TXNM Energy Inc (NYSE: TXNM) is a regulated electric utility holding company that generates, transmits, and distributes electricity through two operating subsidiaries: Public Service Company of New Mexico (PNM), a New Mexico corporation, and Texas-New Mexico Power Company (TNMP), a Texas corporation. Revenue comes from regulated electric service rates approved by state utility commissions, with PNM operating under New Mexico Public Regulation Commission oversight and TNMP operating under Texas regulatory jurisdiction. TXNM files combined 10-K disclosures covering the parent and both subsidiaries under the reduced disclosure format permitted for PNM and TNMP. As of June 30, 2025, the aggregate market value of TXNM voting common stock held by non-affiliates was computed at a $56.32 per share NYSE closing price. A previously announced merger with Avangrid, Inc. under an agreement dated October 20, 2020 was terminated on December 31, 2023, leaving TXNM as an independent public company.

Revenue model

Regulated electric utility revenue from tariff-based rates set by state commissions. PNM earns revenue through NMPRC-approved general rate cases, including a 2024 Rate Change request filed December 5, 2022 and a Forward Test Year 2025 Rate Request filed June 14, 2024. Rate structures include Alternative Revenue Programs and Allowance for Funds Used During Construction on capital projects.

Products and services

Electric generation, transmission, and distribution service through PNM (New Mexico) and TNMP (Texas). PNM holds ownership interests in generation assets including Palo Verde Nuclear Generating Station (PVNGS) and Four Corners, operated by Arizona Public Service Company. PNM also filed a 2026 Resource Application on October 25, 2023 for approval of new resources for the 2026 summer peak.

Customers and end markets

Retail electric customers in New Mexico served by PNM and in Texas served by TNMP. End markets include residential, commercial, and industrial electricity consumers. PNM has a water-related relationship with the Albuquerque Bernalillo County Water Utility Authority noted in filings.

Value-chain role

Vertically integrated regulated electric utility (generation, transmission, distribution) in New Mexico through PNM; electric distribution and transmission in Texas through TNMP.

Geographic exposure

New Mexico (PNM operations) and Texas (TNMP operations), based on 10-K filed 2026-02-27.

Source: SEC 10-K, filed 2026-02-27

Industry: Electric Services Peers: ALLETE INC Entergy Louisiana LLC Nextera Energy Inc Hawaiian Electric Industries Inc Idacorp Inc MGE Energy Inc Otter Tail Corp OGE Energy Corp Portland General Electric Co /entities/viasp