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) October 3, 2000
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September 14, 2000
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PUBLIC SERVICE COMPANY OF NEW MEXICO
(Exact name of registrant as specified in its charter)
New Mexico 85-0019030
--------------------------- Commission ----------------------
(State or Other Jurisdiction File Number 1-6986 (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 are press releases recently issued by the Company and are being
filed herewith as current event.
PNM CEO Encourages NM Regulators to Press On Toward Electric Choice
ALBUQUERQUE, N.M. September 27, 2000 - New Mexico can avoid repeating
California's mistakes in implementing retail electric competition, Jeff Sterba,
president and chief executive officer of PNM, Public Service Company of New
Mexico (NYSE:PNM), assured state regulators yesterday.
New Mexico's approach to opening the electric power market is "far different
from the California model," Sterba said. "If we continue along the path set by
the 1999 Restructuring Act, passed after six years of study and debate, electric
choice can benefit all New Mexico customers in the long term."
Sterba made his remarks during a daylong workshop sponsored by the New Mexico
Public Regulation Commission (PRC) to discuss recent events in California and
their possible implications for New Mexico. Because consumers in the San Diego
area were hit with substantially higher electric bills this past summer, some
parties are urging the PRC to delay preparations for opening New Mexico to
electric competition in 2002.
Sterba told commissioners at the workshop that PNM shares their concern, "but we
believe delay and continued uncertainty will only increase the risk of
introducing market distortions in the transition to competition by discouraging
new investment in the generating plants that New Mexicans will need in the years
to come."
"This summer's experience in southern California was primarily the result of a
combination of two factors: an imbalance between supply and demand for
electricity, and a flawed market structure," Sterba said. "Neither of those
factors should apply in New Mexico if we continue with implementation of the
restructuring legislation we now have in place."
PNM Declares Common and Preferred Stock Dividend
Albuquerque, N.M., September 27, 2000 -- The Board of Directors of PNM, the
Public Service Company of New Mexico (NYSE:PNM), has declared the regular
quarterly dividend of $0.20 per share on common stock and $1.145 per share on
the 4.58 percent series of cumulative preferred stock.
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The indicated annual common stock dividend rate of 80 cents per share is
unchanged from the previous quarter. The dividend is payable November 17, 2000
to shareholders of record on November 2, 2000.
The dividend on the preferred stock is payable October 15, 2000, to shareholders
of record on October 1, 2000.
PNM operates a combined electric and gas utility serving approximately 1.3
million people in New Mexico and sells power on the wholesale market. Avistar, a
wholly-owned subsidiary of PNM, operates an advanced meter servicing business in
California and Nevada, offers energy and water management solutions for
government and institutional clients in the Southwest, and is assisting
e-commerce provider AMDAX.com in launching an Internet-based energy auction
system. PNM stock is traded primarily on the NYSE under the symbol PNM.
Statements made in these news releases that relate to future events are made
pursuant to the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based upon current expectations and the company
assumes no obligation to update this information. Because actual results may
differ materially from expectations, the company cautions readers not to place
undue reliance on these statements. A number of factors, including weather, fuel
costs, changes in supply and demand in the market for electric power, the
performance of generating units and transmission system, and the actions of
state and federal regulatory agencies including rulings pursuant to the Electric
Utility Industry Restructuring Act of 1999 relating to restructuring and
stranded cost recovery could cause PNM operating revenues and earnings to differ
from results forecast in these press releases. For a detailed discussion of the
important factors affecting PNM, please see "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the Company's Form
10-K for the year ended December 31, 1999, Form 10-Q for the quarter ended June
30, 2000 and Form 8-K filings with the Securities and Exchange Commission.
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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: October 3, 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)
