PNM Resources Ordered to Halt Rate Credits for Customers

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PNM ($NYSE:PNM) Resources is an electric and gas utility company that serves customers in New Mexico. The company has been ordered by the New Mexico Supreme Court to halt its rate credits for customers. This means that PNM will no longer be able to provide credits to customers who have been overcharged for their electricity or gas. This is a blow to PNM’s reputation as a customer-friendly company, and it will likely result in higher prices for customers in the future.

Market Price

On Wednesday, PNM Resources stock opened at $46.7 and closed at $46.7. This was in response to an order from the New Mexico Public Regulation Commission to halt rate credits for customers. The media coverage of this event has been mostly positive. The commission’s decision was seen as a victory for consumers.

This is a good outcome for consumers. PNM Resources has been held accountable for overcharging customers and has been ordered to refund the money that was unlawfully taken from them. This should send a message to other utility companies that they need to be careful when setting rates and that they will be held accountable if they overcharge customers. Live Quote….

VI Analysis

According to the app, the company’s fundamentals reflect its long term potential. The app has detected 3 risk warnings in the income sheet, balance sheet, and cash flow statement. Registering on the app will give you more information on these risks.

VI Peers

PNM Resources Inc is an electric utility company that serves New Mexico and Texas. The company has two main subsidiaries: Public Service Company of New Mexico and Texas-New Mexico Power Company. PNM Resources is the holding company for these two subsidiaries. The company has a market capitalization of $2.79 billion and its shares are traded on the New York Stock Exchange under the ticker symbol PNM. The company’s main competitors are Rosseti PJSC, Portland General Electric Co, and Centrais Eletricas Brasileiras SA.

– Rosseti PJSC ($NYSE:POR)

General Electric Co is an American multinational conglomerate corporation headquartered in Boston, Massachusetts. As of 2018, the company operates through the following segments: Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, and Capital. The company has a market cap of 3.91B as of 2022 and a return on equity of 9.64%.

– Portland General Electric Co ($NYSE:EBR.B)

Centrais Eletricas Brasileiras SA is a Brazilian electric utility company. The company is involved in the generation, transmission, and distribution of electricity in Brazil. The company has a market cap of 23.13B as of 2022 and a Return on Equity of 9.75%. The company is headquartered in Rio de Janeiro, Brazil.

Summary

Assuming you would like an investment thesis: PNM Resources is an electric and natural gas utility company headquartered in Albuquerque, New Mexico. It has a strong track record of providing reliable service to its customers and is a regulated monopoly in its service territories. The company is undergoing a transition as it recently sold its coal-fired power plant in New Mexico and is investing in renewable energy resources.

This makes PNM Resources an interesting investment proposition as it is positioned to benefit from the growth of the renewable energy sector. Investors looking for a well-established utility company with a strong track record and a exposure to the growth of the renewable energy sector may want to consider investing in PNM Resources.