UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITES EXCHANGE ACT OF 1934
Date of Report (Date of earliest events reported) May 22, 2002
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(May 23, 2002)
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PNM RESOURCES, INC.
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(Formerly known as Manzano Corporation)
(Exact name of registrant as specified in its charter)
New Mexico Commission 85-0468296
---------------------------- File Number 333-32170 -----------------------
(State or Other Jurisdiction --------- (I.R.S. Employer
of Incorporation) Identification) Number)
Alvarado Square, Albuquerque, New Mexico 87158
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(Address of principal executive offices) (Zip Code)
(505) 241-2700
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
The following is a press release issued by the Company on May 22, 2002.
PNM Responds to FERC Inquiry: No Inappropriate Trades
ALBUQUERQUE, N.M., May 22, 2002 - Public Service Company of New Mexico, a
subsidiary of PNM Resources (NYSE: PNM), did not engage in attempts to
manipulate the wholesale power market during California's electricity crisis,
the company reported today to the Federal Energy Regulatory Commission.
"Our wholesale marketing operations have always been conducted according to the
highest ethical standards," said Jeff Sterba, chairman, president and chief
executive officer of PNM Resources. "Our internal investigation, with assistance
from an independent expert, has confirmed what we knew all along: We did not
employ inappropriate trading strategies to better the company's profits."
PNM responded today to multiple questions by the FERC, which has ordered more
than 100 energy firms to reveal whether they participated in practices similar
to those described in recently disclosed Enron memos.
Among the questions asked by FERC of all energy firms was whether power was
purchased at the now-defunct California Power Exchange and exported to take
advantage of higher prices outside the state. While PNM reported that it did
purchase a very small amount of power from the Cal PX, about one-tenth of one
percent of its total purchases during the period identified by FERC, the company
cannot determine whether that power was used to meet the needs of New Mexico
customers or whether it was sold back into the wholesale market.
PNM Resources is an energy holding company based in Albuquerque, New Mexico. Its
principal subsidiary is Public Service Company of New Mexico, which provides
electric power and natural gas utility services to more than 1.3 million people
in New Mexico. The company also sells power on the wholesale market in the
Western U.S. PNM Resources stock is traded primarily on the NYSE under the
symbol PNM.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1 Public Service Company of New Mexico's Responses to Fact-Finding
Investigation of Potential Manipulation of Electric and Natural Gas
Prices, May 22, 2002.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PNM RESOURCES, INC.
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(Registrant)
Date: May 23, 2002 /s/ John R. Loyack
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John R. Loyack
Vice President, Corporate Controller
and Chief Accounting Officer
(Officer duly authorized to sign this report)
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