Investor Presentaiton
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2019-2023 Potential Earnings Power
Earnings Growth Target 5-6%
Reflects recommended replacement power scenario, adds 2023
Partial year of San Juan rate base in 2022, no remaining rate base in 2023
Interim financing supports replacement power until securitization proceeds received mid-2022
Allowed
2019 Ongoing
Earnings
2020 Earnings
Potential
2021 Earnings
Potential
2022 Earnings
Potential
2023 Earnings
Potential
Return/
Guidance Midpoint
Equity
Avg
Avg
Avg
Avg
Ratio
Avg Rate
Return EPS
Rate
EPS
Rate
EPS
Rate
EPS
Rate
EPS
Base
Base
Base
Base
Base
PNM Retail
San Juan
9.575%/
50%
9.575% /
$2.4 B
8.9% $1.37 $2.4 B
$1.44
$2.5 B
$1.52
$2.4 B
$1.48
$2.4 B
$1.48
$150 M
$0.09
$280 M
$0.17
Replacement (1)
PNM Renewables
PNM FERC
50%
9.575%/
50%
10%/
~50%
$115 M 9.575% $0.07 $150 M
$0.09
$145 M
$0.09
$140 M
$0.08
$130 M
$0.07
$275 M 6.9% $0.12 $330 M
Items not in Rates
$0.04
Total PNM
$2.7 B
$1.60 $2.9 B
$0.15-$0.20 $530 M
($0.04)-($0.02)
$1.64-$1.71
TNMP
9.65% /
45%
Corporate/Other
$1.1 B 9.65% $0.67 $1.3 B
($0.19)
Equity Financing Plans
Total PNM Resources
$3.8 B
$2.08
$0.73
($0.21)-($0.19)
($0.01)-$0.00
$4.1 B | $2.15 - $2.25
Note: 2018-2023 CAGR measured from 2018 Ongoing EPS of $2.00
(1) Assumes mid-year implementation
This table is not intended to represent a forward-looking projection of 2020-2023 earnings guidance.
Refer to Slide 17 for additional details and disclosures.
$3.2 B
$1.4 B
$0.26-$0.30 $740 M
($0.03)-($0.01)
$1.84-$1.90
$0.37-$0.42 $780 M $0.39-$0.44
($0.03)-($0.01)
($0.03)-($0.01)
$0.80
($0.21)-($0.19)
$3.4 B
$1.6 B
$1.99-$2.06
$3.6 B
$2.08-$2.15
$0.84
$1.7 B
$0.90
$4.6 B
($0.09)-($0.08)
$2.34 - $2.43 | $4.9 B
($0.19) ($0.17)
($0.17) -($0.15)
$2.47 - $2.58
($0.23)-($0.21)
($0.17)-($0.15)
$5.3 B
$2.58 - $2.69
PNMResour
R sources
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