Green Energy Buy for Arizona Utility

October 24, 2003 []Albuquerque, New Mexico-based PNM Resources’ utility subsidiary, PNM, has entered into a five-year contract to supply 50 MW of third quarter power and 61,600 associated renewable energy certificates to Salt River Project (SRP) in Phoenix, Arizona. Sale of the power and renewable certificates to SRP is expected to gross approximately US$18 million over the five-year contract for PNM. The renewable certificates verify that an equivalent amount of power was generated at the New Mexico Wind Energy Center in eastern New Mexico. PNM has an exclusive contract to purchase all the power generated by the 204-MW wind energy facility, which is owned and operated by FPL Energy. The Salt River Project provides electricity to more than 800,000 retail customers in the Phoenix area. SRP operates or participates in seven major power plants and numerous other generating stations, including solar, land fill gas and low-impact hydroelectric sources.
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