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PNM ANNOUNCES ALBUQUERQUE ELECTRIC FRANCHISE AGREEMENT IN PRINCIPLE APPROVED BY CITY COUNCIL

 PNM ANNOUNCES ALBUQUERQUE ELECTRIC FRANCHISE
 AGREEMENT IN PRINCIPLE APPROVED BY CITY COUNCIL
 ALBUQUERQUE, N.M., Aug. 18 /PRNewswire/ -- Yesterday, the first major step was taken towards renewing the Albuquerque franchise. Last night the City Council voted 5-3 in favor of an agreement in principle reached by negotiating teams from the City and Public Service Co. of New Mexico (NYSE: PNM) in early June.
 The agreement was reached without a bid. A final franchise will probably not be approved until changes are made to Article 15 (which requires that the franchise be competitively bid).
 On Sept. 21, 1992, City Councilors will vote on three different proposals that seek to amend Article 15, any one or all of which could end up on a special election on Dec. 8. In addition to council-sponsored proposals, the citizens group, Taxpayers for Common Sense, has also filed a petition amending Article 15 which will also be included on the ballot.
 The agreement in principle still needs approval from the company's board of directors and from the Mayor of Albuquerque. The company's board is scheduled to meet on Sept. 1, 1992.
 -0- 8/18/92
 /CONTACT: Sam Brothwell, 505-848-2287, Pam Lett, 505-848-4673, or Ernie C'deBaca, 505-848-2806, all of Public Service Co. of New Mexico/
 (PNM) CO: Public Service Co. of New Mexico ST: New Mexico IN: UTI SU:


BB -- DV003 -- 0901 08/18/92 11:10 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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