ALBUQUERQUE, N.M., Oct. 17, 2024 /PRNewswire/ -- The New Mexico Public Regulation Commission (NMPRC) approved an application by Public Service Company of New Mexico (PNM), a wholly-owned subsidiary of TXNM Energy (NYSE: TXNM), designed to modernize its grid infrastructure using state-of-the art technology for a more resilient, reliable, efficient and decarbonized electric system. Modifications to the application and recommended decision were discussed during the meeting and will be included in the final order.

The approved plan is the first part of a longer-term grid modernization deployment, which will enhance service to customers through new tools, including smart meters, and enable New Mexico's clean energy transition. This plan enables two-way communication on the grid, allowing customers to gain insights over their energy usage and allowing PNM visibility into the real-time status of the distribution grid to reduce outages or eliminate problems before they occur.

"We are pleased with today's approval and are looking forward to bringing new energy management capabilities to PNM customers," said Pat Vincent-Collawn, TXNM Energy Chairman and CEO. "Modernization of the electric grid is becoming increasingly critical for providing customers with reliable, sustainable energy. At the same time, customers will be enabled with real-time information to better manage the costs associated with their energy needs."

Deployment of the smart meters and distribution system upgrades will be prioritized for low-income and underserved communities to provide these customers with timely and equal access to clean energy opportunities and customer benefits.

The filed six-year plan includes $344 million of investments supported by a cost benefit analysis. Consistent with the state's grid modernization legislation passed in 2020, the approved investments will be recovered through a tariff rider reviewed annually.

The application and related materials are available at https://www.txnmenergy.com/investors/rates-and-filings/pnm-nmprc-filings.aspx. The NMPRC order will be added once available.

Background:
TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, New Mexico, 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.

Contacts:

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.