EX-99.1
2
exh99-1pnmr.htm
EXHIBIT 99.1
exh99-1pnmr.htm
Exhibit
99.1
For
Immediate Release
Jan. 30,
2009
PNM
Completes Sale of Gas Operations
Move
provides path to implement key initiatives
(ALBUQUERQUE, N.M.) -
PNM
Resources' (NYSE: PNM) New Mexico utility, PNM, today successfully completed
the cash sale of its natural gas operations to New Mexico Gas Company for
approximately $640 million, which includes approximately $20 million in
purchase-price adjustments.
"Completing
the PNM gas operations sale is a key step toward returning our New Mexico
utility, PNM, to financial health and strengthening the entire corporation,"
said Jeff Sterba, PNM Resources chairman and CEO. "Our plan is to use the net
proceeds of the sale to reduce PNM and PNM Resources debt and other corporate
purposes.
"In
addition, the gas operations sale allows PNM Resources to carry forward two key
initiatives: focus solely on the generation and delivery of electricity, and
place more emphasis on our efforts to obtain appropriate regulatory treatment
for our electric utilities in New Mexico and Texas".
As of
today, PNM Resources is a holding company operating:
·
PNM
-
a vertically
integrated electric utility with nearly 500,000 customers in New
Mexico;
·
TNMP
-
a Texas distribution
and transmission electric utility with 230,000 end-users;
and
·
First Choice Power
-
a retail electricity
provider competing in Texas' deregulated market serving more than 237,000
customers.
PNM
Resources also owns 50 percent of
EnergyCo -
a power-marketing
and generation company in Texas with 920 megawatts of capacity. Upon completion
of Unit 4 at the Cedar Bayou Generating Station in mid-2009, EnergyCo's
generation capacity will be nearly 1,200 megawatts.
Today's
closing also resulted in a $15 million payment to PNM Resources from Continental
Energy Systems, which owns New Mexico Gas Company. Continental agreed to make
the payment as consideration for the termination of a separate transaction in
which PNM Resources would have acquired another Continental
subsidiary.
(MORE)
1-29-09
1:15 pm
PNM
Completes Sale of Gas
Operations 1-30-09
pg. 2 of 2
Background:
PNM
Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M.,
with 2007 consolidated operating revenues from continuing and discontinued
operations of $2.4 billion. Through its utility and energy subsidiaries, PNM
Resources has more than 2,700 megawatts of generation resources and serves
electricity to approximately 859,000 homes and businesses in New Mexico and
Texas. The company also has a 50-percent ownership of EnergyCo, which owns
approximately 920 megawatts of generation. For more information, visit
www.PNMResources.com
.
CONTACTS:
Analysts Analysts
& Media
Gina
Jacobi, (505)
241-2211
Frederick Bermudez, (505) 241-4831
(END)
1-29-09
1:15 pm

EX - 99 . 1 2 exh99 - 1pnmr . htm EXHIBIT 99 . 1 exh99 - 1pnmr . htm Exhibit 99 . 1 For Immediate Release Jan. 30 , 2009 PNM Completes Sale of Gas Operations Move provides path to implement key initiatives ( ALBUQUERQUE , N . M . ) - PNM Resources ' ( NYSE : PNM ) New Mexico utility , PNM , today successfully completed the cash sale of its natural gas operations to New Mexico Gas Company for approximately $ 640 million , which includes approximately $ 20 million in purchase - price adjustments . " Completing the PNM gas operations sale is a key step toward returning our New Mexico utility , PNM , to financial health and strengthening the entire corporation , " said Jeff Sterba , PNM Resources chairman and CEO . " Our plan is to use the net proceeds of the sale to reduce PNM and PNM Resources debt and other corporate purposes . " In addition , the gas operations sale allows PNM Resources to carry forward two key initiatives : focus solely on the generation and delivery of electricity , and place more emphasis on our efforts to obtain appropriate regulatory treatment for our electric utilities in New Mexico and Texas " . As of today , PNM Resources is a holding company operating : · PNM - a vertically integrated electric utility with nearly 500,000 customers in New Mexico ; · TNMP - a Texas distribution and transmission electric utility with 230,000 end - users ; and · First Choice Power - a retail electricity provider competing in Texas ' deregulated market serving more than 237,000 customers . PNM Resources also owns 50 percent of EnergyCo - a power - marketing and generation company in Texas with 920 megawatts of capacity . Upon completion of Unit 4 at the Cedar Bayou Generating Station in mid - 2009 , EnergyCo 's generation capacity will be nearly 1,200 megawatts . Today 's closing also resulted in a $ 15 million payment to PNM Resources from Continental Energy Systems , which owns New Mexico Gas Company . Continental agreed to make the payment as consideration for the termination of a separate transaction in which PNM Resources would have acquired another Continental subsidiary . ( MORE ) 1 - 29 - 09 1 : 15 pm PNM Completes Sale of Gas Operations 1 - 30 - 09 pg . 2 of 2 Background : PNM Resources ( NYSE : PNM ) is an energy holding company based in Albuquerque , N . M . , with 2007 consolidated operating revenues from continuing and discontinued operations of $ 2.4 billion . Through its utility and energy subsidiaries , PNM Resources has more than 2,700 megawatts of generation resources and serves electricity to approximately 859,000 homes and businesses in New Mexico and Texas . The company also has a 50 - percent ownership of EnergyCo , which owns approximately 920 megawatts of generation . For more information , visit www.PNMResources.com . CONTACTS : Analysts Analysts & Media Gina Jacobi , ( 505 ) 241 - 2211 Frederick Bermudez , ( 505 ) 241 - 4831 ( END ) 1 - 29 - 09 1 : 15 pm
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