Albuquerque Journal (Albuquerque, NM)

PNM Says Its Market Is Stable And Profitable.(Final)

Byline: Rosalie Rayburn Journal Staff Writer

* 'Ugly duckling' Palo Verde plant contributing to wholesale revenues

PNM is looking at a more stable energy business as wholesale power markets improve and long-term contracts provide shelter from some risks, the company's chairman, CEO and president told shareholders at their annual meeting Tuesday.

"While we experienced a downturn last year, I think there will be a settling out in the wholesale market," Jeff Sterba said at the meeting held at the South Broadway Cultural Center.

Public Service Company of New Mexico's first-quarter earnings reflected last year's depressed wholesale market. But PNM is pursuing more long-term contracts like the 80-megawatt deal clinched in January to supply power to the military in and around San Diego, Sterba said. …

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