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PUBLIC SERVICE COMMISSION APPROVES PNM'S SALE OF 50 MW OF SAN JUAN 4 TO ANAHEIM, CALIF.

 ALBUQUERQUE, N.M., March 16 /PRNewswire/ -- Yesterday, the New Mexico Public Service Commission (NMPSC) approved the stipulated agreement reached on Dec. 21, 1992 by Public Service Co. of New Mexico (NYSE: PNM) (PNM), the Commission Staff, and other intervenors. This agreement allows the regulatory decertification of a 50 megawatt interest in Unit 4 of the San Juan Generating Station which PNM has agreed to sell to the City of Anaheim, Calif. PNM expects to close the sale to Anaheim by June 1, 1993.
 The stipulated agreement requires PNM to flow back to its customers $5 million of the expected $10.5 million after-tax gain on the transaction. The $5.5 million retained portion of the gain is expected to increase PNM's 1993 earnings by approximately 13 cents per share.
 PNM expects to realize ongoing annual earnings benefits between 6 and 8 cents per share due to reduced operating and financing costs. The reduction in excluded capacity will provide customers ongoing benefits through a greater allocation of off-system sales.
 The agreement also calls for PNM to develop and file with the NMPSC a non-incremental interruptible rate tariff by Jan. 1, 1995. The company also agreed to limit to $864/kW the cost of the next 50 megawatts of generating capacity added before Dec. 31, 2005. Finally, PNM will seek NMPSC approval before purchasing power to meet future resource requirements.
 -0- 3/16/93
 /CONTACT: Sam Brothwell of Public Service Co. of New Mexico, 505-848-2287/
 (PNM)


CO: Public Service Co. of New Mexico; New Mexico Public Service
 Commission ST: New Mexico IN: UTI SU:


MC -- DV005 -- 6532 03/16/93 12:01 EST
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Publication:PR Newswire
Date:Mar 16, 1993
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