PNM Resources

PNM Resources, Inc.
Company type	Public company
Traded as	NYSE: PNM; S&P 400 component;
Headquarters	Albuquerque, New Mexico, U.S.
Number of employees	1,708 (2020)
Website	pnmresources.com

PNM Resources is an energy holding company based in Albuquerque, New Mexico. PNM was founded in 1917 as the Albuquerque Gas and Electric Company. PNM Resources owns both PNM and Texas - New Mexico Power (TNMP)

Headquartered in Albuquerque, PNM Resources has a diverse energy portfolio and combined with their purchased power resources contribute to a total generation capacity of approximately 2.7 gigawatts and serves electricity to 800,000 residential and business customers across New Mexico and Texas.^[1]

Primary holdings

PNM

Mexico Power is a corporation that is wholly owned by PNM Resources. It is a regulated electric utility operating in Texas. TNP was sold in a leveraged buyout in 2000.^[2] PNM acquired Texas—New Mexico Power in 2005 and moved the New Mexico properties to PNM in 2006.^[3] TNP is headquartered in Lewisville, Texas.

Merger developments with Avangrid

Despite initial rejection by New Mexico regulators, the merger of PNM Resources with Avangrid has progressed favorably. Key factors supporting the likelihood of the deal's eventual approval include changes in the public commission structure and the resolution of legal concerns involving Avangrid's parent company, Iberdrola. The current market scenario reflects a high probability of regulatory approval for the merger.^[4] In October 2020, PNM Resources entered into an agreement to be acquired by Avangrid, the US subsidiary of the Spanish multinational electric utility Iberdrola. The deal, valued at $8.3 billion, has received all the necessary approvals except from the New Mexico Public Regulation Commission (NMPRC). The merger faced initial rejection due to concerns about Avangrid's track record and legal issues involving Iberdrola, leading to an appeal to the Supreme Court. The resolution of these issues is expected within 12–18 months.^[5]

Corporate organization and history

PNM was founded in 1917 as the Albuquerque Gas and Electric Company. PNM sold the gas part of the business to Southern Union Gas Company of Dallas in 1949. These sold portions became the Gas Company of New Mexico. In 1985, however, PNM reacquired the Gas Company of New Mexico after Southern Union Gas Company reached a settlement stemming from federal antitrust litigation. In 1994, both electric and gas operations began serving customers as PNM.

In May 2003, PNM Resources' utility subsidiary, PNM, was recognized by the American Wind Energy Association's Utility Leadership Award for PNM's role in the creation of the New Mexico Wind Energy Center. The award was presented at the National Wind Energy Conference in Austin, Texas.^[6]

In 2008, PNM sold New Mexico Gas to Continental Energy, a company backed by the private equity firm Lindsay Goldberg. It was later acquired by TECO Energy.^[7] It will soon become a division of Halifax, Canada-based Emera when its acquisition of TECO Energy closes by mid-2016.^[8]

PNM's leadership team is:^[9]