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New Mexico Supreme Court Ruling Confirms Applicability of Energy Transition Act To PNM Filing

ALBUQUERQUE, N.M., Jan. 29, 2020 /PRNewswire/ --Today the New Mexico Supreme Court ruled on a joint Emergency Verified Petition from New Mexico Governor Lujan Grisham, Navajo Nation

Benzinga · 01/29/2020 19:18

ALBUQUERQUE, N.M., Jan. 29, 2020 /PRNewswire/ --Today the New Mexico Supreme Court ruled on a joint Emergency Verified Petition from New Mexico Governor Lujan Grisham, Navajo Nation President Jonathan Nez, Speaker of the New Mexico House of Representatives Brian Egolf and other New Mexico lawmakers to provide clarification about the applicability of the Energy Transition Act (ETA) to PNM's application for San Juan Generating Station abandonment, securitization and replacement power.

The Court granted the joint petition, confirming the applicability of the ETA and requiring the New Mexico Public Regulation Commission (NMPRC) to apply the ETA to all of PNM's application. The Court further noted that any previous NMPRC orders inconsistent with today's order should be vacated. The request for a stay of the case was denied.

"We applaud the New Mexico Supreme Court's decision in applying the Energy Transition Act," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "This ruling positively impacts the people of New Mexico. We also recognize the passion and commitmentthatall sides share in this journey to a clean and just energy future. This decision affects us all and by working together we can achieve our state's goal of 100% emissions-free."

The ETA, described by New Mexico Governor Lujan Grisham's office as landmark legislation that sets bold statewide renewable energy standards and establishes a pathway for a low-carbon energy transition away from coal while providing workforce training and transition assistance to affected communities, became effective in June 2019 after being passed in the legislative session and signed into law by the Governor.

The NMPRC is expected to provide a final order on the abandonment and securitization portion of PNM's filing by April 1, 2020.

Upon receipt of today's order, it will be available at:

https://www.pnmresources.com/investors/rates-and-filings.aspx