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PNM turns profitable

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By Harold Morgon

Utilities have their moments.
The Socorro Electric Co-op is working through several years of disputes and lawsuits that aren’t quite up to the low comedy standards of city officials in Santa Teresa and Columbus.
I remember former PNM Resources Chairman Jeff Sterba doing his best Al Gore imitation at annual meetings a few years ago. Sterba’s passion for the absolute inevitability of ugly results from global warming was something to behold. Compact fluorescent light bulbs became an annual meeting souvenir.
PNM has a half million customers, most of them in the north central urban area from Belen to Santa Fe, plus communities in the southwest, Ruidoso and Alamogordo, and Clayton, a little northeast pinprick. Xcel Energy has the southeast, El Paso Electric the Mesilla Valley and rural cooperatives the rest, with publicly-owned utilities in Farmington and Los Alamos.
The full disclosure is that I own 150 PNMR shares, accumulated over ten years of small purchases. Recently I bought ten shares of Xcel under a similar program.
PNM has a couple of moments going these days of a rapid transformation of energy everything.


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