New Mexico's Public Regulation Commission Approves Solar Expansion

Overview of the NMPRC Decision

In a significant development, the New Mexico Public Regulation Commission (NMPRC) has given its thumbs up to an unopposed stipulation related to PNM's 2028 Resource Application. This decision was made during their open meeting, held recently. PNM, a notable subsidiary of TXNM Energy (NYSE: TXNM), will introduce new energy resources aimed at enhancing their service offerings and aligning with state energy policies.

Expansion of Solar and Battery Storage

The approved stipulation will see PNM augmenting its energy capacity by adding 450 megawatts (MW) of solar and energy storage solutions by 2028. This initiative is part of the state’s commitment to achieving zero-carbon emissions as outlined in New Mexico's Energy Transition Act.

Key Components of the Initiative

The new energy resources will incorporate several vital components:

• Extension of an existing Valencia Purchase Power Agreement (PPA) for 167 MW that will now last through 2039, giving a longer horizon than the existing agreement set to expire in 2028.
• The addition of 300 MW capacity via Energy Storage Agreements (ESAs), establishing two stand-alone battery storage systems of 150 MW each combined with solar power.
• Implementation of a new solar and battery storage facility with a total capacity of 150 MW, which will feature 100 MW from solar and 50 MW from battery storage. This facility will be located within the Central Consolidated School District and will be operated by PNM, involving an estimated capital investment of $252 million over the span from 2026 to 2028.

Collaboration of Stakeholders

Several parties came together to support this stipulation, including the Utility Division Staff of the NMPRC and various advocacy organizations focused on affordable and clean energy. Notable allies include the Coalition for Clean Affordable Energy, New Energy Economy, New Mexico Affordable Reliable Energy Alliance, Western Resource Advocates, and Prosperity Works, alongside backing from the Central Consolidated School District.

Positive Impacts on Energy Sector

This nod from the NMPRC marks a crucial step for TXNM Energy and PNM as they take strides toward meeting future energy demands while embracing sustainability. With over 800,000 households and businesses depending on TXNM Energy’s services across its service areas, these enhancements are pivotal. Such investments in renewable energy infrastructure not only comply with state requirements but also cater to a growing trend toward sustainable energy solutions.

About TXNM Energy

TXNM Energy (NYSE: TXNM) serves a dual purpose as an energy holding company based in Albuquerque, providing services through its regulated utilities, TNP and PNM. The company remains committed to delivering reliable and sustainable energy solutions that reflect the evolving needs of its customers in both Texas and New Mexico. Further information can be found on the company’s website.

Frequently Asked Questions

What was approved by the NMPRC?

The NMPRC approved an unopposed stipulation for PNM's 2028 Resource Application, adding 450 MW of solar and battery capacity.

How will this decision impact renewable energy in New Mexico?

This decision will enhance PNM's contribution towards the zero-carbon targets set by New Mexico's Energy Transition Act.

What is included in the new energy resources?

The resources include a 167 MW PPA extension, 300 MW of storage capacity, and a new 150 MW solar and battery facility.

Who are the supporting stakeholders involved?

Supporting stakeholders include various energy advocates such as the Coalition for Clean Affordable Energy and New Energy Economy.

What does TXNM Energy do?

TXNM Energy is an energy holding company serving over 800,000 customers in Texas and New Mexico through regulated utilities.

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