On Friday the Commission issued an order suspending (until October 15, 2000)  TW's tariff sheets for acquiring PNM capacity, and calling for a technical  conference.
The Commission stated that while TW's proposal may be in the  public interest, further investigation of the issues, including those raised  by Dynegy in its protest, is necessary prior to authorization.
The order  does not make clear what issues are to be investigated, but they seem to  include:  whether TW will, in effect, become a marketer for PNM's services,  whether the rates are just and reasonable and whether there is any expansion  of monopoly power.
Additionally, the Commission noted that while PNM has  certificate (i.e., public convenience & necessity) authority to transport gas  in interstate commerce, PNM will "have to either explain how it has  appropriate rate authority for transportation of natural gas in interstate  commerce, or seek appropriate rate authority from the Commission."
Lorraine  has forwarded a copy of the order to PNM so that they can begin taking the  appropriate steps.
I will talk with regulatory about technical conference dates and will tell  you when I have further information.
If you would like a copy of the order,  let me know.

PNM filing