8-K

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)	August 18, 2023
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	(August 18, 2023)		Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.
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PNM Resources, Inc.

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-32462

IRS Employer Identification No. - 85-0468296

Public Service Company of New Mexico

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-06986

IRS Employer Identification No. - 85-0019030

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 40.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 40.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Title of each class	Trading Symbol(s)	Name of exchange on which registered
PNM Resources, Inc.	Common Stock, no par value	PNM	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On August 18, 2023, Public Service Company of New Mexico (“PNM”), along with the intervening parties in the pending appeal of the matter addressing customer bill credits and resolution of the remaining steps involved in the San Juan Generating Station retirement under the Energy Transition Act, filed an Unopposed Joint Motion for Abeyance and Remand to Implement Settlement and Request for Expedited Order at the New Mexico Supreme Court (the “Court”). In the motion, the parties asked the Court to hold the appeal in abeyance and remand the matter to the New Mexico Public Regulation Commission (the “NMPRC”) to allow the NMPRC to consider and take formal action on a unanimous proposed settlement on remand.

Under the terms of the unanimous proposed settlement, PNM will provide $115.0 million in rate credits to customers over a one-year period. In addition, customers will be protected from rising interest rates if the weighted-average rate on the securitization bonds exceeds 5.5%. The case is currently before the Court and subject to NMPRC approval.

A copy of the press release discussing the unanimous proposed settlement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.

Item 8.01 Other Events.

The first two paragraphs of Item 7.01 above are incorporated into this item 8.01.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

99.1    Press Release issued by PNM Resources, Inc. on August 18, 2023 (furnished not filed).

104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PNM RESOURCES, INC.
	(Registrant)
Date: August 18, 2023	/s/ Henry E. Monroy
	Henry E. Monroy
	Vice President and Corporate Controller
	(Officer duly authorized to sign this report)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PUBLIC SERVICE COMPANY OF NEW MEXICO
	(Registrant)
Date: August 18, 2023	/s/ Henry E. Monroy
	Henry E. Monroy
	Vice President, Regulatory and Corporate Controller
	(Officer duly authorized to sign this report)

Document

Exhibit 99.1

For Immediate Release

August 18, 2023

PNM and parties reach unanimous settlement agreement for customer rate credits to resolve remaining steps of San Juan coal plant retirement

Rate credits add to existing benefits of coal plant retirement under Energy Transition Act for customers, environment, employees and impacted communities

(ALBUQUERQUE, N.M.) – Public Service Company of New Mexico (PNM), wholly-owned subsidiary of PNM Resources, Inc. (NYSE: PNM), reached a unanimous agreement with the parties in New Mexico Public Regulation Commission (NMPRC) and New Mexico Supreme Court (Court) filings resolving all remaining steps involved in the retirement of the San Juan coal plant under the Energy Transition Act. These steps include bill credits issued to customers and the issuance of lower-cost securitization bonds to fund the energy transition.

“We have been working towards this transition for many years and appreciate the collaborative effort from parties to reach a unanimous settlement to complete the final steps for San Juan,” said Pat Vincent-Collawn, CEO of PNM. “As the solar and battery storage replacement power resources also begin to come online, we are seeing the full scope of the Energy Transition Act’s benefits for our customers, the environment, employees and the communities impacted by the plant’s closure.”

Under the terms of the agreement, $115 million in rate credits will be provided to customers over a one-year period. In addition, customers will be protected from rising interest rates if the weighted-average rate on the securitization bonds exceeds 5.5%.

Parties to the settlement agreement include PNM, the New Mexico Office of the Attorney General, Western Resource Advocates (WRA), New Energy Economy (NEE), New Mexico Affordable Reliable Energy Alliance (NM AREA), Albuquerque Bernalillo County Water Utility Authority (ABCWUA), Coalition for Clean Affordable Energy (CCAE), Prosperity Works and Utility Division Staff of the New Mexico Public Regulation Commission (Staff).

The settlement agreement is subject to NMPRC approval. The case is currently before the Court, and the parties to the appeal are seeking to have the case returned to the NMPRC for consideration of the settlement.

The settlement agreement and additional materials pertaining to the related filings are available at https://www.pnmresources.com/investors/rates-and-filings.aspx.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2022 consolidated operating revenues of $2.2 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to more than 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 2.7 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company's website at www.PNMResources.com.

Contacts:

Analysts            Media

Lisa Goodman            Ray Sandoval

(505) 241-2160        (505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made in this news release for PNM Resources, Inc. (“PNMR”), Public Service Company of New Mexico (“PNM”), or Texas-New Mexico Power Company (“TNMP”) (collectively, the “Company”) that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies, including the unaudited financial results and earnings guidance, 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 apply only as of the date of this report. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results 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. Additionally, there are risks and uncertainties in connection with the proposed acquisition of the Company by Avangrid, Inc. (the “Merger”) which may adversely affect the Company’s business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any remaining required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (iv) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K, Form 10-Q filings and the information included in the Company’s Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

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