PNM Resources’ (NYSE: PNM) New Mexico utility, PNM, continues work to comply with federal visibility rules for San Juan Generating Station following yesterday’s expiration of the U.S. Environmental Protection Agency’s 45-day administrative stay extension.
The 45-day extension was granted to allow further consideration of alternatives to the federal and state plans to reduce regional haze but did not result in an agreement in principle to move forward with a third alternative. During the 45-day stay extension, PNM, EPA and the N.M. Environment Department engaged in discussions of possible alternatives.
“The stay extension was important in terms of signaling EPA’s willingness to continue discussions of alternatives. However, the compliance date remained in effect, so we have continued to move ahead with preparations to implement the federal plan that remains in place,” said Pat Collawn, chairman, president and CEO of PNM Resources. “In October, we awarded a contract to Fluor Corp. for the installation of SCRs on all four units to comply with the federal plan. In December, we plan to submit a filing with the N.M. Public Regulation Commission requesting project approval for the SCR installation.”
The September 2016 compliance date for the federal implementation plan currently in place for San Juan Generating Station requires installation of selective catalytic reduction technology on all four units of SJGS. That technology is expected to cost between $824 million and $910 million. PNM continues its legal appeal of the federal plan.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 2,550 megawatts of generation capacity and serves electricity to more than 735,000 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV