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PNM Files Settlement in General Rate Case

Released : 05/05/2017

ALBUQUERQUE, N.M., May 5, 2017 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, Public Service Co. of New Mexico (PNM) filed with the New Mexico Public Regulation Commission (NMPRC) today a proposed settlement agreement with several of the key parties on its request to increase retail customer rates effective January 1, 2018. The agreement is subject to NMPRC approval. The settlement includes a phase-in of rates, resulting in an estimated average residential customer annual bill increase of 3.9 percent in 2018 and an additional 3.4 percent in 2019.

PNM Resources (PRNewsFoto/PNM Resources, Inc.)

Certain financial information reflecting the impact of the phased-in settlement, if it were to be adopted by the NMPRC, to both 2018 and 2019 potential earnings power can be found at: http://www.pnmresources.com/investors/events-and-presentations.aspx. The settlement agreement can be found at: http://www.pnmresources.com/investors/rates-and-filings.aspx.

"The broad support of this agreement demonstrates the parties' shared vision for PNM customers to have affordable, reliable and environmentally responsible power," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO.

Parties to the settlement include: PNM; NM Attorney General; the Utility Division Staff; Coalition for Clean Affordable Energy; Wal-Mart Stores East, LP and Sam's East, Inc.; Kroger Co.; Sierra Club; Renewable Energy Industries Association; and Western Resource Advocates. The agreement provides that other parties may join at a later date.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.

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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, Inc.'s ("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.

 

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SOURCE PNM Resources, Inc.