PNM issues all-source RFP for new resources in 2029-2032

ALBUQUERQUE, N.M., Dec. 31, 2024 /PRNewswire/ -- PNM, a wholly-owned subsidiary of TXNM Energy (NYSE: TXNM), has issued a Request for Proposals (RFP) for at least 900 megawatts of new energy resources to come online between 2029 and 2032 to serve customers in New Mexico, with at least 500 megawatts needed by 2030.

The all-source RFP is consistent with resource needs identified through PNM's 2023 Integrated Resource Plan, which identifies a range of 900 – 2,900 megawatts of new capacity needed by 2032, depending on the type of resources selected.

PNM has been integrating new resources to its portfolio, growing its capacity from 2,816 megawatts in 2020 to 4,268 megawatts in 2024, to match the growth in system demand and the transition to carbon-free resources. New solar, wind and battery storage capacity has transitioned PNM's portfolio to 72% carbon-free.

During 2024, PNM received approval from the New Mexico Public Regulation Commission (NMPRC) to add 410 megawatts of new solar and battery storage resources in 2026 and filed a request with the NMPRC to extend a purchase power agreement and add another 430-450 megawatts of solar and battery storage resources in 2028.

In addition to meeting the anticipated growth in system demand, PNM plans to exit its minority ownership from the coal fired Four Corners Power Plant when its current agreements expire in 2031. The 2029-2032 RFP is anticipated to identify potential replacement resources for this plant along with current natural gas generation capacity.

Any proposed resource replacements or additions are subject to review and approval by the NMPRC through a separate application.

Further information for bidders can be accessed via: TXNM Sourcing.  

Background:

TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company's website at www.TXNMEnergy.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for TXNM Energy, Inc. ("TXNM"), Public Service Company of New Mexico ("PNM"), or Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies, including the unaudited financial results and earnings guidance, are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates and apply only as of the date of this report. TXNM, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, TXNM, PNM, and TNMP caution readers not to place undue reliance on these statements. TXNM's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

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SOURCE TXNM Energy, Inc.