2029-2032 RFP Supplement - All Source

Public Service Company of New Mexico (PNM) is issuing a supplemental request for proposals to procure additional generation and energy resources to serve forecasted system needs between 2029 and 2031. This all-source RFP seeks proposals for resources guaranteed to achieve commercial operation and delivery of new, incremental capacity to PNM's system by January 1, 2029, January 1, 2030, or January 1, 2031. PNM is seeking up to an additional 50 to 250 MW of accredited capacity to complement resources selected in the initial 2029-2032 Generation Resources RFP (issued December 30, 2024). The resources are needed to serve forecasted load growth and improve system resiliency.

Eligible proposal types include: Power Purchase Agreements (PPAs) for solar, wind, natural gas, or thermal resources; Energy Storage Agreements (ESAs) for battery storage systems; Asset Purchase Agreements (APAs) for acquiring generating assets; Build-Transfer (BT) projects on PNM-controlled sites; Build-Transfer Respondent-controlled (BT-R) projects on respondent-controlled sites; and Demand-Side Resources (DSR). Stand-alone solar projects are excluded; solar must include capacity-firming components. Coal-fired generation is not eligible. PNM prefers resources that maintain resource adequacy, provide real-time operational flexibility, offer 16+ hour discharge duration for energy storage, have operating lives of 10+ years, and are located near PNM's Northern load center to minimize transmission curtailment risks.

Key dates include: RFP released May 1, 2026; Pre-Bid Conference Registration deadline May 14, 2026; Virtual Pre-Bid Conference May 19, 2026; Question deadline July 3, 2026; Proposal due date July 30, 2026 at 8:00 PM Mountain Time; Estimated Phase Two notification October 9, 2026; Recommended portfolio establishment November 26, 2026; Estimated successful respondent notification December 2, 2026; Estimated agreement execution March 12, 2027; Estimated regulatory filing March 19, 2027. Proposals must be firm, fixed-price and valid for 18 months after submission. All pricing must include interconnection costs, transmission deliverability documentation, network upgrade costs, and be based on full compliance with applicable form agreements.

Minimum Requirements include: demonstrating investment-grade credit rating or equivalent security; active status in PNM's Generator Interconnection Queue or application in the July 10, 2026 cluster study; proof of firm transmission service or viable plan for delivery to PNM's load; proof of site control for at least 75 percent of required land; credible project schedule with minimum 25 activities; identification of all tax incentives; compliance with ambient temperature range of -20 degrees Fahrenheit to 110 degrees Fahrenheit; full dispatchability under automatic generation control; valid New Mexico Construction Industries Division contractor's license for BT/BT-R proposals; and comprehensive proposal meeting all Technical Specifications per Appendix L.