PNM Resources 2019 Sustainability Report

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2019SustainabilityReport

Published July 31, 2020Revised August 31, 2020Table of ContentsForward-Looking Statements .4Introduction .5Environment .5Emissions-Free by 2040 .5Resource Planning .7Palo Verde Nuclear Generating Station .8Wired for the Future Transmission and Distribution Investment .9Climate Change Report.9Real Change Real Results .9Climate/2 Degree Scenario Planning . 11Energy Efficiency. 11Working Together to Effect Real Change . 12Environmental Policy & Management . 12Environmental Management System . 12Emissions Reduction Goals . 13Water . 14Water Use . 14Water Scarcity . 15Effluent Water . 15Coal Combustion Residuals (CCR). 15EPA's 2015 Coal Combustion Residual Rule . 15Management of CCR at SJGS and San Juan Mine . 15PNM’s Groundwater Recovery Systems . 16Studies of the Impacts of CCR to Groundwater at the San Juan Coal Mine . 16Four Corners Power Plant . 17Waste. 17Team Green . 17Biodiversity and Land Use . 18Environmental Protection of Lands . 18Avian Protection . 18San Juan River Basin Recovery Implementation Program. 192

Embedding Sustainability . 19Electric Vehicles Fleet . 19Sustainability Research and Tools . 19Social. 20Customers. 20Employees . 21Diversity and Inclusion . 21Pay Equality . 22Learning and Development . 22Leadership Development Program. 23New Hires . 23Ongoing Training . 23Collective Bargaining Agreements. 24Cultural Transformation and Employee Engagement . 24Employee Turnover . 24Total Rewards Strategy. 25Employee Health and Wellness . 25Safety . 26Resilience and Reliability . 27Emergency Preparedness . 27Reliability . 27Community . 27PNM Resources Foundation . 27Employee Volunteerism . 28Low‐Income Customer Assistance. 28American Indian Outreach . 29Light Up Navajo . 29Governance . 30Leadership and Oversight . 30Management Oversight . 30Board Oversight . 31Monitoring Risk. . 31Cybersecurity . 333

Public Policy . 33Employee Political Participation . 33Corporate Political Participation . 34Responsible Citizens Group (RCG) . 34Independent Expenditures . 34Lobbying . 34Trade Associations . 35PNM Resources' Corporate Political Contributions. 35PNM Resources' Annual Reports of Contributions. 35Public Disclosure. 36Supply Chain . 36Supplier Diversity Program . 36Data . 37Policies . 43Board of Directors Committee Charters. 43Articles and Bylaws . 43Forward-Looking StatementsStatements made in this Report that relate to future events or our expectations, projections, estimates,intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of1995. Readers are cautioned that all forward‐looking statements are based upon current expectations andestimates. We assume no obligation to update this information.Because actual results may differ materially from those expressed or implied by these forward-lookingstatements, we caution readers not to place undue reliance on these statements. Our business, financialcondition, cash flows, and operating results are influenced by many factors, which are often beyond our control,that can cause actual results to differ from those expressed or implied by the forward-looking statements. Thesefactors include the risks and uncertainties described in the "Risk Factors," "Quantitative and QualitativeDisclosures about Market Risk," and "Management's Discussion and Analysis" sections of our Forms 10-K and10-Q filed with the SEC.4

IntroductionAt PNM Resources, we are committed to a carbon-free energy future and strengthening the communities weserve. Our employees live, work and raise their families in these communities and we are proud to support ourcustomers, employees, suppliers and other stakeholders through our focus on environmental, social andgovernance principles.As part of our commitment to environmental, social and governance reporting and transparency we plan toissue a sustainability report annually along with furnishing data on our dedicated webpagewww.pnmresources.com/ESG-commitment. These disclosures expand on and replace our previous disclosures,which are available in the previous year reporting section of the ESG Commitment website.We serve electricity to approximately 790,000 homes and businesses in New Mexico and Texas through ourregulated utilities, PNM and TNMP. PNM currently has a generation portfolio producing 2,811 megawatts. PNMResources has committed to achieving carbon-free power generation by 2040 – aligning to surpass the goals ofthe Paris Climate Agreement.In 2019, PNM set the earliest goal of any U.S. investor‐owned utility to achieve a 100% emissions‐freegeneration portfolio by 2040.EnvironmentPNM Resources is committed to the responsible use and protection of our natural resources. We have a long‐standing record of environmental stewardship. The focus of our efforts to provide environmentally responsiblepower centers on four key areas:continuing to develop strategies to provide reliable and affordable power;transforming the PNM generation portfolio to 100% emissions‐free resources by 2040;preparing PNM's system to meet New Mexico's increasing renewable energy resource standards as cost‐effectively as possible; andincreasing energy efficiency participation.Emissions-Free by 2040At PNM Resources, we are taking action to protect our environment and conserve our natural resources whilebuilding a clean, secure and sustainable energy future. We have a long history of environmental stewardship,balanced with cost conscientiousness. We advance the use of cleaner sources of energy and promoteresponsible conservation measures, including energy efficiency. We have made, and continue to make,5

