Investor Presentaiton

Integration of Renewable Generation Integration of renewable generation requires T&D investment and addition of supporting backup capacity 2018 Renewable Portfolio By Capacity Growing Solar and Wind Capacity Based on Recommended San Juan Replacement Scenario (MW) 1,955 107 15m purchased geothermal mw owned solar 1306 mw purchased wind 101mW customer-owned solar By Energy 1,183,343mwh Wind 61% Door PNM Solar 22% 1,402 889 854 681 493 521 1,066 356 721 333 137 Geo 1% Thermal Customer 2018 2020 2025 2035 16% % Solar Solar Wind Note: Amounts stated are above and beyond the resources purchased to support the Facebook data center in New Mexico PNMResources 18

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