TNMP Reaches Settlement for 98% Requested Recovery of Distribution Investments

ALBUQUERQUE, N.M., July 2, 2021 /PRNewswire/ -- Texas-New Mexico Power Company (TNMP), the Texas utility subsidiary of PNM Resources, Inc. (NYSE: PNM), filed a settlement in its application to amend its Distribution Cost Recovery Factor to recover nearly $105 million in net distribution infrastructure investments made during 2020 to reliably serve customers' power needs.

The unanimous settlement with parties calls for increased annual revenues of $13.5 million and reflects 98% of the company's filed revenue requirement. The settlement is subject to approval from the Public Utility Commission of Texas and is expected to be implemented September 1, 2021.

PNM Resources to Announce Q2 2021 Earnings Results

PNM Resources will announce 2021 second quarter financial results prior to the market opening on Friday, July 30, 2021. The earnings news release will be issued at 6:30 a.m. Eastern.

In light of the previously announced merger transaction with AVANGRID, the company will not host a conference call. Additional information on the company's financial results and the pending merger transaction can be found on the company's website at www.PNMResources.com.

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 3.0 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.

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.