ALBUQUERQUE, NM (STL.News) – Yesterday the New Mexico Supreme Court denied a joint petition from PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), along with Western Resource Advocates, Coalition for Clean Affordable Energy, Sierra Club, IBEW Local 611, San Juan Citizens’ Alliance and Diné Care, to provide clarification about the applicability of the Energy Transition Act (ETA) to PNM’s application for San Juan Generating Station abandonment, securitization and replacement power.
The denial of the petition by the New Mexico Supreme Court means that the New Mexico Public Regulation Commission (NMPRC) will handle the question of the ETA’s applicability through its scheduled proceeding.
“Today’s ruling comes as a disappointment, although we respect the Court’s decision not to grant our request for an immediate ruling,” said Pat Vincent-Collawn, PNM Resources’ chairman, president and CEO. “We continue to believe that the ETA applies to all aspects of our San Juan filing. As we work through the NMPRC process, we will seek further legal remedy for any Commission ruling that is not consistent with the law.”
The ETA, described by New Mexico Governor Lujan-Grisham’s office as landmark legislation that sets bold statewide renewable energy standards and establishes a pathway for a low-carbon energy transition away from coal while providing workforce training and transition assistance to affected communities, became effective in June 2019 after being passed in the legislative session and signed into law by the Governor.