PNM Resources, Inc. (Holding Co.)

Good day and welcome to the PNM Resources first quarter 2023 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Lisa Goodman. Please go ahead.

Thank you, Jason, and thank you, everyone, for joining us this morning. for the PNM Resources First Quarter 2023 Earnings Call. Please note that the presentation for this conference call and other supporting documents are available on our website at pnmresources.com. Joining me today are PNM Resources Chairman and CEO, Pat Vincent Kalon, President and Chief Operating Officer, Don Terry, and Senior Vice President, Chief Financial Officer and Treasurer, Lisa Eaton. Before I turn the call over to Pat, I need to remind you that some of the information provided this morning should be considered forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995. We caution you that all of the forward-looking statements are based upon current expectations and estimates, and that PNM Resources assumes no obligation to update this information. For a detailed discussion of factors affecting PNM Resources results, please refer to our current and future annual reports on Form 10-K, quarterly reports on Form 10-Q, as well as reports on Form 8-K filed with the SEC. With that, I will turn the call over to Pat.

Thank you, Lisa. Good morning, everyone, and thank you for joining us today on National Astronaut Day. And National Astronaut Day is a special day here for us at PNM Resources. One of our Board of Directors, Sid Gutierrez, is the first U.S.-born Hispanic astronaut and the first Hispanic space mission commander. He commanded the space shuttle Endeavor. So I'm going to start on slide four this morning with our financial results and company updates. Ongoing earnings increased during the first quarter compared to last year, coming in at 55 cents. We are affirming our guidance for 2023 with a continued focus on managing our standalone business. Lisa will cover the financials in more detail. For strategic updates, let me start with our merger with Aubin Grid. On March 8th, the New Mexico Public Regulation Commission joined the companies in requesting the New Mexico Supreme Court to dismiss and remand the case back to the Commission. The Court called for responses to our motion by April 7th. There is no deadline for the Court to respond to our motion for remand. as the Supreme saying, you can't hurry love. If our motion is granted, the case is returned to the Commission's jurisdiction. The companies would then need to file a motion for reconsideration to request the Commission take up the case and establish a procedural schedule. This process could include input from other intervening parties in the case and assignment of a hearing examiner, or it could be managed at the Commission level. Last month, we agreed with Avangrid to the three-month extension included in our merger agreement. This additional time should provide clarity on the path forward and an expected timeframe for further regulatory proceedings. You may also have seen from AEP that we have begun a sales process for our 50-50 joint venture, New Mexico Renewable Development, or NMRD. This has not been a significant contributor of earnings within our corporate and other segment, but we have built an attractive portfolio of unregulated renewable assets, and the sales proceeds will provide funding for our regulated investments. With that, I'm going to turn it over to Don.