Earnings call transcript Q2 2023

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Operator

Good morning, and welcome to the PNM Resources Second Quarter 2023 Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would like now to turn the conference over to Lisa Goodman, Executive Director of Investor Relations. Please go ahead.

Lisa Goodman

Alan. you, Thank everyone, PNM you, us morning this And second for quarter the Resources XXXX for thank joining earnings call. the are website Please other that presentation conference this note call supporting documents pnmresources.com. available at our on for and

Joining Lisa Pat President me Eden. Tarry; Senior and CEO, Financial Chief Don Vincent-Collawn; Vice Officer, today President, Resources' Operating Officer and PNM and are Chairman Chief and Treasurer,

Resources should call remind information of no turn to that information. the Litigation over considered morning you provided expectations statements forward-looking assumes some I I Securities to of based to all pursuant Before need XXXX. obligation statements upon and the that of this Private this PNM you to current update be forward-looking and Pat, estimates the are We the caution Act Reform that

on PNM Form discussion For to quarterly current and a detailed Form as annual factors XX-Q, reports the well X-K our of XX-K, results, refer on reports filed reports with Form future SEC. on please Resources' affecting as

With to Pat. the call over that, turn I will

Pat Vincent-Collawn

you, is and and Mexico for Texas. as today us today of Beer International another thank head Day. across and everyone, Lisa. into Good joining we New heat But you White wave Thank Wine Day also morning, most

how you given some beat we've So tonight. ideas to heat on the

the I'm going compared with for Slide second last Ongoing $X.XX on our X quarter financial to updates. to start were results and earnings company year. $X.XX

will for Lisa guidance affirming walk through are We the our later XXXX. call. the you also details in

few hand highlights cover the legislative let operational and items. things key to a and I over updates, cover Before regulatory me Don to strategic

further Mexico extension the with for weighed AVANGRID on Supreme through in our with option merger March. pending for December record. to XX September our recently requests of New arguments, along agreement the from XX. XX, May, extended all by remand September in request Court and The its motions continued with three-month a commission supplement the to to the rescheduled oral which appeal denied The were process court requested parties decision other from We ordering

argument You as last may year. oral remember, briefings our of the part we have requested

argument, there of or indication the issue oral Following timeline court is its will no decision. when

in benefits, weighing in continue the supports our we of the to appeal, and the existing agreement. of the handling legal approval confident are proceedings and case We believe the the commission's of arguments record improper

We are also our the and the then of order case is communities. would our customers, schedule. If to they strategy court the remand is modification. still and agreement through the the processes. The the commission appeal, It employees time and confident should with agrees decision right to back merger court a be on necessary for long-term the what would commission's the us work to determine and set remedy extension responsibility the merger for provide

that file last court continue plan our month Corners, on confirmed a In resources Four to the plan would plant appeal the to for proposed order the our early. exit to replacement need we in

portfolio. resource in fully our megawatts. As we plant and minority committed a to XX% XXX Corners are only with coal carbon removing owner the We exiting reminder, Four a remain from

steps, We specific the the would include on resources. on are working are and replacement refiling of and interest case that contain the next which focused best commission with customers our abandonment could

third process me by to with continuing of venture, process update expect still due to close and is Don. Lastly, the of bid end With the I'll year. give turn on let The it quarter, announced May sales the an the in our NMRD. over we that, joint during

Don Tarry

on with start Slide I'll everyone. morning, X at highlights the good And for operational Pat. quarter PNM. you, Thank

We are plans energy continuing clean transition. a our for Mexico in New

our quarter, record level expecting solar added to will carbon to shift reflecting us been and meet bring online, XX% coming the capacity XXX resource to megawatts in free. energy help third during portfolio storage have New solar our This and storage We're system. be a of demand. big resources providing

may to previously free. another were The goal expect by of felt resources recent come on decision Supreme and storage of will carbon remain in we we Corners setback like megawatts also and that solar eliminate quickly. a portfolio, Four We X,XXX the fully from online in us XX% steadfast which to are resource end direction take approved above but that have Court our moving carbon XXXX, our

transmission new system. to last system System future with for announced are demands looking additional PNM XXXX date is hit we growing In in challenge the for Transmission year. that of at interconnection resources. we those a can will needs July topped year, selected the XXXX of XXXX, by in-service and having system are our of remain another queues new and required. time where meet meet level be that Last since situated we The new and RFP first dates resources the or interconnections not of November resources year, in-service being meet peak XXXX, this peak to resources are growing, for available with new demand. XXXX who transmission a an

for a interconnections battery will As available be substations. resource XXXX primarily or the result, existing storage, leveraging

to grid. make filing for resilience and the to distribution invest forward in solutions more intermittent in to coming and a transmission integrate these side of our business, weeks on the the on we look reliability resources expect resources. We Meanwhile, to continue and

