Investor Presentaiton

• FERC Wholesale Transmission High wind and solar energy potential in New Mexico has increased the demand for wholesale transmission capacity from renewable developers • • New Mexico has limited available transmission capacity, combined with resource scarcity across the Western US, leading to increased short-term network transmission rates New renewable development requires FERC wholesale transmission rate base investment Wind Resource of the United States Annual Average Wind Speed at 100 Meters above Surface Level Minnesota Michigan Colomia Missouri Kentucky Alaska Cuvortly available CANADA € 3000 Parc Oce NoDa Oncoth Asalkble Arkansas Louisara Virginitis-S Alabama Georgia Mi papi När Carulla South Carolina About the late Thedale shown are avenge wird speech bow afreleve, nerved fan madeled estures:inat:s deve apa by NFC. Curely, Jela fur Alaska and Hawai For no informatio WndSpocd (ieters/enc 9.0 to 3.9 8.0 to 1.9 7.0 to 7.9 6.0 6.9 5.0 to 5.9 1.0 to 1.9 5.010 5.9 <30 ttps://www.rel.gov/vind-toolkal NREL IONAL NEMALE ENERGY LIGATORY Bily Roberts, September 18, 201 Flonds Hawaii 1ot available quit of Mexico Calford Aladka Washington Alex CANADA Global Horizontal Solar Irradiance National Solar Radiation Database Physical Solar Model North Dakota Alontanal Minnesota Wisconsin South Dakota woning exico Hawall lowa Nebraska Kansas Missouri Allchigan New York Pennsylvania Ohi Illinois Indiana West Virginia Myisia- Kentucky Tennessee Oklahoma Arkansas Louisara • active PNM $285 million acquisition of Western Spirit transmission line and related facilities to provide transmission service for approximately 800 MW of new wind generation in eastern New Mexico beginning December 2021, recovered through FERC wholesale transmission rates Alabama Georgia Missippi 130 Nur Carolina South Carolina, About the lata Honda Mane Atlantic Onc This map provides annual average day tot solar resourc 25.75 5.50 to 5.75 5.25 to 5.50 using 1994-2:16dala 5.00 to 5.25 (PSM); veri 4.25 5.00 0.000- laude 4.50 In 4.75 by 0.038-cla 1.25 to 1.50 langitude nominally For more information, it Hipsallure.gov Email us at nardo nel gov 1.00 to 1.25 4.00 NREL NATIONAL RENEWAa.ccm Rily I Robes Sc February 22, 201 PNMResourc ources® 20

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