Report on Public Service Company of New Mexico's Procurement of Renewables, Capacity, and Energy Storage

Bates White was Independent Evaluator for Public Service Company of New Mexico's 2026-2028 Generation Resources RFP, filed in Docket No. 23-00353-UT. Vincent Musco led our work. Selected projects included two standalone battery storage projects and a solar PV-plus-storage project.

In that role, we (a) provided review and assessment of PNM’s draft RFP documents, including the evaluation methodology; (b) reviewed PNM’s IRP documents, which were the basis for the RFP targets; (c) reviewed and assessed PNM’s initial evaluation of bids for completeness and consistency with eligibility and threshold criteria; (d) reviewed and assessed PNM’s price and non-price evaluation and development of a short list; (e) reviewed and assessed PNM’s detailed evaluation of the short list and project selections, including its production cost simulation modeling and resource adequacy results; (f) monitored contractual negotiations with winning bidders; (g) assessed final contractual arrangements with the winning bidders; and (h) filed a comprehensive final report with the New Mexico Public Regulation Commission.