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) May 23, 2000
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May 17, 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 and is being filed herewith as a
current event.
New Mexico Regulators Set New Date for Electric Choice
Albuquerque, N.M., May 17, 2000 - New Mexico schools, small businesses, and
residential consumers will have the opportunity to choose among competing
electric power suppliers beginning January 1, 2002, according to a ruling
announced by the state Public Regulation Commission ("PRC") yesterday.
The revised date is a year later than the original Jan. 1, 2001, target for
retail electric competition in New Mexico. At the same time, the commission
moved the open access date for large commercial and industrial customers back
six months, from Jan. 1, 2002, to July 1, 2002. However, the commission did not
alter its requirement that all regulated utilities file their completed
transition plans by June 1, 2000.
The commission approved the new open access dates to allow local utilities to
comply with federal and multi-state requirements and accommodate independent
administration of the transmission system. The extension provides utilities with
additional time to prepare their customer information and billing systems to
accommodate customer choice. PNM, Public Service Company of New Mexico
(NYSE:PNM), together with other utilities operating in the state, supported the
extension for the initial open access date. The PRC also extended other
deadlines established in the Restructuring Act, including one for approval of
PNM's plan to establish a holding company with separate regulated and
non-regulated subsidiaries.
The order extending deadlines is applicable to all utilities. The order does not
change the existing procedural schedule for hearings on PNM's separation plan,
however. The company is initiating negotiations with the other parties to that
proceeding to reach a negotiated settlement that will expedite approval of its
application to form a holding company, PNM President Jeff Sterba said.
"This new organizational structure complies with the requirements of New
Mexico's industry restructuring law, protects the interests of consumers, and
gives us the flexibility to compete effectively in the rapidly changing energy
marketplace," Sterba said. "While we recognize that the commission now has a
substantial work load, both in electric industry restructuring and other
regulatory commitments, early approval of our separation plan will save time
later in the process. We remain hopeful that the commissioners will act on our
holding company plan in the very near future."
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In addition to seeking regulatory approval for the holding company, at its
annual shareholder meeting June 6, PNM is asking stockholders to exchange their
PNM common stock for shares in a new holding company, Manzano Corp. The plan
calls for the PNM regulated electric and gas utility to be housed in one Manzano
subsidiary, while another subsidiary will contain the company's power
generation, power marketing and energy services business. Other necessary
approvals are also being sought.
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 this news release 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. Federal and state regulatory activity and
the transition to a competitive electric market in New Mexico may all have an
impact on PNM's operating performance and future profitability. For a more
detailed discussion of these and other 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 and
Form 10-Q for the quarter ended March 31, 2000.
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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: May 23, 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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