significant investments to reduce the environmental impact of delivering power while minimizing the cost to ourcustomers.Plan to exit all coal generation by the end of 2031Eliminate emissions from natural gas generation and actively pursue the development of carbonfree replacement power alternativesAttain our goal for our electricity generation to be 100% emissions‐free by 2040, five years aheadof the New Mexico state carbon-free mandate.The Energy Transition Act (ETA), passed in the 2019 New Mexico legislative session, introduces a mandateof 100% carbon‐free energy by 2045 and sets an aggressive new Renewable Portfolio Standard (RPS),requiring investor-owned utilities to achieve 40% renewable energy by 2025, 50% by 2030, and 80% by2040, while also protecting customers and workers in the transition to clean energy. Going forward, ourresource planning will achieve dramatic reductions in carbon emissions and lead us to a clean portfolio ofelectricity generation. To further support the transition to carbon‐free electric generation in New Mexico,the ETA also allows for securitization financing through energy transition bonds for the undepreciatedinvestment, reclamation and decommissioning costs for qualifying coal-fired generation facilities, alongwith amounts for severance, job training and economic development for impacted regions.The nameplate capacity for each resource in PNM ‘s generation portfolio as of December 31, 2019 is shown inthe following table, including resources that are owned, leased or contracted under purchase poweragreements. In addition, PNMpurchases power from acustomer-owned distributedsolar generation program thathad an installed capacity of138.6 MW at June 30, 2020.PNM has significantly reducedemissions over the past 15years through investments inpollution control technologies,the increased use of renewableenergy and natural gas, alongwith the development ofextensive energy efficiencyprograms for customers.As a result of these actions, PNM’s total 2019 system-wide carbon dioxide emissions (which constitute themajority of greenhouse gas emissions) were approximately 19% lower than 2005 levels. To date, PNM hasreduced its coal capacity to 762 MW, a reduction of 22% from 2005 levels.PNM will exit SJGS in mid-2022, which will reduce our coal capacity by 80% from 2005 levels to only 200 MW.PNM also plans to exit the Four Corners Power Plant (Four Corners), and thus be coal-free, no later than 20316

(subject to regulatory approval) and is exploring options to exit this plant sooner. PNM plans to replace thesecoal assets with cleaner energy as we move toward our goal of 100% carbon-free by 2040, allowing us to realizesignificant future decreases in our carbon dioxide emissions and increase the amount of renewables in ourportfolio to meet New Mexico’s increased RPS.In addition to the ETA, current applicable laws and regulations are in place to regulate carbon dioxide emissionsfrom existing fossil-fueled power plants, including the federal Affordable Clean Energy rule.In June 2019, the U.S. Environmental Protection Agency (EPA) issued the final version of the Affordable CleanEnergy rule to replace the Clean Power Plan, which would have regulated carbon dioxide emissions by requiringpower generators to change their energy portfolios (shifting generation from coal to gas, and from fossil fuels torenewable energy). The Affordable Clean Energy rule became effective in September 2019. The rule sets theBest System of Emission Reduction (BSER) for existing coal-fired power plants as heat rate efficiencyimprovements based on a range of “candidate technologies” that can be applied inside the fence-line. Ratherthan setting a sp

PNM currently has a generation portfolio producing 2,811 megawatts. PNM Resources has committed to achieving carbon-free power generation by 2040 – aligning to surpass the goals of the Paris Climate Agreement. In 2019, PNM set the earliest goal of any U.S. investor‐owned utility to achieve a 100% emissions ‐free generation portfolio by 2040.

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