PNM marks century of power generation
Homegrown utility plans celebrations
Public Service Company of New Mexico became a centenarian on Tuesday, marking 100 years since the original utility, Albuquerque Gas and Electric Co., formed in 1917.
“We’re very proud to be a homegrown, 100 percent New Mexico company, which has served the local communities and provided thousands of good-paying jobs to New Mexicans in our first 100 years,” said PNM Chairman, President and CEO Pat Vincent-Collawn in a statement commemorating the milestone.
Separately, Gov. Susana Martinez proclaimed Tuesday, as Public Service Company of New Mexico Day across the state.
The company plans small events in coming months to celebrate its years of service in select communities, said PNM spokesman Pahl Shipley. It will hold ceremonies to recognize the contributions of individuals and employees, and highlight key points in history with periodic postings on social media.
“PNM is part of the fabric of New Mexico, beginning in Albuquerque just five years after New Mexico achieved statehood,” Shipley said. “It’s been powering progress in New Mexico since 1917.”
PNM, the state’s largest utility with more than 500,000 local customers, traces its roots to the merger of the Albuquerque Electric Co. and the Albuquerque Gas, Electric, Light and Power Co. Both firms launched at the turn of the century to serve the city’s growing population and emerging infrastructure.
The 1917 merger helped fuel the state’s growth. The company built its first inter-city transmission line in 1929 to connect Albuquerque and Santa Fe, extended electric service into many rural areas in the 1930s, and united geographically dispersed transmission and distribution systems during World War II to help power New Mexico’s national laboratories and military installations.
In 1946, the utility changed its name to PNM. It went public in 1948 and was listed on the New York Stock Exchange in 1972.
During the 1960s and 1970s, PNM partnered with other companies to build the Four Corners and San Juan coalfired generating stations near Farmington, and the Palo Verde Nuclear Generating Station in Arizona.
The new century has brought more changes, including launch of parent company PNM Resources and expansion into southwestern Texas with the 2005 acquisition of TNP Enterprises, now Texas New Mexico Power.
Today, it’s facing radical transformation of its aging generating infrastructure, with potential closure of San Juan in 2022, a pullout from Four Corners after that, and the addition of new energy sources such as natural gas, solar and wind power.
Vincent-Collawn, who joined PNM in 2007 and became CEO in 2010, said the company is committed to deploying new technology for cleaner, reliable and affordable power.
“This is a great milestone, but for us it’s really all about our customers,” Vincent-Collawn said. “Because we trade on the New York Stock Exchange, many people don’t think we’re a New Mexico company. But we’re a homegrown company with deep local roots.”