PNM Appeals Rejection Of Plan To Exit Four Corners Coal Plant In Mexico

(RTTNews) - PNM said it filed a Notice of Appeal with the New Mexico Supreme Court of the decision earlier this month by the New Mexico Public Regulation Commission (NMPRC) 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.

In its application, PNM brought forth a plan that would fully eliminate coal from its resource portfolio used to serve customer needs at the end of 2024, implement seasonal operations in the Fall of 2023 reducing annual emissions at the plant by an estimated 20 - 25%, replace the power with cleaner energy resources, securitize the remaining balance of the plant with lower financing rates and provide economic development funds to the impacted region, resulting in a net customer savings of up to $300 million.