Mexico Denies PNM's Application For Abandonment, Securitization Of Four Corners Coal Plant

(RTTNews) - The New Mexico Public Regulation Commission or NMPRC voted 5-0 to deny the application by Public Service Company of New Mexico (PNM), wholly-owned subsidiary of PNM Resources Inc. (PNM), to abandon, sell and securitize its minority interest in the Four Corners Power Plant.

PNM originally filed its application for abandonment and securitization in January 2021. In February 2021, the Hearing Examiner deemed the application to be insufficient and specified requirements for an amended application, which PNM promptly filed in March 2021.

Today's decision, issued on the statutory deadline for the case, further modifies the requirements for this case and calls for new information to be filed regarding proposed replacement power resources, the company said.

PNM said its proposed exit from Four Corners would have saved customers up to $300 million, transitioned PNM out of coal by end of 2024 and reduced carbon emissions from the plant by 20% - 25% under seasonal operations.