Today, PNM filed a Notice of Appeal with the New Mexico Supreme Court of the decision earlier this month by the New Mexico Public Regulation Commission (NMPRC) to deny the application by Public Service Company of New Mexico (PNM), wholly-owned subsidiary of PNM Resources, Inc. (NYSE: PNM), to abandon, sell and securitize its minority interest in the Four Corners Power Plant.
PNM filed its application in accordance with the Energy Transition Act, New Mexico’s landmark energy policy designed to transition the state to clean energy while protecting the interest of customers and impacted communities. Under the Energy Transition Act, an appeal is required to be filed within 10 days of the NMPRC decision.
Following today’s Notice of Appeal, PNM will be required to file a Statement of Issues outlining its arguments for appeal within 30 days.
In its application, PNM brought forth a plan that would fully eliminate coal from its resource portfolio used to serve customer needs at the end of 2024, implement seasonal operations in the Fall of 2023 reducing annual emissions at the plant by an estimated 20 – 25%, replace the power with cleaner energy resources, securitize the remaining balance of the plant with lower financing rates and provide economic development funds to the impacted region, resulting in a net customer savings of up to $300 million. The plan meets the tenets of a Just Transition outlined by Navajo Nation President Jonathan Nez and has received his support.
Additional materials pertaining to the application for abandonment and securitization are available here.