PNM Resources, Inc. has recently released its 10-Q report, offering a detailed look into the company's financial performance and strategic initiatives. PNM Resources, Inc. operates through its subsidiaries, primarily Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), providing electricity and electric services to approximately 830,000 residential, commercial, and industrial customers in New Mexico and Texas. The company's strategy is centered around providing reliable, affordable, and environmentally responsible power, with a strong focus on Environmental, Social, and Governance (ESG) principles.
In the recently released 10-Q report, PNM Resources, Inc. outlined its recent developments, including a significant rate request filed with the NMPRC for a general increase in retail electric rates. The application proposes an increase of $174.3 million in retail revenues, reflecting the company's ongoing efforts to meet operational needs, mitigate wildfire risks, and transition to a carbon-free generating portfolio by 2040.
The company is dedicated to achieving four key business objectives, including maintaining strong employee safety, delivering a superior customer experience, demonstrating environmental stewardship, and supporting the communities in their service territories. These objectives are expected to drive key financial results, such as earning authorized returns on regulated businesses, delivering industry-average earnings and dividend growth, and maintaining investment grade credit ratings.
PNM Resources, Inc. also highlighted its focus on safe, reliable, and affordable power, with a strong emphasis on infrastructure investments to support grid reliability and resilience, particularly in light of increasing demands and extreme weather events. The company's Integrated Resource Plan (IRP) focuses on a carbon-free energy system by 2040, with a sustained addition of resources and a reduction in the carbon intensity of its portfolio.
Furthermore, PNM Resources, Inc. is committed to environmentally responsible power, with plans to achieve a 100% carbon-free generating portfolio by 2040. The company's grid modernization plan aims to provide reliable, affordable, and sustainable energy, with a focus on energy equity and research and development projects supporting its carbon-free generation goals.
Following these announcements, the company's shares moved -1.0%, and are now trading at a price of $41.77. For more information, read the company's full 10-Q submission here.
