(A) Grant. The city, a home rule municipality and municipal corporation created under Article X, Section 6 of the New Mexico Constitution and Chapter 3 of the New Mexico Statutes Annotated, 1978, hereby grants to PNM, its successors, and assigns (collectively referred to as the "Public Service Company of New Mexico" or "PNM") the right and privilege to use, construct, maintain and operate electric power infrastructure in the city's streets and other public rights-of-way. More specifically, the city grants to PNM the right and privilege to use, construct, install, place, erect, lay, remove, change, expand, alter, improve, maintain and operate electric power infrastructure in, upon, over and under the public rights-of-way, including the streets, alleys, avenues, thoroughfares, highways, and other similar public property within the city, as they exist now and as they may be hereafter extended, dedicated, annexed, owned or controlled by the city; such electric power infrastructure includes PNM's generation, transmission, and distribution facilities and equipment within the city limits.
(B) Franchise not exclusive. The franchise rights and privileges extended by this grant shall never be construed or held to be exclusive. The city retains and shall ever be considered as having and retaining the right and power to allow and to grant to any other person, firm or corporation and other electrical companies, including the city itself, these same franchise rights and privileges to be exercised in and upon its streets, highways, alleys, and roads, and other public places as permitted by the city.
(C) Jurisdiction of the Public Regulation Commission. The New Mexico Public Regulation Commission ("Commission") has the sole authority in New Mexico to grant a company the right to provide electric service. The rates to be charged by PNM for furnishing electricity shall be those rates effective by tariffs or contracts filed with the Commission, as the same may be amended from time to time, in accordance with the rules and regulations of the Commission and the Statutes of the State of New Mexico.