Item 7.01 Regulation FD Disclosure.
As previously reported, Public Service Company of New Mexico ("PNM"), a
wholly-owned subsidiary of PNM Resources, Inc.'s (NYSE: PNM), submitted a filing
to the New Mexico Public Regulation Commission ("NMPRC") requesting approval for
the abandonment of San Juan Generating Station ("SJGS"), for procurement of
proposed replacement generation resources, and for the authority to issue
approximately $361 million of "energy transition bonds" (the "Application")
under the New Mexico Energy Transition Act ("ETA"). On June 29, 2022, the New
Mexico Public Regulation Commission ("NMPRC") issued an Order ("NMPRC Order")
requiring PNM, to provide rate credits resulting in an approximately $128
million pre-tax, non-recurring reduction to revenues over 2022 and 2023 related
to the retirement of the two remaining units at SJGS. PNM subsequently filed an
appeal and request for an emergency stay of the NMPRC Order with the New Mexico
Supreme Court (the "Court").
On September 2, 2022, the Court granted an emergency stay of the NMPRC Order
pausing any changes to customer bills that began July 31, 2022 until further
action by the Court. In its decision, the Court set September 12, 2022 as a
deadline for any remaining responses to PNM's request for a more permanent stay,
after which time the Court will revisit the stay.
The Application, NMPRC Order and the Court's order can be found on PNMR's
website (http://www.pnmresources.com/investors/rates-and-filings.aspx). The
contents of this website is not otherwise incorporated into this Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in this
Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or otherwise subject to the liabilities of that Section, nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific references in such a filing.
Item 8.01 Other Events.
The first two paragraphs of Item 7.01 above are incorporated into this Item
8.01.
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