Investment are Jobs under the We for our and funding to federal Infrastructure pursuing opportunities specific benefit also customers. Act projects

moved considered program. have GRIP and conceptual for that have under funding We $XX are million the papers two being beyond proposals

We a pilot use to manage in grid renewable maximize energy real-time findings are also We'll our resources. our powered to It going intelligence a grid this on from project that smaller resources on platform already the distributed to received use under partner has artificial is approval program. forward. a partnership ARROWS

maximize energy federal benefit as benefits We will to of the to explore continue clean the funding to customers we transition. look opportunities

that projects can impacts our more opportunities abundance funding improve continually we of as bring have our to the customers. utilize ability wings in an and investments to our We the other balance capital of benefits customer

has indicated the the you to exit. modernization which the grid procedural a case, work will PNM. clock. statutory expect on time proceedings We now schedule, on around hearings updates commission remainder of our on the the rate grid X, decision general for has for regulatory analysis half cost first record to XXXX. significant for customer our the We our the early not shift at examiner in changes updates submitting has for recent this not analysis approval key us Slide filed supplement with has investments. in plan. spending the our I'll The application and through November. create mod application, benefit and Pat capital does change a covered In already in does On The timing Four our of benefits merger a plan the asked on walk Corners the hearing

intervenor scheduled filed X and at the commission testimony residential rebuttal and of case with fuel continues in the for time December expect than bill order The in from In our testimony from X% January. implemented coupled our through average customer. riders be rates case, general in changes and and the the examiner our the November and less the was XXnd in filed the the we in last frame with September June, decision XXXX, on rate are was end recommended hearing clause from rate a week. other staff final customer to change for would Hearings the impact

T&D storage testimony existing technology can see hearing scheduled leverage demonstrates system our at our October. customer ways quarter our This I talked been good we substations for alleviate We about for new innovative process a battery megawatts to docketed during affordable the and XX of solution to reliability, quarter, this solution. to an third filing due and as as service Last has on with congestion customers. provide

peak highlights updates. but is a growth new definitely year turning TNMP highest Slide programs the in across Temperatures our at received continued system of and energy Now system peak our to I recognition June, net end this just also reached even each will again service and new regulatory key [TNM] (ph) XX% over EnergyStar's peak has higher X. territory. year. again that hit this on a factor, five years, year's July. TNMP's are the recent grown efficiency of Texas peaks last with cover reflects operating this

and match growth service capital growing Texas We are our support territory. our in to spending teams and across reliability and

Our in to five million last the from $XXX $XXX have years plans investment over million doubled capital more than this annual year.

territory, We load the are seeing Central Texas, regions Texas. service Gulf growth the about North seeing. Lisa Coast in West and our are of all currently more three talk impacts will we

the are quarter with were plans have transmission Texas, review already second. and expand filing centers and to Existing group project at facilities. the the to area the communicated we data end ERCOT under forward, loads their Looking their of ramp given planning in expansion clearance in West second have one a

transmission requests medium-sized seeing are gas an oil We in load. increase also from and

and supporting T&D one growth and Texas markets the North Coast hottest substations housing be in Texas Gulf the evident is continues of to in in new infrastructure.

in both is existing load TNMP inquiries continue groups, planning industrial studied large and New areas to load by and and new receive from we customers. being

with constructive regulatory rate resulting distribution the September recovery, implemented incremental XX% interveners in settlement In terms year investment recovering requested of base. unanimous our of $XX.X X, $XXX million in of million This we settlement. staff commission and investment reached DCRF, filing and a as our of our updates, known received approval of amount, settlement for of be was increase of another to year an a

May. under increase rates And TCOS effect an filing have side, September. million made filing transmission July requested our We've XXXX we've million the $XX.X incremental investments. our in in we expected recover of in On $X.X with to for in an capital updated second first to take rates implemented annual

highlight timely DCRF to the passed session from adding this of infrastructure business per bill the flexibility financial further its The business. that filing our and provide year TNMP Grid and shortening is side. to legislative and the to frame Turning near-term for resilience our the and the similar second some I'll year's for TCOS proceedings, to year's a the builds rate in session strengthen transmission a impact time priority allow were the Slide impact largest with on recovery. filings Texas X. bills reliability to legislation, new this

