PNM Resources promotes sustainability efforts with long-term clean energy plans

Published on July 24, 2020 by Chris Galford

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As an extension of environmental, social and governance (ESG) principles, PNM Resources highlighted its long-term strategy in New Mexico this week, prioritizing investments in transmission and distribution infrastructure and a transition from coal to cleaner energy.

The company plans to leave coal entirely behind as of 2031, with fully emissions-free energy to follow by 2040. New Mexico requires companies to reach that goal by 2045. However, PNM will go further and seek additional reductions of Nitrogen Oxide and Sulfur Oxide emissions, along with water usage. Such efforts will be aided by reductions in cost for renewables, battery storage and other emerging emissions-free resources, the company noted.

“Our business is rapidly changing to fully embrace carbon-free energy and realize our vision of a clean and bright energy future,” Pat Vincent-Collawn, PNM Resources’ chairman, president and CEO, said. “We believe that ESG principles help establish a framework to meet our objectives. Strengthening our commitment to these principles across PNM and TNMP is essential for the transition to a sustainable utility that reliably serves customers.”

Another key investment for the company will be its Wired for the Future program — a five year infrastructure initiative stretching from 2021 to 2025. Over the course of this period, PNM will put up to $450 million into transmission and distribution efforts such as expanding transmission lines, supporting new renewable resources and the TNMP interconnection of three, 100 MW battery storage facilities and solar farms.

Currently, the company holds around 2,811 MW of total generation capacity across New Mexico and Texas.