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Investor Presentaiton

PNM Near Term Resource Portfolio Changes 2022 • Retirement of SJGS Units 1 and 4 (562 MW) • 650 MW solar and 300 MW storage approved by NMPRC 2023 • Return of PV Leases (104 MW) 450 MW solar and 290 MW storage approved 2024 • Return of PV Lease (10 MW) • Proposed exit of FC (200 MW) • Assumes ~100 MW solar and ~150 MW of battery • • • San Juan Generating Station (SJGS) Replacement resource developers have provided notice to PNM of inability to meet 2022 in-service date PNM has secured firm commitments for 140 MW in 2022 In February 2022, PNM announced plan to keep Unit 4 open three additional months to meet summer peak demand; NMPRC deemed no approval required . Palo Verde Generating Station (PV) Approval issued later than PNM requested, which provides minimal time for new resources to come online • PNM is currently evaluating options to ensure summer 2023 peak demand can be met • Four Corners Power Plant (FC) PNM filed for abandonment of FC but deferred filing of replacement resources based on SJGS case precedent NMPRC denied abandonment and PNM has appealed to Supreme Court Replacement resource to be selected and filed with the NMPRC PNMResources 29
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