PNM Resources History

Sanderson continued as president, and in 1919 Arthur Prager was transferred from Federal's Trinidad, Colorado, properties to become agent in residence.

A new power plant was built next to a sawmill that went into operation three years earlier in 1924 in Bernalillo.

A 46-kilovolt transmission line connected the two cities in 1926, and three years later another 46-kilovolt line--the first aluminum conductor line west of the Mississippi River--linked Bernalillo to Santa Fe.

The company received its first natural gas in 1930 via a pipeline constructed by the Dallas-based Southern Union Company from the San Juan gas wells in northern New Mexico.

Prager later served as the firm's general manager, became president in 1940, and went on to direct decades of growth in all fields of operation.

AGEL&P had created a subsidiary, Stonewall Electric Company, in 1941 solely to construct transmission lines.

Adopting the PNM Name: 1946

In 1948, Cities Service sold this block to the public, making PNM an independent operating utility.

1949: PNM sells its retail gas operation to the Southern Union Company.

D.W. Reeves became president in 1955, and Prager moved up to chairman.

A new transmission line to the uranium mines in northwestern New Mexico was completed in 1958.

In 1964, Reeves became the first president of Western Energy and Supply Transmission Associates (WEST), an organization serving nine western states.

Construction on the plant starts in 1966.

1969: The Four Corners Plant becomes operational.

Work began on the San Juan plant in 1970.

Rates rose when the New Mexico Public Service Commission (PSC) approved a 10 percent rate increase in 1972, along with a fuel adjustment clause to counter rising energy costs.

Even though the first unit of San Juan came on line the following year, PNM and four other regional utilities made plans to build Palo Verde, the nation's largest nuclear power plant, in Arizona. Based on PNM's projections for electric power demand, the PSC approved its participation in the project in 1975; construction began the next year.

Meadows Resources, created in 1981, became involved in southwestern land development, various telecommunications companies, a Chicago savings and loan, a fiberboard manufacturing plant, and venture capital investments.

He was named chairman of PNM in 1982.

1985: The firm acquires the Gas Company of New Mexico from Southern Union.

In 1986, the uranium industry actually used less than six percent of its projected power need.

1988: PNM reports a loss of $241 million.

As a show of good will, electric and gas rates were frozen for three years starting in 1991.

In 1995, the company began expanding its wholesale operations, which sold and traded excess capacity.

Jeff Sterba--named president, CEO, and chairman in 2000--oversaw the creation of PNM Resources Inc., which would act as a holding company for Public Service Company of New Mexico.

During 2001, the company reported record earnings, and sales had increased by 46 percent over the previous year.

Pat Vincent-Collawn becomes CEO replacing Jeff Sterba when he retired in March 2010.