Investor Presentaiton
San Juan Generating Station Ownership and Retirement
Total
PNM
PNM
Unit
Other Participants/Ownership
MW
MW
Ownership
1
340
170
50%
Tucson Electric 50% (170 MW)
4
507
392
77.3%
Los Alamos County 7.2% (36.5 MW)
City of Farmington 8.5% (43 MW)
Utah Associated Municipal Power Systems (UAMPS) 7.0% (35.5 MW)
Total
847
562
Abandonment, Securitization and Replacement Power
.
⚫ July 1, 2019: PNM filed for abandonment, securitization
and replacement after existing participation agreement
·
and coal supply contracts ended on June 30, 2022
⚫ January 2020: NM Supreme Court confirmed applicability
of Energy Transition Act to PNM's application
• Case bifurcated: Abandonment/Securitization approved
April 1, 2020, order selecting 950 MW PPA/ESA
replacement resources issued July 29, 2020, with final
contracts negotiated subsequently
• During 2021, each PPA/ESA developer provided notice of
inability to meet June 30, 2022 in-service date
PNM filed on February 17, 2022 for variance to keep Unit
4 open until September 30, 2022 in response to resource
adequacy issues; NMPRC deemed approval not necessary
Securitization reduces customer
financing costs, supports impacted
workers and communities
$283M
undepreciated investment
29M decommissioning costs
20M job training and severance costs
20M economic development funds
9M financing costs
$361M
total securitization
PNMResources
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