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PNM PNM Resources

Participants
Lisa Goodman Director of Investor Relations
Pat Vincent-Collawn Chairman, President and Chief Executive Officer
Don Tarry Senior Vice President and Chief Financial Officer
Call transcript
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Operator

[00:00:04] Good morning and welcome to the PNM Resources third quarter Twenty twenty conference call, all participants will be in a listen. Only mode. Should you need assistance, please signal conference specialist by pressing the star key, followed by zero. After today's presentation, there will be an opportunity to ask questions, to ask a question.

You may press star, then one on your touchtone phone and to withdraw your question, please press star. that is note recorded. please to this being event Then conference to Lisa I like the over Relations. would now Investor turn to of Goodman, director ma'am. ahead, go Please Thank you, Jack.

Lisa Goodman

And other Please PNM note this the presentation website joining Resources [XX:XX:XX] at conference Resources Quarter are that everyone, call available this the our and Third call. for documents PNM us conference XXXX for you, thank supporting Dotcom. morning for on

senior on vice PNM are Chairman, and and Resources Officer, Don, Vincent with senior our and Joining members me today along president CEO President Financial Chief of Pat other management.

over Before upon Act I assumes morning turn Pat, that of current you that XXXX. pursuant based obligation to the to the of and PNM statements resources provided looking call remind some you We looking this caution the the forward information statements of are to that expectations all Private Reform need Litigation no forward estimates considered be and should I Securities to business as tankas also update on for discussion this information. PNM form Form regarding of and SEC. and refer our on future factors on with transaction Tinku, resources a Form current PNM combination filed the reports annual advocates detailed to affecting reports statements well resources statements the include Please between results. quarterly These as forward looking X-K potential reports

the with the to be I Resources intends statement respect over be Additional file business Information SEC, in with proxy PNM the other SEC. in found transaction pass. and relevant will can solicitation proxy proposed the the the file of forthcoming that call materials. will but and with information which with interests transaction the included proxies connection to in will turn the to with combination the of regarding statement, we proposed participants

Pat Vincent-Collawn

wondering day thanks sure political we were un. been who and you of all year. Thank it the us you joining is are characters. an And each Jong everyone, of characters, what Lisa. morning, Good here with Western costumes Halloween was this for characters, before and us today, And [XX:XX:XX] today. to is Chuck, yes, were world you, Kim we We've in leaders. convincing I'm incredibly

our of showing Marty, got who don't whatever Marty know, twenty. who the But, got telling Back and was to go thoughts got be to posing One this we poster argued for Doc be to ferry doc happens, Future to the Twenty year to and who you Einstein. be over

of. we characters And year, So ended could think yes, scariest we this the up [XX:XX:XX] is ourselves. being that

slide on now begin So let's four.

two quarter in to set New customer that focused entity strategic this reflect And financial the twenty. relief more August guidance more a XXX Last our midpoint the Twenty are per to about we revised details. Twenty to companies earnings we We expectations week, per provide on Don of earnings dollar third in in to share Gribbs, a range for announced turning will are benefits This with share. [XX:XX:XX] that XX one customers, a Higher compared increased are gap energy. Auburn share next infrastructure again those of merger Mexico structured steps provides temperatures TNM transition dollar take more on summer a provides including a resources range to growth and a transaction Tampoe twenty ESG combination per the forward. our [XX:XX:XX] that to of a employees are and to with diverse communities, creates and larger, shareholders. of the minute. this earnings their earnings of quarter dollar those We've last the to in aside clean thirty year. programs. a in third Our fifty ongoing we'll a And the earnings forty more updated hottest We century. quarter, portion the than fund additional talk

the customers. quarter and in and are delivering close energy In to reliable, safe, focused to business our next affordable We plan sustainable meantime, of year. on expect the executing we fourth

investment We I'll Texas. reliable, to our steps New the to with grid have walk on Mexico TNT carried that resilient five, infrastructure Three merger. forward XXXX in through five approval focus plan and a the for supports of a continued

We December expect February. in proxy the and to vote our a latter file meeting shareholder of part with in

rate filings continue the have decoupling filings. Public to leadership own November. working and still our governance at the Regulation and to On after until rainmaking receive social for New six, Tempe. to to Mexico slide rate are Mexico announced goals, communities costs ability some and security. make Turning from currently with We New of This highlights Mexico, under general focused annual In National comers or in energy agreement submitted and soon third example and partner in furch we should meaningful by our will Laboratories review [XX:XX:XX] projects filing side, environmental R&D costs lead energy, cover more [XX:XX:XX] national and filings in and filing delay on impact. formula our by to addition Texas a clean with environmental, Sandia the New customers with we quarter. partnering [XX:XX:XX] to continue be the all with regulatory We be other our an on We provide remaining for the and which Commission. Commission, we transaction resiliency, followed the will approval the after two

big will change help providing communities to New is around technology leader and small us. emissions expertize drive in and [XX:XX:XX] Mexico a of ways for our fill part the Caring positive energy gap world are our values, combined as clean committed in the finding advance and to energy. core free we Our

pandemic It's and August relates the to strongest fiber and to bills. during Mexico, to record customers quarter with temperatures for teams staying new customer how foster we at of to development, assist. highlight support. continue plan our our communities [XX:XX:XX] ready high our led Our health home including throughout with operate. We tribal CNN stand the economic tribal public increased New Our online customer been [XX:XX:XX] have Many support learning, relationships safety. to care

make to among relief not scores our its with utilities set behind J.D. industry this to Am program by to We customer In providing [XX:XX:XX] Here bills. I their provide go programs a dollars additional for twice recent has [XX:XX:XX] unnoticed. funding to and on as far. aside improvement top on before an electric experience in [XX:XX:XX] are Pan Kahrizak rankings covid-XX. our customer response based also could electric focus Power, was to the this on of Even our that program, excellent business our gone match shareholder nonprofit am two donations who assistance small found money million customers coveted partner residential create

for turn to core want things work done that, a will Before to over take a to values. customer the details. our I for special at hand to show the to look best experience have live I Don to over With team numbers, our Don give to side our the our and they the I presentation customers recognition financial

