PNM Resources (PNM – Free Report) announced that its New Mexico utility subsidiary has implemented an innovative leading-edge technology on its high-voltage transmission lines. A new type of protective relay, developed by Schweitzer Engineering Laboratories (SEL), provides significant enhancements to the reliability and functionality of the PNM grid.
The ultimate objective of introducing the new technology in its transmission lines is to strengthen infrastructure and provide better services to customers at a lower cost. The new relays have been implemented on a 345kV transmission line in New Mexico. This system will help in the detection of outage and restoration of power at a faster pace, much to the satisfaction of customers.
Courtesy of the above-mentioned factors, the company is still providing electricity to customers at a price that is much lower than the monthly average utility bill in the United States.
PNM Resources has plans to invest $2.6 billion in the 2018-2022 time frame, reflecting growth of $229 million from the prior investment plan. The aim of the company is to completely remove coal from generation mix by 2031 and replace it with some other cleaner sources.
The company is carrying out regular investment to strengthen its existing infrastructure for meeting the increasing customer demand resulting from strong economic growth in its service territories.
Use of Technology for Offering Better Services
Utility companies are investing regularly to provide safe, clean and reliable services to customers. Additionally, the companies are adopting new technologies to maintain and inspect their expansive infrastructure.
Usages of drones are yet to become common among all utility service providers in the United States. However, we have seen Xcel Energy (XEL – Free Report) , FirstEnergy Corporation (FE – Free Report) and PPL Corporation (PPL – Free Report) , among others, to use drones for inspection and proper maintenance of infrastructure.
Zacks Rank and Price Movement
PNM Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 12 months, shares of PNM Resources have gained 0.1% against its industry’s decline of 3.3%.
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