TNMP stronger-than-expected at year. Lisa means filing more that second this year, enough are not load have a this DCRF talk strong this which returns having we are about. And our will We will

role and We business, mobile passed affect bills of to bottom legislation of resilience impact temporary and will our underway a be is across the of generation will on state. especially were side in to TNMP distribution Also power the makings the commission because soon. system in play for will region this significant mobile XXXX. benefits each our look rule assisting line territory, network after restoring distribution customers an dispersed generation Temporary our important service in event,

resulted have side CCN us growth planning that transmission will move transmission Texas in the new from to West demand ahead move TNMP. help the and are load six-month the specific of efficiently transmission and was mechanism sustained projects help legislation and getting passed this assist which the our of not but in current TCOS These through in On more the Texas, beyond to business, legislation deadlines projects accommodate higher load future. projects across generally will recovered only West approved projects

compensation our investments criminal in is ability Total the run critical TNMP's employee country. expenses that necessary will the helps the damage to response recover business to and across another protect infrastructure to bill events bill its improve to

will at for As close we investments will to future with of earn year and and case general TCOS we possible rate that filing. without service riders, for quality and our The TNMP aligned legislation, increasingly business improve year's look measures this the new customers with customers. make develop DCRF return these to along next authorized to our prioritize plans our it a beyond,

that, to it will over Lisa. With turn I

Lisa Eden

the quarter everyone. were second At bottom Slide reduced of year. to $X.XX margins changes plant last states compared you, second start XXXX. year-over-year. morning, revenues share higher on line from transmission Thank summary outages second both I'll Weather earnings. in XX in increased year-over-year to in our portfolio and also costs $X.XX PNM, transition of increased compared in and of in quarter EPS XXXX with the lower our the gas generation and XXXX by the good Earnings Don, quarter per $X.XX a

associated customer growth. load increase interest from by with offset planned TNMP O&M recovery new expenses our base distribution both of with increases had along higher partially and transmission and usage rate spending. increased our depreciation, and for through investment property utilities investments, The was tax

and our for above expectation opportunities year enhance of earnings corporate hedges second half O&M will system the bolster customers. at use the the weather segment, we favorable trending to to are our the rates net of interest put place. Higher of in make previously our reduced and in We service annual

partially a slower expectations. PNM, At of classes our volumes. a to which been we commercial shoulder customers, and in continue temperatures larger of the led growth rose from our industrial cover and brought some offset PNM end and significant On I'll our multiple both year-to-date On July XX, see Slide of residential has The for to load peaks. highs change temperatures, which record are month TNMP. a ramp-up and to lower basis, by the that the ahead quickly seen June brought new system in milder

see We system. further development economic stemming on continue for demand level, supporting efforts additional inquiries the strong our needed and from system to plans resources at increased our state

TNMP, more the enough impact weather than At the outweigh growth of year-over-year. was to in quarter second milder

second mining and and quarter. scaled in peak As back Don system mentioned, customers load even in quarter that then load first Volumetric the markets largely all-time volumetric through load. a in of ramp-up are the reflects The June housing mentioned, new offset throughout usage. we seen the last nearly as customers hit their year. in in the again saw crypto we July Don grew growth strong crypto mining Demand-based subdivisions and our decrease

We growth other from continue and regions customers from three in of we business, of the growth service segment to continued our are seeing this territory. also demand-based all see

existing demand-based larger inquiries and our customer industrial has our impacted by new customers Expansion positively load.

will expectations growth exceed demand-based for but guidance Texas after our our in likely will We it's year. review the our that QX,

quarter. weather. weather, than degree a at year, was there pretty days hotter so earnings to EPS is entire related to had normal, in quarter year-over-year In when then of terms second impact the quarter, and normal decrease on looking TNMP's close this were significant TNMP's a the Last

for Turning XX, I'll our assumptions to an year. on the of Slide provide update the rest

guidance our We are affirming XXXX $X.XX range $X.XX. of to

the quarter. were of the in Mexico by first the results second offset impact quarter New temperatures increased partially Our milder in

top distribution reevaluate our likely July of our range updated will expectations the revised be based half indicate QX will on and we We our call. at assumptions. the quarterly to have earnings this reflect our earnings next year guidance results temperatures in we

the We will in plan updates. to shifts recently grid implemented also incorporate provide modernization capital an any and with associated investments our other update to legislation any timing investments in Texas,

our out XXXX. extending company another We of maturity in term to $XXX refinanced of million loan the year June, holding June

