PNM and Other Parties Request Commission Reconsider Order in General Rate Review

ALBUQUERQUE, N.M., Dec. 28, 2017 /PRNewswire/ -- Public Service Co. of New Mexico (PNM), a wholly owned subsidiary of PNM Resources (NYSE: PNM), has requested that the New Mexico Public Regulation Commission (Commission) reconsider their rejection of its general rate review settlement agreement dated May 23, 2017. There is no opposition to this request from the signatories. In addition, several parties have also filed requests seeking reconsideration and approval of the settlement agreement. If the Commission does not approve the settlement agreement, the rate review is expected to move forward to litigation.

"The settlement agreement continues to have overwhelming support from the parties to our rate review and it should be upheld by the Commission," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Each of the settlement parties recognizes the significance and complexities of transitioning to coal-free generation and made concessions in this agreement to continue down this path. If we proceed to litigation, it will be to protect our ability to achieve this transition in a responsible way for all stakeholders."

The Commission had previously issued an order on Dec. 20, 2017 that accepted the Oct. 31, 2017 Hearing Examiners' Recommended Decision with certain modifications. The Commission has 20 days to consider the request. The Commission has authority to extend the suspension period in the rate review until Mar. 6, 2018. It is presumed that if the rate review moves to litigation, the suspension period would be extended to accommodate the Commissioners' review of the litigated proceeding. Under the Commission rules, parties have until Jan. 2, 2018 to respond to the motion. The Commission's next scheduled Open Meeting is on Jan. 3, 2018.

The signatories to the settlement agreement include: PNM; NM Attorney General; the Utility Division Staff; City of Albuquerque; Bernalillo County; New Mexico Industrial Energy Consumers; Albuquerque Bernalillo County Water Authority; 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.

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.

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.