Public Service Company of New Mexico Nuclear Decommissioning Trust

PNM does not publicly name the trust's investment committee or external managers. Oversight sits with the utility's financial management under regulatory supervision from the New Mexico Public Regulation Commission and federal Nuclear Regulatory Commission guidelines.

The portfolio is split between a U.S. fixed-income portfolio and a globally diversified public-equity portfolio. No alternative assets, direct infrastructure, or private-market positions are reported—a conservative allocation reflecting the liability-driven, multi-decade payout horizon of the decommissioning obligation.

The trust funds PNM's share of the eventual radiological decommissioning for all three units at Palo Verde. Arizona Public Service Company operates the station; the trust aligns its drawdown timeline with the station's collective decommissioning schedule overseen by the NRC.

New Mexico ratepayers fund the trust through surcharges embedded in PNM's regulated electricity rates. Those collections are deposited into the trust, invested, and then drawn down to pay for dismantlement, waste disposal, and site restoration over a period that will extend decades past plant closure.