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PNM Resources (NYSE: PNM) is an energy holding company based in the U.S. state of New Mexico. The acronym PNM by itself usually refers to the PNM Resources subsidiary Public Service Company of New Mexico (described below). Headquartered in Albuquerque, PNM Resources has approximately 2,530 megawatts of generation capacity and serves electricity to 498,000 homes and businesses in northern New Mexico and parts of West Texas.
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Public Service Company of New Mexico (PNM)
Public Service Company of New Mexico is a corporation that is wholly owned by PNM Resources. In marketing material it is usually called PNM.
Headquartered in Albuquerque, it provides electricity to 413,000 customers in the urbanized or semi-urbanized areas in the northern half of the state. Elsewhere, rural electric cooperatives provide much of the power. PNM maintains approximately 2,000 miles (3,200 km), 2,282 miles (3,673 km) of electric transmission lines, and 7,594 electric distribution lines. PNM is a significant owner of the San Juan generation facility, a coal-fired plant located near Farmington, New Mexico, and a 10% owner in the Palo Verde Nuclear Generating Facility near Phoenix, AZ. PNM also owns and operates several natural gas-fired plants throughout the state of New Mexico including Reeves Generating Station in Albuquerque, most of which are used to meet additional demand for electricity in the summer months. PNM employs approximately 2,000 people and has been noted as one of the top companies in the United States for minorities to work for.
Texas—New Mexico Power Company
Texas—New Mexico Power is a corporation that is wholly owned by PNM Resources. It is a regulated electric utility operating in Texas.
Corporate organization and history
PNM was originally founded in 1917 as the Albuquerque Gas and Electric Company. PNM sold the gas part of the business to Southern Union Gas Company of Dallas in 1949. These sold portions became the Gas Company of New Mexico. In 1985, however, PNM reacquired the Gas Company of New Mexico after Southern Union Gas Company reached a settlement stemming from federal anti-trust litigation. In 1994, both electric and gas operations began serving customers as PNM.
In May 2003, PNM Resources' utility subsidiary PNM was recognized by the American Wind Energy Association's Utility Leadership Award for PNM's role in creation of the New Mexico Wind Energy Center. The award was presented at the National Wind Energy Conference in Austin, Texas.
In 2008, PNM sold New Mexico Gas to Continental Energy, a company backed by the private equity firm Lindsay Goldberg. It was later acquired by TECO Energy. It will soon become a division of Halifax, Canada-based Emera when its acquisition of TECO Energy closes by mid-2016.
- "PNM Honored for Role in Wind Energy Project".
- Poole, Claire (2013-05-29). "Teco Energy pays $950M for New Mexico Gas". The Deal Pipeline. Retrieved 2015-02-14.
- Tampa Bay Times: "Tampa Electric announces its sale to Canadian company Emera", September 4, 2015.