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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001108426-10-000084.txt : 20101222
<SEC-HEADER>0001108426-10-000084.hdr.sgml : 20101222
<ACCEPTANCE-DATETIME>20101222140919
ACCESSION NUMBER:		0001108426-10-000084
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101222
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101222
DATE AS OF CHANGE:		20101222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PNM RESOURCES INC
		CENTRAL INDEX KEY:			0001108426
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				850019030
		STATE OF INCORPORATION:			NM
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32462
		FILM NUMBER:		101268145

	BUSINESS ADDRESS:	
		STREET 1:		ALVARADO SQUARE
		STREET 2:		NEW MEXICO
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87158
		BUSINESS PHONE:		5052412700

	MAIL ADDRESS:	
		STREET 1:		ALVARADO SQUARE
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87158

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANZANO CORP
		DATE OF NAME CHANGE:	20000303
</SEC-HEADER>
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<TYPE>8-K
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<td valign="top" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></td>
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<td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; </font></td>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule&#160;13e-4 (c)&#160;under the Exchange Act (17 CFR 240.13e-4(c)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On December 21, 2010, Public Service Company of New Mexico (&#8220;PNM&#8221;), a wholly owned subsidiary of PNM Resources, Inc., issued a press release relating to a proposed rule issued by the United States Environmental Protection Agency and the potential impacts of the proposed rule on the San Juan Generating Station.&#160;&#160;The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statements made in the attached news release that relate to future events or PNM Resources' or PNM's (collectively, the "Companies") expectations, projections or 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 the Companies assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Companies caution readers not to place undue reliance on these statements. The Companies' projections and estimates 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. These factors incl
ude: the risk that the Companies may have to commit to substantial capital investments and additional operating costs to comply with new environmental requirements including possible future requirements to address concerns about global climate change, and the resultant impacts on the operations and economic viability of generating plants in which PNM has interests; state and federal regulatory and legislative decisions and actions, including provisions relating to climate change, reduction of greenhouse gas emissions, coal combustion by-products, and other power plant emissions; conditions affecting the Companies' ability to access the financial markets and negotiate new credit facilities for those expiring in 2012, including actions by ratings agencies affecting the Company's credit ratings; the performance of generating units; fluctuations in interest rates; weather; seasonality and other changes in supply and demand in the market for electric power; the impact of mandatory energy efficiency measures on cu
stomer energy usage; variability of wholesale power prices and natural gas prices; volatility and liquidity in the wholesale power markets and the natural gas markets; uncertainty regarding the ongoing validity of government programs for emission allowances; changes in the competitive environment in the electric industry; the risks associated with completion of generation projects, including changes in technology, construction delays, fluctuations in the costs of construction materials and labor, and other unanticipated cost overruns; and uncertainty surrounding the status of PNM's participation in jointly-owned projects resulting from the scheduled expiration of the operational documents for the projects beginning in 2015 and potential changes in the objectives of the participants in the projects.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release dated December 21, 2010.</font></div>

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<font style="FONT-WEIGHT: bold">Exhibit 99.1<br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">For Immediate Release:</font> Dec. 21, 2010&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Contact:</font> Don Brown&#160;&#160;505-321-8856&#160;&#160;don.brown@pnmresources.com</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Achieves Desired Results at Much Lower Cost</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ALBUQUERQUE, N.M.) &#8211; PNM officials say a proposed rule issued today by U.S. Environmental Protection Agency Region 6 that would require the coal-fired San Juan Generating Station to install a specific emissions-control technology within three years would likely cost up to $1 billion or more. The 1,800 megawatt San Juan plant is New Mexico&#8217;s and PNM&#8217;s single largest source of electricity.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EPA today proposed requiring the installation of selective catalytic reduction as the best available retrofit technology, or BART, to reduce certain emissions at San Juan.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Above everything else, we are concerned about the impact this could have on customer bills,&#8221; said Pat Vincent-Collawn, PNM president and CEO. &#8220;We believe we already have the technology in place to meet the haze reduction requirements of the federal <font style="DISPLAY: inline; FONT-STYLE: italic">Clean Air Act</font> and do so at a far lower cost.&#8221;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM recently installed $320 million in environmental retrofit technologies to reduce plant emissions of nitrogen oxides, sulfur dioxide, particulate matter and mercury. A study by a respected international engineering firm found that the upgrades meet the federal requirement for BART.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM previously estimated that the installation of selective catalytic reduction technology at San Juan, constructed over a five-year period, would cost $750 million to $1 billion. PNM has not yet assessed the cost of the three-year installation proposed by EPA today but believes it would likely increase the cost of compliance.&#160;&#160;PNM has said that installation of selective catalytic reduction would cost the average PNM residential customer about $90 a year for 20 years and larger electricity users significantly more.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An initial analysis of the rule proposed today shows it is far more aggressive than a recent EPA recommendation on BART for the coal-fired Four Corners Power Plant, which is located on Navajo Nation land near San Juan. While EPA recommends selective catalytic reduction for both plants, the allowed emission level for nitrogen oxides would be significantly lower at San Juan than at Four Corners. In addition, EPA proposed to give Four Corners five years to comply while it proposes only three years for San Juan.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vincent-Collawn said the cost of complying with this proposed rule would be in addition to the cost of other environmental regulations, including any costs associated with meeting state or federal carbon regulations or the addition of more renewable energy resources as required by New Mexico state law.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">She said EPA has recognized that states play an important role in implementation of the <font style="DISPLAY: inline; FONT-STYLE: italic">Clean Air Act</font> and hopes EPA will take recommendations from New Mexico into account when finalizing the rule this spring.&#160;&#160;The N.M. Environment Department in recent days withdrew a similar recommendation for San Juan. The incoming administration of Gov.-elect Susana Martinez will have an opportunity to analyze and make a state recommendation on the issue.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM owns 46.3 percent of San Juan and would expect to pass its share of retrofit costs along to customers through electric rates. PNM operates the power plant on behalf of several owners.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EPA is accepting public comment on the proposal for 60 days and expects to finalize it this spring.</font></div>

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