In maturity diversification we addition Difficulty] our overall our our of the lenders out to spreading [Technical dates, increased risk. financial

this September million and year of billion remainder with interest in to in of We the million rate continue hedges have $X year place $XXX $XXX through for the XXXX.

through current ATM in $XX to second our we program, another terms equity of million million. In of total under added forward the sales quarter, our $XXX bringing just

will of sell $XXX this remainder through We for to to for continue to other look million. reach of total or program $XXX vehicles another equity of the our plan million year opportunities the

it over to With that, turn back Pat. I will

Pat Vincent-Collawn

Thank you, Lisa.

events on New to I give open focused reliability maintaining teams Before are critical. of types across for for energy up been and this grid to supporting of I it for resilience weather thanks clean wave our want a special Texas and reliability These a the our investment the all plans across and questions, during who and of are our reminder have extraordinary Southwest. customers Mexico heat that

by be we will impacted today protect the and our take future communities. and steps to of Our our environment improve directly customers lives the

Our more sustainability published progress commitments towards about and annual reports report on goals. talks our our the today

report the find can on our website. You

open it up Alan, for please questions. let's

Operator

Instructions] ahead. Ryan comes [Operator session. now begin from question-and-answer Our We of Levine Citi. the Go will first question

Ryan Levine

morning. Good

Pat Vincent-Collawn

Ryan. Good morning,

Ryan Levine

quarter the what the the scope process any Hey. the to Maybe around evaluating color color -- your to opportunity start with (ph) here? what's from release next recent looks any off in that currently? of capital you're the be to heels to Can to as potential program on of the terms legislation. Texas announced the comment as [favorable] like and And you the give changes

Pat Vincent-Collawn

Sure. I'll for that let one Lisa you. answer

Lisa Eden

will Yeah. recent take I said account to legislation, what in can like And my do we see we Ryan, script, the into look there.

this. the As know, needs that legislation rules legislation, around you some of

work will we so that. And through

changes other timing any that we see. incorporate and our will mod grid also We regarding updates any

in that will coming so be forth And QX.

Ryan Levine

Okay.

you timelines your expect QX out the you plan? that in comfortable we some a feel pretty pull Or when disclosure? extent capital those to So delay should get with of clarification delayed, do

Pat Vincent-Collawn

that We updates QX. will we have feel some in comfortable

Ryan Levine

Maybe switching Okay. gears.

Corners exit? terms obligations In language from pursue the how merger in process year? your does that of the terms have to of agreement, what you of And the to through influence or continue the here, in Four forward legal that remaining portion frame path the

Pat Vincent-Collawn

customers is desire right what's provide for Well, be for to our the savings our carbon-free. and is main forward path continuing our along pushing do thing customers our with that to to

needed -- is our signed two effect. we agreement a So in are have place. that have that Those guiding things filing analysis. contract make regulatory The to a in what merger said is a and still

guiding merger customers. So, satisfied the is agreement the

Ryan Levine

Okay. And then last question.

Are load territory? terms in from seeing topical. see is that materializing load Or load any your any of you forecast? AI clearly, here, In forecast of service to upside you your do

Pat Vincent-Collawn

some we When Texas, data starting that. lot our Reduction incentives, see The Ryan, in of centers New we Act economic here And see manufacturing at think see we plants. Mexico look and development, to a Inflation in crypto. we're I

We pipelines. but haven't -- specific territories, seen healthy anything to healthy have do both very economic in development we AI,

Ryan Levine

Thank you taking my for question.

Pat Vincent-Collawn

the be Thank didn't AI you an only on for that. CEO earnings [indiscernible] not call. that say

Don Tarry

Ryan. Thanks,

Operator

Dumoulin-Smith America. Our Bank comes Go ahead. of question from Julien next of

Julien Dumoulin-Smith

always. TGI o'clock Appreciate it. Friday, guys. Thanks as for taking X somewhere.

Pat Vincent-Collawn

man. Hey,

Julien Dumoulin-Smith

the end year. So that the just end, of of how day, of to about the speaking being end the

time December you given will pieces, the may know be? or just may all in time in will you new necessarily order from by various frame, But PRC decision the the a have Presumably, about -- you new of assess it not of transaction, end to that what terms the frame. in that reassess know this that by of surmise frame what the I So talking terms December time right?

