Benzinga | Jul 2, 2021 06:32AM EDT

PNM Resources Reports Its Texas-New Mexico Power Co. Subsidiary Filed Settlement In Its Application To Amend Its Distribution Cost Recovery Factor To ~$105M In Net Distribution Infrastructure Investments Made During 2020

Texas-New Mexico Power Company (TNMP), the Texas utility subsidiary of PNM Resources, Inc. (NYSE:PNM), filed a settlement in its application to amend its Distribution Cost Recovery Factor to recover nearly $105 million in net distribution infrastructure investments made during 2020 to reliably serve customers' power needs.



The unanimous settlement with parties calls for increased annual revenues of $13.5 million and reflects 98% of the company's filed revenue requirement. The settlement is subject to approval from the Public Utility Commission of Texas and is expected to be implemented September 1, 2021.