Investor Presentaiton
(in millions)
2019-2023 Investment Plan
$3.6B investment plan reflects $298M replacement power;
$278M generation investment and $20M transmission investment
$1,013
$26
$208
$699
$635
$27
$665
$22
$34
$20
$285
$30
$47
$571
$71
$44
$20
$88
$43
$59
$128
$88
$98
$79
$82
$137
$171
$169
$181
$201
$366
$342
$312
$271
$245
$256
$245
$245
$245
$245
TNMP
2019
PNM Existing Generation
SJGS Replacement Power
Depreciation (¹)
2020
2021
PNM T&D
PNM Renewable Additions
50% NMRD Renewable Additions
2022
2023
PV Lease Purchases/Other Replacement Power (3)
PNM Transmission Expansion (2)
Corporate/Other
Targeted 2018-2023 Rate Base CAGR (2018 base): Total 9.3% / PNM 6.6% / TNMP 16.2%
(1) Depreciation does not include amounts associated with NMRD
PNM
Resour
(2) Western Spirit acquisition of $285M in 2021 reflects assumed purchase price of $360M, net of $75M customer funding
(3) For Palo Verde leases that expire in 2023, investment assumes either the purchase of the leases or replacement of the power through new resources
ources
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