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 events reported) December 17, 2003
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(December 16, 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
The following is a press release issued by the Company on December 16, 2003.
Hearing Examiner Endorses PNM Gas Rates Proposal
ALBUQUERQUE, N.M., December 16, 2003 - A New Mexico Public Regulation Commission
hearing examiner has recommended that the commission approve a $22 million
revenue increase for the PNM Resources (NYSE: PNM) gas utility.
The proposed settlement modifies an earlier agreement rejected by the commission
last month. The new plan leaves intact the 10.25 percent return on equity
provided in the original agreement, but postpones the start of the residential
portion of the rate increase until April 2004. New rates for business customers
would take effect as soon as the commission issues a final order in the case.
PNM estimates the company would have collected an additional $11.7 million in
gas margin during the 2003-2004 winter months if the new residential rates had
been implemented in November 2003 as originally requested.
The commission has until February 9 to vote on the settlement. Parties to the
agreement include the commission staff and the New Mexico Industrial Energy
Consumers.
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.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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Statements made in this filing and documents the Company files with the SEC that
relate to future events or the Company expectations, projections, estimates,
intentions, goals, targets and strategies are made pursuant to the Private
Securities Litigation Reform Act of 1995. You are cautioned that all
forward-looking statements are based upon current expectations and estimates and
we assume no obligation to update this information. Because actual results may
differ materially from those expressed or implied by the forward-looking
statements, PNM Resources cautions you not to place undue reliance on these
statements. Many factors could cause actual results to differ, and will affect
the Company's future financial condition, cash flow and operating results. These
factors include interest rates, weather, fuel costs, changes in supply and
demand in the market for electric power, wholesale power prices, market
liquidity, the competitive environment in the electric and natural gas
industries, the performance of generating units and transmission system, state
and federal regulatory and legislative decisions and actions, the outcome of
legal proceedings and the performance of state, regional and national economies.
For a detailed discussion of the important factors that affect PNM Resources and
that could cause actual results to differ from those expressed or implied by the
Company's forward-looking statements, please see "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the Company's
current and future Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q and the Company's current and future Current Reports on Form 8-K, filed
with the SEC.
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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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(Registrants)
Date: December 17, 2003 /s/ John R. Loyack
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John R. Loyack
Senior Vice President
and Chief Financial Officer
(Officer duly authorized to sign this report)
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