ALBUQUERQUE, N.M., Sept. 28, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) is building upon its industry-leading ESG goal for 100% emissions-free energy by 2040 with plans for additional emissions reductions through the electrification of its vehicle fleet. Growing the number of electric vehicles within the company's fleet will benefit the environment and lower fuel costs, resulting in greater customer value and furthering the commitment to environmental, social and governance (ESG) principles.
Under the commitment, existing fleet vehicles will be replaced as they are retired with an increasing percentage of electric vehicles. The new goals call for 25% of all light duty fleet purchases to be electric by 2025 and 50% to be electric by 2030. Light duty fleet vehicles consist of sedans, vans, SUVs, and most pickup trucks. The goals are designed to continue utilizing vehicles with remaining value until the appropriate time for replacement and steadily employing a mix of traditional and electric vehicles that meet operational needs. The phased-in approach takes advantage of evolving technologies and provides for a cost-efficient transformation of the fleet.
"As part of our commitment to an ESG strategy, we continue to look for opportunities to make changes in our business that benefit the environment and provide additional value to customers," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "As we look beyond the transformation of our energy portfolio to emissions-free, the increased integration of electric vehicles in our fleet meets both objectives and advances our vision of a clean and bright energy future."
The commitment to a growing electric vehicle fleet follows an announcement from the US Department of Transportation in late June to designate the first Alternative Fuel Corridors throughout New Mexico. Public Service Company of New Mexico (PNM), the wholly-owned regulated subsidiary of PNM Resources, remains committed to supporting the existing and development of additional electric infrastructure for electric vehicle charging along the Corridor-Ready section of highway between Albuquerque and Santa Fe. Alternative Fuel Corridors have previously been designated across Texas.
Additionally, PNM encourages customers to learn more about electric vehicles and offers educational resources and promotions to help customers save money when purchasing an electric vehicle.
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.