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## PROFITABLE GROWTH. 

The PNM goal is to grow earnings by an average of 5 to 6 percent a year over the long term, maintaining a balance between our wholesale power sales and our core regulated electric and gas utility operations. 

On a 1 to 10 scale of customer satis- faction, PNM scores 8.2 with business customers like Mary Anne Giangola, CFM, Facility Manager of TransCore. Utility average nationwide is 7.6. 

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## STRATEGIC LOCATION 

PNM has access to critical transmission hubs in the Four Corners, at Palo Verde in eastern Arizona and near Lake Mead in southern Nevada. 

We also own one of the few interconnections between the Western power grid and the Southwest Power Pool. Those key links put PNM Power Marketing in reach of the largest power markets in the West. 

## 1917 

PNM begins as Albuquerque Gas & Electric Co. 

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## 1930 

Albuquerque population 27,000, NM population 423,000 

## 1958 

Reeves Station, a natural gas-fired plant, goes on line. 

1963 Four Corners Power Plant, one of the largest coal-fired generating stations in U.S., goes on line. 

## 1972 

PNM is listed on the New York Stock Exchange. 

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1973 San Juan Generating Station, with a generating capacity of 1,800 gross megawatts, goes on-line. 

## 1985 

PNM reaquires Gas Company of New Mexico 

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## SYSTEM PEAK 

Not including the impact of warmer weather, PNM electric retail growth was about 3 percent in our New Mexico service territory last year. System peak reached a new record high of 1,661 megawatts in the summer of 2003. 

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## GROWING CAP ACITY 

T serve our growing retail and whole- sale business, PNM has added 553 MW of generation resources over the last three years. 00 01 02 03 

1986 Palo Verde Nuclear Generating Station, the most productive nuclear power plant in the U.S., goes on line. 

## 2000 

Albuquerque population: 442,000 NM population: 1,819,001 

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2003 The New Mexico Wind Energy Center, the world’s third-largest wind generation project, goes on line. 

