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Press release from Business Wire

PNM Renews Support for Discussion of Alternative to Address Regional Haze at San Juan Generating Station

Friday, January 18, 2013

PNM Renews Support for Discussion of Alternative to Address Regional Haze at San Juan Generating Station17:05 EST Friday, January 18, 2013 ALBUQUERQUE, N.M. (Business Wire) -- PNM Resources' (NYSE: PNM) New Mexico utility,PNM, today announced renewed support for discussions that have resumed with the N.M. Environment Department (“NMED”) and the U.S. Environmental Protection Agency (“EPA”) to consider an alternative for San Juan Generating Station to comply with federal visibility rules. Following the Nov. 29 expiration of the EPA's 45-day administrative stay extension, PNM announced it would work to comply with the federal rule that requires installation of selective catalytic reduction (“SCR”) technology on all four units of SJGS. Confidential discussions have since resumed. As a result, PNM has taken additional steps to push costs related to SCR installation into later phases of the project by temporarily suspending the work of its engineering, procurement and construction contractor. In addition, PNM's plan to file a request with N.M. Public Regulation Commission for approval of the SCR project has been put on hold. There is no timeline established for the discussions to reach a definitive agreement, although the September 2016 deadline for installation of SCRs underscores the importance of moving forward quickly. “We are prepared to install the federally mandated technology, but believe renewed discussions hold potential for agreement on an alternative that could position New Mexico for broader environmental benefits, while also reducing the cost impact for PNM customers,” said Pat Collawn, PNM Resources Chairman, President and CEO. “We are hopeful that the current discussions with NMED and EPA ultimately result in an agreement that can move the state's energy future forward in a positive fashion.” Background: PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2011 consolidated operating revenues of $1.3 billion, excluding First Choice Power. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,530 megawatts of generation capacity and serves electricity to more than 738,000 homes and businesses in New Mexico and Texas. For more information, visit the company's Web site at www.PNMResources.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements made in this news release that relate to PNM's expectations, projections and estimates 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 PNM assumes no obligation to update this information. PNM ResourcesAnalystsJimmie Blotter, 505-241-2227MediaValerie Smith, 505-241-2892