PNM Resources, Inc. (NYSE:PNM) Q2 2023 Earnings Call Transcript

Jonathan Reeder: Okay. Okay. And then I guess, can you talk a little bit about the planned 2026 resource filing? Is this something that, I guess, the PRC approves. And actually, lays out potential recovery of future generation additions? And then like will it also indicate whether PNM is able to own any of this generation versus the prior PRC’s preference for PNM just to sign PPAs?

Don Tarry: Yeah. Jonathan, I’m not going to get ahead of our filing. Our filing will likely be in the next two or three-week time period. And so I think that will kind of lay out the direction. Again, when we go through our RFP process, we’re looking at the deliverability of the resources and what’s cost beneficial to customers. And that’s the screen that always — we always have to go through, and it’s the right thing to do. So as we go through those screens, as we put these plans in front of the commission, that’s our focus.

Pat Vincent-Collawn: And, Jonathan, remember, this time around now, we have the commission — we have an independent valuator involved in it, which I quite frankly think is very helpful because they are a non-biased, nonpartisan look. And so it does make sense for us to own some generation coming out of that, and the independent evaluator agrees, I think we have a much better shot in getting that generation.

Jonathan Reeder: Okay. But does the PRC ultimately approve this plan that you kind of file and lay out, like is there a conclusion to it? Or is this just what you kind of propose? And then going forward, you implement it as needed on like a piecemeal basis?

Don Tarry: We’ll file it as an actual plan that seeks commission approval. So that will be the path. When we make the filing in the next two or three weeks, it will be asking for approval of these specific resources.

Pat Vincent-Collawn: Correct.

Jonathan Reeder: Okay. Great. I appreciate that clarity.

Pat Vincent-Collawn: Yes. It’s not the IRP, which is what we file for sport, yeah.

Jonathan Reeder: Okay, great.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Pat Vincent-Collawn for any closing remarks.

Pat Vincent-Collawn: Thank you, Alan. And again, thank you all for joining us this morning. Please stay safe and cool and keep out of those heat waves. We’ll talk to you all soon.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.