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PNM Resources drops Texas coal-plant expansion

Tue Aug 12, 2008 12:44pm EDT

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HOUSTON, Aug 12 (Reuters) - PNM Resources' Energy Co venture with Cascade Investments LLC has dropped a plan to double the size of a Texas coal plant, the company said on Tuesday.

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Albuquerque, New Mexico-based PNM (PNM.N) said in a release it would not pursue a 305-megawatt expansion at its Twin Oak coal-fired plant in Robertson County, about 130 miles (210 km) northwest of Houston. The existing Twin Oaks plant has two units, totaling 300 MW.

The company did not give a reason in the statement.

Last year, PNM signed a non-binding letter of intent to contribute the existing coal units to Energy Co, an unregulated energy joint venture with Bill Gates' Cascade Investments unit.

PNM also said it will sell its Texas electric retail business unit, First Choice Power, and reduce its dividend payment as it works to restore the financial health of its regulated utility business in New Mexico, according to the release. (Reporting by Eileen O'Grady; Editing by Marguerita Choy)

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