ALBUQUERQUE, N.M., Aug. 29, 2024 /PRNewswire/ -- TNMP, the Texas subsidiary of TXNM Energy, Inc. (NYSE: TXNM), filed its first System Resiliency Plan (SRP) with the Public Utility Commission of Texas (PUCT) designed to benefit customers through enhanced resiliency of its distribution system.
The filed plan includes measures totaling $600 million of capital investments and $151 million of other related costs over 3 years and was developed using a comprehensive and data-driven approach which evaluated various types of resiliency events posing material risk to the safe and reliable operation of TNMP's distribution system.
"Service to our customers is paramount and TNMP has been consistently increasing investments in system hardening and modernization to strengthen our service to customers," said Pat Vincent-Collawn, TXNM Energy Chairman and CEO. "This filing demonstrates TNMP's continued commitment to ensuring the reliability and resiliency of our infrastructure during high-risk events across each diverse region of our service territory."
TNMP's service territory includes non-contiguous areas across different regions of Texas, ranging from small communities and rural areas to communities around large metropolitan areas, each with unique risks. Investments in the SRP are prioritized based on customer benefit, physical protection of infrastructure, foundational investments in operational and cybersecurity technologies, wildfire risk reduction and a focus on lower-performing areas.
Eight different Resiliency Measures are outlined in the SRP with associated programs and infrastructure impacts to improve the system's ability to prevent, withstand, mitigate and/or more promptly recover from resiliency events: Distribution System Resiliency, Distribution System Protection Modernization, Vegetation Management, Wildfire Mitigation, Flood Mitigation, Enhanced Operations System Technology, Cybersecurity and Physical Security Resiliency.
The SRP is subject to PUCT approval over 180 days as stated in Texas legislation. Recovery of investments and costs are permissible primarily through semi-annual Distribution Cost Recovery Factor filings, with deferral of depreciation and other certain expenses until recovery begins. The filing can be found at https://www.txnmenergy.com/investors/rates-and-filings/tnmp-puct-filings.aspx.
Background:
TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, N.M., delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company's website at www.TXNMEnergy.com.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for TXNM Energy, Inc. ("TXNM"), Public Service Company of New Mexico ("PNM"), or Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies, including the unaudited financial results and earnings guidance, 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 apply only as of the date of this report. TXNM, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, TXNM, PNM, and TNMP caution readers not to place undue reliance on these statements. TXNM's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE TXNM Energy, Inc.
