UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITES EXCHANGE ACT OF 1934
Date of Report (Date of earliest events reported) February 17, 2000
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February 11, 2000
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PUBLIC SERVICE COMPANY OF NEW MEXICO
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(Exact name of registrant as specified in its charter)
New Mexico Commission 85-00019030
--------------------------- File Number 1-6986 ----------------------
(State or Other Jurisdiction ------ (I.R.S. Employer
of Incorporation) Identification) Number)
Alvarado Square, Albuquerque, New Mexico 87158
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(Address of principal executive offices) (Zip Code)
(505) 241-2700
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
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Item 5. Other Event
The following is the Company's press release announcing a new senior vice
president and is being filed herewith as a current event.
PNM Names Padilla Senior Vice President on Wholesale Power Side
Albuquerque, N.M., February 11, 2000 - The Board of Directors of PNM, Public
Service Company of New Mexico, has promoted Eddie Padilla to the position of
Senior Vice President of Bulk Power Marketing and Development.
"Eddie's new title recognizes the importance of his current responsibilities and
the significant role he plays in executing our growth plan on the competitive
side of our business," said PNM Chairman, President and Chief Executive Officer
Benjamin Montoya.
"It's largely due to the efforts of Eddie and the talented, experienced team he
has assembled that PNM's wholesale trading business grew by nearly a third last
year," Montoya continued. "Our strategic plan aims to build on this success by
significantly expanding our generation portfolio to support continued rapid
growth in sales both in the wholesale market and the emerging retail market.
Eddie will lead that effort."
PNM sold 11.2 million megawatt-hours of electricity into the wholesale market
last year, an increase of 2.4 million MWh over the previous year. Revenues from
wholesale power sales totaled $365.4 million in 1999, accounting for about
one-third of PNM total operating revenues for the year.
To sustain continued growth in its wholesale market, late last year PNM
announced plans to further expand its trading operations and to double the
company's generating assets over the next five to seven years.
"The electric power markets are undergoing a revolutionary change, as some
traditional utilities exit the generating business and new competitors enter the
business," Padilla said. "PNM's long years of experience in the bulk power
market, coupled with our strategic location in the Southwest, have given us a
competitive advantage that has enabled us to adapt to that change and make it
work to our benefit. Our strategic plan aims to continue that success,
controlling our risk and maximizing our opportunities."
Padilla, 46, has been with PNM since 1976.
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Besides selling power on the wholesale market, PNM, Public Service Company of
New Mexico (NYSE:PNM), operates a combined electric and gas utility serving
approximately 1.3 million people in New Mexico. Through Avistar Inc., a wholly
owned subsidiary, PNM also operates an advanced meter servicing business in
California and Nevada, and offers energy and water management solutions for
government and institutional clients in the Southwest. PNM stock is traded
primarily on the NYSE under the symbol PNM.
Disclosure Regarding Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 (the "Act") provides a
"safe harbor" for forward-looking statements to encourage companies to provide
prospective information about their companies without fear of litigation so long
as those statements are identified as forward-looking and are accompanied by
meaningful, cautionary statements identifying important factors that could cause
actual results to differ materially from those projected in the statement. Words
such as "estimates," "expects," "anticipates," "plans," "believes," "projects,"
and similar expressions identify forward-looking statements. Accordingly, the
Company hereby identifies the following important factors which could cause the
Company's actual financial results to differ materially from any such results
which might be projected, forecasted, estimated or budgeted by the Company in
forward-looking statements: (i) adverse actions of utility regulatory
commissions; (ii) utility industry restructuring; (iii) failure to recover
stranded costs; (iv) the inability of the Company to successfully compete
outside its traditional regulated market; (v) the success of the Company's
expansion strategies; (vi) regional economic conditions, which could affect
customer growth; (vii) adverse impacts resulting from environmental regulations;
(viii) loss of favorable fuel supply contracts; (ix) failure to obtain water
rights and rights-of-way; (x) operational and environmental problems at
generating stations; (xi) the cost of debt and equity capital; (xii) weather
conditions; and (xiii) technical developments in the utility industry.
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SIGNATURES
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
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(Registrant)
Date: February 17, 2000 /s/ John R. Loyack
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John R. Loyack
Vice President, Corporate Controller
and Chief Accounting Officer
(Officer duly authorized to
sign this report)
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