PNM denies report it is ‘reconsidering’ Western Resources acquisition

ALBUQUERQUE, N.M., July 23, 2001 – PNM, Public Service Company of New Mexico (NYSE: PNM), today denied a Bloomberg news report that the company is reconsidering its planned acquisition of Western Resources.

“PNM continues to believe in the strategic benefits of the planned acquisition,” said PNM Executive Vice President Bill Real, who is in charge of the activities associated with the acquisition.

“As we have consistently said, we will not be in a position to comment on the implications of Kansas regulatory proceedings until we have had the opportunity to analyze all the orders including the rate case order,” Real said. A key decision in the Western rate case is not expected until Wednesday.

PNM is a combined electric and gas utility serving approximately 1.3 million people in New Mexico. The company also sells power on the wholesale market in the Western U.S. PNM stock is traded primarily on the NYSE under the symbol PNM. For more information about PNM, see the company’s web site at www.pnm.com

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