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PNM Resourcesa? Texas Utility Receives Approval for Smart Meters

^{Published on 2011-07-09 07:51:09 - Market Wire}
 

ALBUQUERQUE, N.M.--([ BUSINESS WIRE ])--PNM Resourcesa™ (NYSE: PNM) transmission and distribution utility in Texas, TNMP, today received regulatory approval to recover the costs of installing an Advanced Metering System throughout its service area.

The unanimous approval by the Public Utility Commission of Texas is based on an agreement reached with all parties that will allow for the recovery of $113.4 million, including $66.3 million of capital, through a surcharge during the next 12 years. TNMP will install up to 240,000 meters beginning this year through 2016.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2010 consolidated operating revenues of $1.7 billion. Through its utility and energy subsidiaries, PNM Resources has approximately 2,530 megawatts of generation capacity, and serves electricity to more than 875,300 homes and businesses in New Mexico and Texas. The company also has a 50 percent ownership of Optim Energy, which owns nearly 1,200 megawatts of generation resources in Texas. For more information, visit the companya™s Web site at [ www.PNMResources.com ].