pending Merger that
could reduce anticipated benefits or cause the parties to abandon
the transaction, (ii) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Merger
Agreement, (iii) 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 (iv) the risk that the proposed transaction and its
announcement could have an adverse effect on the ability of the
Company 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.