PNM Resources Says Unanimous Settlement Agreement For San Juan Credits Approved
Portfolio Pulse from Benzinga Newsdesk
The New Mexico Public Regulation Commission (NMPRC) has approved a unanimous settlement agreement between Public Service Company of New Mexico (PNM) and parties involved in the retirement of the San Juan coal plant. The agreement will provide $115 million in rate credits to customers over a one-year period.
September 21, 2023 | 8:22 pm
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NEUTRAL IMPACT
PNM's settlement agreement for the retirement of the San Juan coal plant has been approved by NMPRC. This will result in $115 million in rate credits for customers over the next year.
The approval of the settlement agreement is a significant step for PNM in its transition away from coal. However, the financial impact of the $115 million in rate credits is unclear without more information on PNM's financials. Therefore, the short-term impact on PNM's stock is neutral.
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IMPORTANCE 75
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