UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest events reported) October 22, 2002
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(October 21, 2002)
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PNM RESOURCES, INC.
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(Exact name of registrant as specified in its charter)
New Mexico Commission 85-0468296
---------------------------- File Number 333-32170 -----------------------
(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 (Registrant's
telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
The following is a press release issued by the Company on October 21, 2002.
PNM Contracts for 204 Megawatts of Wind Power
ALBUQUERQUE, N.M., October 21, 2002 - PNM, a wholly-owned subsidiary of PNM
Resources (NYSE:PNM), has entered into an agreement with FPL Energy LLC, a
subsidiary of FPL Group, Inc. (NYSE: FPL) to develop a 204-Megawatt wind
generation facility in New Mexico.
FPL Energy will build, own and operate the New Mexico Wind Energy Center,
consisting of 136 wind-powered turbines on a site in eastern New Mexico. PNM
will buy all the power generated under a long-term contract. Construction of the
wind energy site is expected to begin later this year. Construction on a
facility of this size typically takes six to nine months to complete.
"This project represents a significant step forward in reducing our reliance on
fossil fuel generation," said PNM Resources Chairman, President, and Chief
Executive Officer Jeff Sterba. "For PNM, the Wind Energy Center will provide a
long-term, competitively priced power source both for New Mexicans and for the
wholesale power market in the Southwest."
PNM will ask the New Mexico Public Regulation Commission (PRC) to approve a
voluntary tariff that will allow PNM retail customers to buy wind-generated
electricity for a small monthly premium. Power from the facility not subscribed
by PNM jurisdictional customers under the voluntary program will be sold on the
wholesale market, either within New Mexico or outside of the state.
Sterba said PNM is buying the clean energy for several reasons: its
environmental benefits for New Mexico; interest within the state in renewable
energy; prospects for renewable energy on the wholesale energy market; and the
strength this particular wind contract will bring to PNM's competitive
generation portfolio and its overall fuel mix.
FPL Energy, headquartered in Juno Beach, Fl., is the nation's leader in wind
energy, with 26 wind facilities in operation in nine states. The company is also
a leading independent producer of clean energy from natural gas, solar energy
and hydroelectric power, generating more than 80 percent of its power from clean
and renewable sources. It has a total of 91 facilities, with nearly 11,300
megawatts of capacity in operation, under construction or announced development
in 22 states. It is a subsidiary of FPL Group, Inc., nationally known as a high
quality, efficient and customer-driven organization focused on energy-related
products and services, and the parent of Florida Power & Light, Florida's
largest electric utility serving four million customer accounts.
PNM is the principal subsidiary of PNM Resources, an energy holding company
based in Albuquerque. PNM provides natural gas service to 441,000 gas customers
and electric utility service to 378,000 customers in New Mexico. The company
also sells power on the wholesale market in the Western U.S. PNM Resources stock
is traded primarily on the NYSE under the symbol PNM.
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SIGNATURES
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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.
PNM RESOURCES, INC.
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(Registrant)
Date: October 22, 2002 /s/ John R. Loyack
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John R. Loyack
Vice President and Chief Accounting Officer
(Officer duly authorized to sign this report)
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