Mario Gabelli Comments on PNM Resources Inc .

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PNM Resources Inc. (2.6%) (


) (PNM AAA $33.72 AAA NYSE).

is a public utility holding business headquartered in Albuquerque,.
New Mexico. Managed electrical energy subsidiaries include Public.
Company Business of New Mexico (PSNM) and also Texas-New Mexico Electrical power.
Business (TNMP). PNM expects price base growth of 5% -7% each annum at.
both PSNM as well as TNMP. PNMAAAs 2016-2019 funding plan totals $1.7.
billion, consisting of $547 million in 2016, $425 million in 2017, $398.
million in 2018 (excludes $165 million for PV 3) as well as $352 million.
in 2019. In late 2015, PNM obtained final authorization of its significant.
environmental plan and possession changes for the San Juan coal.
units. Furthermore, PSNM refiled a vital New Mexico rate then.
on August 27, 2015. It requested a $123.5 million yearly profits.
rise, based on a 10.5% permitted ROE utilizing a rate base of $2.5.
billion, for the examination year October 2015-September 2016. PSNM.
anticipates a NMPRC price order in the third quarter of 2016. In.
December 2015, the NMPRC agreed to clarify future test year.
requirements start 13 months after a price situation is filed. We anticipate.
BART and also various other investment to be recognized in the 2018 future examination.
year rate order. We anticipate using a progressive examination year.
to give PSNM higher opportunity to gain its enabled ROE.
Assuming fair governing therapy, PNM targets 7% -9% annual.
incomes growth, which includes 2016 incomes assistance of.
$ 1.55-$ 1.76 each share, and 2017 earnings electrical power of $1.94-$ 2.01 each.

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Mario Gabelli.



)’s Gabelli Utilities Fund very first quarter 2016 discourse. About.
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