The US energy sector continues to transform, with major initiatives to increase renewable energy capacity. Public Service Company of New Mexico (PNM), a subsidiary of PNM Resources (NYSE: PNM), recently received approval from the New Mexico Public Regulation Commission (NMPRC) to add 410 megawatts (MW) of new solar and storage capacity by summer 2026. This approval marks a crucial step in the company’s efforts to achieve a carbon-free energy supply.
Meeting growing demand
PNM has seen a significant increase in demand from its retail customers, reaching historic peaks in 2022 and 2023. To meet this growing demand, the company filed an application in October 2023 after issuing a call for tenders at the end of 2022 to identify potential new resources available for 2026. Approved resources include 100 MW of solar capacity and 310 MW of battery storage capacity, including a 60 MW storage facility to be owned by PNM.
“The needs of the PNM system are growing, and we are pleased that the Commission has approved our application to meet these growing needs with additional clean energy resources,” said Pat Vincent-Collawn, President and CEO of PNM Resources. “We continue to deliver on our commitment to achieve carbon-free energy in New Mexico while ensuring that we can reliably meet the growing energy needs of our customers.”
Towards a carbon-free energy future
The integration of these new resources, in addition to the renewable and battery storage resources already approved, will increase PNM’s resource capacity to 75% carbon-free by 2026. This development is in line with the company’s goal of achieving 100% emission-free energy by 2040.
With consolidated sales of $1.9 billion in 2023, Albuquerque, N.M.-based PNM Resources serves more than 800,000 homes and businesses in New Mexico and Texas through its regulated utilities, PNM and TNMP. The company has a total installed capacity of 3.3 gigawatts, combining the production and purchase of energy.
Full details of the application and related documents are available on the PNM Resources website, and the Commission Order will be added as soon as it is available.