Pat Vincent-Collawn

of a ball the the to Court. world, just we -- Supreme perfect very it's before We're Court, probable. what cloudy a is Possible. to year. that that. think in Court don't mean, needs we'll done. the do should just the and specific about the a pretty from have decision decision commission so Supreme It's it I a when have little crystal from has my the the commission comes confident I stipulate Well, Supreme we end

that. to be think it we'll commission December. the court the decision aired of you going I at a telling to do where from fix end I where the think telling we're needs to have the Supreme believes it So and Court what That's

Now it's set again, time know, Supreme you because, the rule possible, Court there's doesn't no as frame.

Julien Dumoulin-Smith

it. Got about whether this, around be specific the it's other time the as that or, any the itself deterministic case the it And line, entirely? outcome trying there without around line to se that deal are are whether per either a dynamic pertains to and parameters or rate b, resolved court red not

Pat Vincent-Collawn

the about line on I'll take can't that will what think court Obviously, if commission, so… of be issue, an when any talk to let I AVANGRID of are they and would happens. think scenario we be the put that case. But that there the rate would chances about red merger, going any upholds in Don to I the our have would

Don Tarry

have the And X. it's by I think, case January are around X the we to side, the a mean order by, year. in hearings recommended rate end September. and November commission decision the a in Expect on I has to of decision should

Pat Vincent-Collawn

Third or fourth, yeah.

Don Tarry

on a case be by rate will decision There the then.

Julien Dumoulin-Smith

Right.

of a should lot have ample clarity on pretty things. you So

to there for end, can case, for the been is has in different mean, for at many the parties timeline time? that elaborate considering be Or this is with to you fact, this long a bit, of in and too necessarily involved point deal overlapping little a case? credibly kind if In rate potential considered settlement not just it the that that any too I

Don Tarry

case, rate now where say month, so... the start we at we're On the we're is that's at, our that where never hearings and as preparing would never, but right focus for next

Julien Dumoulin-Smith

if Texas? break just piece? enough. specific but down in the the the was resources. what C, hear planning can to B, buckets, of CapEx your that different And update down as pertains terms in what might could the I A, -- to well your generation in further very be? different CapEx as the know is Fair what this, permutations I then imagine just you it it in lastly, be just next pertains pushing grid you the currently you Ryan right? update, And right. a aspect Texas to can mod I on process All break Texas load,

Pat Vincent-Collawn

to upside the You're asking us what is. the upside

Julien Dumoulin-Smith

come on. Always,

thing. one know You

Pat Vincent-Collawn

I’ll let Lisa answer that.

Lisa Eden

looks updates we what's right? mod capital will any said available we what -- at Julien, and update grid wait and incorporate and look like. we our through to QX, budget, that also provide and that any QX the what's add we'll go have appropriate just in And to an so So to so associated will CapEx with other timing until see plan to

Don Tarry

being add the said. in And to continue Lisa I Texas positive as extremely would We resilience grid. do see to create what legislation to look the in we

But opportunities those So as QX. there Lisa we'll in are there. said, address

Julien Dumoulin-Smith

the -- that a Awesome. come right, have I the But with All you'll itself here, with you'll to for at could bit -- know too, QX, have to take is -- ready right. visibility process time clarify least something. on of that the little Texas, just resiliency forward Great.

Lisa Eden

Yeah.

the that opportunities the will we share we call. will in and are, review QX what So

Julien Dumoulin-Smith

Excellent. All much. you right guys. Thank very

Pat Vincent-Collawn

Julien. you, Thank

Julien Dumoulin-Smith

Enjoy it.

Pat Vincent-Collawn

Thanks.

Operator

Fargo. next Our of comes question Go Wells from Reeder Instructions] ahead. [Operator Jonathan

Jonathan Reeder

team. morning, good Hey,

Pat Vincent-Collawn

Good morning, Jonathan.

