UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 5, 2003
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(November 3, 2003)
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Commission Name of Registrants, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
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333-32170 PNM Resources, Inc. 85-0468296
(A New Mexico Corporation)
Alvarado Square
Albuquerque, New Mexico 87158
(505) 241-2700
1-6986 Public Service Company of New Mexico 85-0019030
(A New Mexico Corporation)
Alvarado Square
Albuquerque, New Mexico 87158
(505) 241-2700
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(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events and Regulation FD Disclosure
Regulators Reject PNM Gas Rate Settlement
ALBUQUERQUE, N.M., November 3, 2003 - The New Mexico Public Regulation
Commission Monday rejected a settlement of a pending gas rate case proposed by
PNM, a utility subsidiary of PNM Resources (NYSE: PNM). The commission decision
denies a $22.0 million revenue increase the company had negotiated with the
commission staff and the industrial consumers' group.
The commission order (available on the PNM web site at
http://www.pnm.com/invest/prcorder.pdf) cites concerns that high natural gas
prices in coming months may increase residential customers' heating bills this
winter. The company had offered to defer collection of the residential portion
of the new rates until the spring of 2004, collecting the deferred amount over
the summer months, but the commission rejected that compromise.
"We are extremely disappointed by the commission's order in this case," said PNM
Senior Vice President Bill Real. "While the impact of higher gas prices on
customers is of concern to all of us, we felt that the revised stipulation
addressed that concern. The fact remains that PNM continues to earn an
unacceptably low return on its investment in its gas utility."
The company is reviewing its options in light of the commission decision. The
company believes the order may provide the basis for a revised settlement
acceptable to the commission. The company is also exploring possible judicial
remedies.
PNM Resources is an energy holding company based in Albuquerque, New Mexico.
PNM, the principal subsidiary of PNM Resources, serves about 450,000 natural gas
customers and 390,000 electric customers in New Mexico. The company also sells
power on the wholesale market in the Western U.S. PNM Resources stock is traded
primarily on the NYSE under the symbol PNM. For more information about our
company, see our web site at www.pnm.com.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PNM RESOURCES, INC. AND
PUBLIC SERVICE COMPANY OF NEW MEXICO
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(Registrant)
Date: November 5, 2003 /s/ Robin A. Lumney
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Robin A. Lumney
Vice President, Controller
and Chief Accounting Officer
(Officer duly authorized to sign this report)
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