Don Tarry

cost as we good third cents as the [XX:XX:XX] the to start the summer went a restrictions. Thank overview cooling greater of ongoing at total related business property quarter. offset hit you, nineteen an staying the an the XX this increase residential during in sensitive weather were morning, usage this and the with the the and quarter temperatures Slide days When expecting decrease XX and drop and usage decrease all year. interest of And for Denim year year increase operational quarter in are customers peak rates degree quarter into planned in an due We peaked, higher prior new last capital third investments. response were September, customers years. and more to when taxes temperatures in TI effect. fell over higher and portion of But of covid into refinancing usage grew degree from days discussed dollar that home cost and in TNM below overall relief also closer cooling at came very a filings normal. as prior Tempe Instead, year hot everyone. to is offset of to an decrease eight a debt rate is saw the I'll to benefiting compared last quarter, EPS our in we on quarter twenty the new year. nineteen. Pat, more than of by to third in impact are increase August spending depreciation to compared temperatures higher similar levels twenty rates from particularly from offset lower system for in but seasonal decline days This

load to that to covid as seen residential the At [XX:XX:XX] usage around usage percent to decreases nine, have slide commercial related while on be offset saw volumetric as the we around we I'll Turning what demand percent. in PNM continues load quarter, in increases cover to load slide continues third down five be base XX. October, XX that well trends from higher, continue in teenyboppers,

increased two guidance level have range twenty XX interest refinancings and a of our experience and through and with that of and the target rates in with increase dollars load the lower two the and twenty guidance on QX at settlements and the beginning reflects this state. of XX the two of dollars at firmly based tax reduced cents cents. month increases midpoint property The higher weather and XX cents are to We dollars a

levels. will increases finish we quarter planned in As spending reduce out the fourth prior operational below earnings year,

completing maintenance that was response along on XX. with restoration this prevention vegetation incident to turning and from plant year, slide and management, focus deferred will work now outage system We earlier on planning

the support congestion twenty secure investment of teenyboppers in at future transition animes We well Verdes in in and Palos maintain North to we'll IRKA. transmission be clean will returning as megawatts interconnections billion expand for storage and BS and we the have investments. continues investment a to to facilities and the propose its increased several to a quarter [XX:XX:XX] in as to those megawatts point energy are rolled XX plan transmission XXXX. power to plan twenty the communicated that XXXX, and XXX territory, as In transmission Texas. for investment to continue one grid the system year, out wired by That our support look resilient relief of investment supported well reliable, capacity five as service million infrastructure the by and replacement first for distribution for necessary focus lease XXXX, plan We maintain new of to four as throughout on primarily fact, previously

plant been about power to in have our exit expires transparent Four the intention also Corners before the contract We XXXX.

year. execute soon We free with an that allowing have a them plan close Slide the while earlier will merger plan customer that coal exit its XX this on progress is to on bring announce front our to announcement and to next seen we'll expected on savings significant from be of

Twenty [XX:XX:XX] on and the for as of calculated power one two that drawdown move business midpoint power forward earnings dollars we until that increased number infrastructure. Twenty and the point The the business year. our acquisition. our our twenty and the the to our result guidance showing cents base and into to from close has reflect and realized grits that Twenty Furch will of are is this be We of investments Remember December XX a twenty in reflect been earlier twenty, PNM a as equity updated of GNP reflects earnings shares plans. range through new grows after EPS offering Rate XXXX. at of

practices the term to Slide be debt from our revised have and week to S&P Moody's following announcement Spirit acquisition with empty. a PNM of outlook as for funding customers Both a. that ultimately happening their will view fundamental that for time and raised with and would help service credit utilities I'll financing until Western best electric wrap the comments supply power the broader cost to the merger. knowledge Pat. as chain the positive also entity such grade our share can turn provides TENENTE The ability the benefits, to low With better the to Project credit up positive short that and the reflect investment on to growth company opportunities. Tenente. will provide our sharing PNM benefit of and XX rating and the over customers. much purchasing better metrics. back other be and support transaction other equipped Transmission is demonstrate last that, reported of procurement, PNM We provide transformation only agencies Resources the close with larger The we TNM that S&P plans new Having I'll the

Pat Vincent-Collawn

I [XX:XX:XX] open questions. Thanks, it John. for up

perform at Let me opportunity times. continuing take the Resources these thank to unique for one team more brilliantly to here in PNM

to provide and and new our customers. proven our their teams our opportunities adds announcement in dedication special circumstances bigger excited to Our for merger I'm serving expertize and this to year, and

it questions. please, let's up Chuck, open So, for

Operator

ma'am. Yes, [XX:XX:XX]

We will question now to a answer session begin ask and question. the

then phone. star, touchtone on your You may press one

If your momentarily you're withdraw Again, to star the using handset will pause if to a than speakerphone, your please question, to have star, keys please, pressing assemble please, you time pick one. at a roster. question, our then before press up press this

Pat Vincent-Collawn

group this seeing We to safe you for Thank morning. healthy, this during all. vote. everyone, November. morning, meetings in forward thank joining quiet stay right, you to us All you all [XX:XX:XX] to stay look virtually our Please and remember so

Operator

conference you for has disconnect. now The [XX:XX:XX] you now attending Thank presentation, may concluded. today's