Exhibit 99.2
1. 2001 vs. 2000 First Quarter Earnings
Three Months Three Months
Ended 3/31/01 Ended 3/31/00
Reported Earnings (diluted)........... $ 1.60 $ 0.55
Western Resources
Acquisition costs..................... 0.05 0.00
---------- ----------
Ongoing Earnings...................... $ 1.65 $ 0.55
========== ==========
2. Electric Sales and Revenues
Three Months Three Months
MWh Sales Ended 3/31/01 Ended 3/31/00 % Change
Retail.......................... 1,718,565 1,655,150 4%
Wholesale....................... 3,158,131 3,363,587 6)%
------------- -------------- ---------
Total Sales..................... 4,876,696 5,018,737 (3)%
============= ============== =========
Revenues (In Thousands)
Retail.......................... $126,217 $121,386 4%
Wholesale....................... 410,661 100,257 310%
Other........................... 7,716 4,754 62%
------------- -------------- ---------
Total Revenues.................. $544,594 $226,397 141%
============= ============== =========
3. Key Dates
May 1-3 PNM Management to visit East Coast.
May 6-8 AGA Conference in Orlando, FL.
May 23-25 EEI Financial Conference in New York.
July 1 Required approval date for new holding company, PNM Resources, Inc.
July 3 PNM Annual Shareholder Meeting.
July 25 KCC issues final order on KGE/KPL rate cases.
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4. Issues Update
Issue Status
Restructuring in Legislation passed this year delays open access
New Mexico and corporate separation until 2007. The bill
requires approval of a holding company and allows PNM
to invest in or build non-regulated generation.
Expedited A second bill passed in this year's legislature limits
Approvals of the NMPRC to 6 months to approve siting of major
New Generation generation resources and transmission lines in New
Mexico.
Amendment to The PNM board of directors made changes to PNM's
NM Business corporate bylaws and the articles of incorporation of
Corporation Act the new holding company that reduce the necessary
by State standard for shareholder approval of mergers,
Legislature acquisitions, share exchanges and certain other
transactions from a two-thirds "super majority"
to a simple majority of outstanding shares. PNM
shareholders will be asked to ratify the changes to
the holding company articles at its July 3 annual
meeting.
Credit Quality PNM continues to sell power to as many as 180
Update approved wholesale customers. These parties all have
credit limits which are designed to protect the
company.
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