PNM Returning to Financial Health

CBS - ALBUQUERQUE, N.M. — PNM Resources Inc., the parent company of New Mexico's largest electric provider, on Wednesday announced it has started to turn things around, reporting earnings of more than $176 million for 2011 and improvements in ongoing earnings per share of nearly 25 percent.

PNM Resources' earnings report comes as environmental groups accuse it of pursuing rate hikes, higher profits and executive pay at a time when ratepayers are struggling.
Both of the company's utilities — Public Service Company of New Mexico and Texas New Mexico Power — showed increases in ongoing earnings.
The company pointed to higher retail rates for the improvements. In the case of PNM, New Mexico regulators approved an increase of about 9 percent in base rates that went into effect in August. That, along with lower power plant outage costs, mild weather and load growth, helped the utility's financial outlook. Read full story here: News New Mexico

PNM Returning to Financial Health