Jonathan Reeder

a follow been to if on reached, would little by? your of up to filed And that be view one intervener is Just the settlement filed? a case. when the What's rate to have be bit need positions

Don Tarry

the out I be on interveners, our mean, of resources. of transition generation seem they heavily our to the really focused positions

even some Juan they there lease, megawatts So transferred I in as out Palo have San well. Corners, it's XXX mean, whether Four the Verde we the of,

primarily area. -- focused you they've overall provided provided that briefings been and in at has testament they that that look the if So the

so… case Jonathan, have never the we're settlement the best I but say putting as would that side, said, forward I focused September, on in never, and On we preparing

Jonathan Reeder

our region, to is need like settlement, or the you kind just preferred before in date? though, the would be does reach need When that of to hearing it a

Don Tarry

to would you case. for Ideally, like we're that hearings. preparing on I focused But the again, before as said,

Jonathan Reeder

the Would for settlement? agreement, settlement Okay. modifying you say, the them? of motivated whereas PRC a had constituted like believe you PRC the parties do honor like, reach maybe another kind ask prior to reputation newly Or to would way, a are

Don Tarry

commissioner. speaking I'd probably for the be

So not I'd that. into hop to prefer

think that are how They been against that see I we'll commission, reacts wait as this settlements they forward. the bad have haven't taken haven't settlements. the commission we thing move at a position to and but

So…

Jonathan Reeder

Okay. But like past or you think that President, has that influenced, to are I towards? guess, still a reach the something parties that working parties like settlement desire is

Pat Vincent-Collawn

Jon, say Research seen -- Western haven't O'Connell it's any because just Advocates on two himself he on have we Remember, major this decisions, hard we to recused of this issues. filed Commissioner Chairman because commissioners had with some commission because make testimony the only O'Connell right?

one. think and turnover I on those all a this among to So staff conjecture hard got given some kind of make we've factors themselves, the intervenor it's

Jonathan Reeder

the like, to Four plan, Shifting right. I has the then All to guess, last could resource RFP, results application, to what which November's you Corners, refile shape the replacement I the guess, Okay. will you happen, for include? of

Pat Vincent-Collawn

Yeah.

Don Tarry

Court I and the have file timeliness mean actual of clear that. that from the it's resources to we Supreme ruling,

'XX, mentioned, have set a we ongoing and now, of 'XX I As 'XX. right RFPs multiple

want of file you case. actual at as those you things, would resources next in So of the you look that realms kind

as want a you you So possibly clean as case can.

Jonathan Reeder

here few the expected are next in that weeks? results of [Technical The Difficulty]

Don Tarry

And they'll the key benefits we'll weeks. the and customers. to over right issued going makes all that the to said, in of -- we then couple look aligns got we're you this year, for come the next RFPs those the timing results, sense the of Our like is earlier thing it element how do and customer at and Pat

Jonathan Reeder

Okay.

of And planned I actually, potential can guess, lays PPAs? it own out indicate is bit prior I guess, whether to PNM And the Okay. this future sign filing? talk to that, about able the then something also just preference for PRC's And PRC recovery of generation a generation PNM Is versus additions? any approves. little the like then you resource XXXX this will

Don Tarry

ahead not Yeah. Jonathan, I'm get filing. to going our of

likely will time the period. filing next Our be two or in three-week

the so through, to to we're And what's through cost we -- RFP that's kind of our always And screen when thing and go have at to think customers. lay the deliverability of will and it's do. the I the we out the that go process, beneficial direction. Again, that resources right always looking

we So that's through screens, plans our as commission, as of we the these in put front those focus. go

Pat Vincent-Collawn

And, this Jonathan, nonpartisan now, very look. we independent an remember, around in non-biased, the they commission is quite time involved have valuator helpful I a are think we which because have it, frankly --

for own And coming the have so us think independent getting I evaluator it that does better make in we to sense generation of some out generation. that, much agrees, and a shot

Jonathan Reeder

what you of then the conclusion approve PRC is does just But needed Okay. kind a you there is to it? propose? you it like on And plan a Or and this ultimately that this implement going basis? kind as of file forward, lay out, piecemeal like

Don Tarry

file actual approval. as it an plan that commission We'll seeks

two When the it specific we be make filing will next path. that for resources. of will asking be or So the three the these weeks, approval in

Pat Vincent-Collawn

Correct.

Jonathan Reeder

that appreciate I clarity. Great. Okay.

Pat Vincent-Collawn

Yes. file for It's what is we sport, not IRP, yeah. which the

Jonathan Reeder

Okay, great.

Operator

question-and-answer to I Pat over the for our like Vincent-Collawn This remarks. would conference concludes turn back session. any to closing

Pat Vincent-Collawn

Thank Please heat you And to out cool you, and all morning. We'll and for Alan. those talk us waves. thank safe again, you soon. of stay all joining keep this

Operator

The conference you presentation. has Thank today's now attending for concluded.

may disconnect. You now

TXNM Energy (TXNM) 4 Aug 232023 Q2 Earnings call transcript