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Stock Market & Financial Investment News

News Breaks
December 31, 2012
19:09 EDTPNMPNM Resources files for transmission formula rate increase
PNM Resources' New Mexico utility, PNM, filed a request with the Federal Energy Regulatory Commission, or FERC, for a $3.2M transmission rate increase and permission to adjust transmission rates annually based on an approved formula. The request will not impact retail rates for New Mexico customers, only wholesale customers who use PNM transmission lines to deliver power. PNM has asked for FERC approval by March 2013. The filing proposes a return on equity of 10.81%, based on a rate base of $317.5M and a revenue requirement of $82.1M. Once approved, an annual adjustment will be made each June to update for the prior year's costs reflected in the latest FERC Form 1 filing.
News For PNM From The Last 14 Days
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May 27, 2015
10:01 EDTPNMOn The Fly: Analyst Upgrade Summary
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06:58 EDTPNMPNM Resources upgraded to Buy after New Mexico visit at Jefferies
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05:34 EDTPNMPNM Resources upgraded to Buy from Hold at Jefferies
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May 15, 2015
05:05 EDTPNMPNM Resources signs executed letter agreement with Westmoreland Coal
PNM Resources' New Mexico utility, Public Service Co. of New Mexico, signed an executed letter agreement with Westmoreland Coal for the new coal supply contract for San Juan Generating Station, or SJGS, previously announced on May 1. The combined new coal supply and SJGS ownership restructuring agreements will save customers approximately $300M in fuel costs over the next six years. The company filed the agreement and other documents in response to a New Mexico Public Regulation Commission, or NMPRC, order that requested comments on how the Commission should proceed in light of these agreements. PNM feels strongly the NMPRC has reason to approve the company’s request to add 132 megawatts of capacity in SJGS Unit 4, conditional upon final execution of the ownership and coal contracts by August 31. The filing included a resolution from the owners of the SJGS in support of PNM’s plans and a letter from Keith Alessi, Westmoreland CEO, urging the NMPRC to make a timely decision that enables Westmoreland to move forward with the transition of the mine. In the coming weeks, the NMPRC’s General Counsel will present a draft order for consideration by commissioners for a final vote on PNM’s SJGS Plan settlement agreement.

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