PNM And Parties Reach Unanimous Settlement Agreement For Customer Rate Credits To Resolve Remaining Steps Of San Juan Coal Plant Retirement; Under The Terms Of Agreement, $115M In Rate Credits Will Be Provided To Customers Over A 1-year Period
Portfolio Pulse from Happy Mohamed
Public Service Company of New Mexico (PNM), a subsidiary of PNM Resources, Inc. (NYSE:PNM), has reached a unanimous agreement with multiple parties to resolve the remaining steps of the San Juan coal plant retirement. The agreement includes $115 million in rate credits for customers over a year and protection from rising interest rates if the weighted-average rate on the securitization bonds exceeds 5.5%. The settlement is subject to approval by the New Mexico Public Regulation Commission.
August 18, 2023 | 8:16 pm
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PNM Resources' agreement to resolve the remaining steps of the San Juan coal plant retirement could potentially benefit the company's public image and customer relations.
The agreement, which includes $115 million in rate credits for customers, demonstrates PNM's commitment to its customers and the energy transition. This could potentially improve the company's public image and customer relations, which could have a positive impact on its stock price in the short term.
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