KSFR covers NEE's Securities and Exchange Commission complaint against PNM in their daily news highlights. PNM filed an investors press release on May 14 that included misleading and deceptive information regarding the savings associated with their coal contracts.
July 7, 2015
New Energy Economy has filed a complaint against PNM with the federal Securities and Exchange Commission, alleging that the utility created a misleading press release in order to influence regulators and the public. According to the Santa Fe New Mexican, New Energy Economy takes issue with a May 14 release announcing PNM’s signing of a coal purchasing agreement they claimed would save rate-payers 300 million dollars if PNM’s plan for San Juan Generating Station was approved. The environmental group’s complaint says that most of that savings would have occurred whether or not the plan was approved. New Energy Economy says PNM’s news release misled consumers and the Public Regulation Commission. PNM issued a statement in response to the complaint, saying it “strongly stands behind its disclosures and its statements to the public.”