PNM capacity: rehearing request

Today the Commission issued a tolling order on our request for rehearing in
the PNM capacity docket. As you recall, we asked for rehearing of the
Commission's requirement that TW's acquisition of capacity be limited to the
summer months. The tolling order is simply FERC's way of buying time to
consider our request. In the absence of Commission action within 30 days of
our rehearing request, our request would have been deemed denied...so we're
doing well so far. There is no deadline for the Commission to act on our
request. I'll watch to see whether it appears on the Commission's agenda.