TXNM Energy

What TXNM Energy does

TXNM Energy (NYSE: TXNM), formerly PNM Resources, is a publicly traded energy holding company headquartered in Albuquerque, New Mexico, that provides regulated electricity generation, transmission, and distribution services to more than 800,000 homes and businesses across New Mexico and Texas through two wholly owned subsidiaries. PNM (Public Service Company of New Mexico) is the largest electricity provider in New Mexico, serving nearly 550,000 customers with a vertically integrated generation, transmission, and distribution portfolio totaling 3.1 GW of capacity that delivered 80% carbon-free energy in 2025. TNMP (Texas-New Mexico Power Company), acquired in 2005, is a regulated transmission and distribution utility operating exclusively within the ERCOT power system in Texas, serving more than 260,000 end-customers via Retail Electric Providers.

The company earns revenue through regulated rate-base recovery mechanisms, with authorized returns on equity of 9.65% at TNMP (on a $2.8 billion rate base) and New Mexico Public Regulation Commission-approved rates at PNM Retail, using future test year filings to minimize regulatory lag. Customer acquisition is franchise-driven rather than sales-driven, given the exclusive service territories. TXNM's $10.2 billion five-year capital plan (2026-2030) is expected to drive 12% rate base growth through 2029, anchored by PNM's proposed 1,650 MW renewable and storage build-out (800 MW wind, 240 MW solar, 610 MW battery storage) and grid investment supporting a 28% rise in TNMP peak demand, partly from data center load.

In May 2025, TXNM Energy entered a definitive agreement to be acquired by Blackstone Infrastructure for approximately $11.5 billion in cash ($61.25 per share), with closing anticipated in H2 2026 subject to FERC, NRC, and NMPRC approvals. As of mid-2026, the transaction has received FERC and PUCT approvals but faces ongoing New Mexico regulatory scrutiny, including an NM Attorney General lawsuit and NMPRC investigations into a $400 million private placement to a Blackstone affiliate that closed in June 2025.

Name

TXNM Energy

Legal name

TXNM Energy

Website

https://www.txnmenergy.com

Company type

Public

Founded year

1882

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

TXNM Energy is a publicly traded utility holding company that provides regulated electricity generation, transmission, and distribution services to more than 800,000 residential, commercial, and industrial customers across New Mexico and Texas through its PNM and TNMP subsidiaries, and is the subject of a pending $11.5 billion take-private acquisition by Blackstone Infrastructure.

Ownership category

akta.pro rank

Product category

Regulated Electric Utilities

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Electric Distribution System Owners (Wires-Only Companies) (EUADABAI)

Keywords

• Regulated electric utilities
• Electricity generation transmission
• Renewable energy services
• Utility holding company
• Power distribution services

Headquarters

HQ city

Albuquerque

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Electricity Generation, Transmission and Distribution: TXNM Energy generates revenue through regulated electricity generation, transmission, and distribution services to approximately 800,000 homes and businesses in New Mexico and Texas. Revenue is earned through rate base investments that provide authorized returns, with earnings growth based on ongoing earnings per diluted share. The company utilizes various rate mechanisms including TCOS and DCRF at TNMP and future test year filing format at PNM Retail to recover costs and minimize regulatory lag.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

TXNM Energy is a regulated energy holding company that delivers electricity generation, transmission, and distribution services to approximately 800,000 homes and businesses across New Mexico and Texas through its subsidiaries PNM and TNMP. PNM is the largest electric utility in New Mexico providing vertically integrated services, while TNMP operates transmission and distribution within the ERCOT power system. The company is transitioning to 100% carbon-free energy by 2031 (PNM) through renewable resource additions including wind, solar, and battery storage.

Product overview

TXNM Energy operates as an energy holding company offering regulated electricity services through two primary utility subsidiaries: PNM (Public Service Company of New Mexico) and TNMP (Texas-New Mexico Power Company). PNM provides integrated generation, transmission, and distribution services to approximately 550,000 customers in New Mexico, while TNMP focuses on transmission and distribution operations serving over 260,000 customers in Texas. Together, these utilities serve approximately 800,000 homes and businesses across both states.

Differentiator

Problem solved

Functional benefit

Products and services

• PNM (Public Service Company of New Mexico) Regulated Electric Utility Service
• TNMP (Texas-New Mexico Power Company) Regulated Transmission and Distribution Service

Quantifiable outcome

• 80% carbon-free energy delivery in 2025 with goal of 100% carbon-free by 2031 for PNM
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• ISN (Information Services Network)coreTechnology or Integration · 27 May 2026TXNM Energy and its regulated utilities PNM and TNMP expanded their use of ISN's ISNetworld training platform to deliver energy-based safety courses to contractor workers. Over 800 contractor workers completed the Contractor Safety Orientation course. ISN provides access to over 700 trainings through its Learning Management System, including Safety Function's Eye-Level Safety learning modules such as High-Energy Hazards and Direct Controls and Excellent Pre-Job Safety Meetings, at no additional fee to subscribed contractors. ISN serves as the global leader in contractor and supplier information management, connecting 900 Hiring Clients with 90,000 active contractors and suppliers across more than 85 countries.

Scale indicators8 records

Recent moves10 records

Expansion highlights2 records

Direct peers

• Avangrid: Northeast US regulated electric and gas utility holding company. Avangrid was the counterparty in TXNM's (then PNM Resources) 2020 announced merger that was later terminated, making it a uniquely relevant comparable for any TXNM take-private or strategic combination scenario.
• IDACORP: Parent of Idaho Power, a regulated electric utility serving customers in Idaho and Oregon. Mid-cap regulated utility with similar growth-oriented rate base expansion profile and comparable customer scale to TXNM.
• OGE Energy: Parent of Oklahoma Gas and Electric, a regulated electric utility serving customers in Oklahoma and western Arkansas. Similar mid-cap, vertically-integrated regulated utility profile with overlapping service territory characteristics to TXNM's PNM and TNMP operations.
• Pinnacle West Capital: Parent of Arizona Public Service, a vertically integrated regulated electric utility serving ~1.4 million customers across Arizona. Closely comparable Southwest US regulated utility with similar climate-transition exposure and regulatory dynamics to TXNM's PNM subsidiary.
• Portland General Electric: Vertically integrated regulated electric utility serving customers in Oregon. Comparable mid-cap regulated utility with similar renewable integration mandates, rate base growth profile, and regulatory framework dynamics to TXNM.
• Black Hills Corporation: Mid-cap regulated electric and gas utility serving customers in South Dakota, Montana, Wyoming, Colorado, Nebraska, Kansas, Iowa, and Arkansas. Similar size, business mix, and growth profile to TXNM, with overlapping executive pedigree (General Counsel Brian Iverson previously served at Black Hills).
• MGE Energy: Parent of Madison Gas and Electric, a regulated electric and gas utility serving customers in Wisconsin. Smaller mid-cap regulated utility of comparable structure and capital intensity, offering scale-comparable insights into TXNM's regulated earnings model.
• NorthWestern Energy Group: Regulated electric and gas utility serving customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Comparable mid-cap dual-jurisdiction regulated utility with similar capital intensity and rural service territory overlap.
• ALLETE: Parent of Minnesota Power, a regulated electric utility serving customers in northeastern Minnesota. Mid-cap regulated utility of comparable scale, with similar customer counts and rate base growth characteristics to TXNM.

Broad incumbents

• Xcel Energy: Large multi-state regulated electric and gas utility serving customers across the western and central US, including New Mexico where TXNM's PNM also operates. Significantly larger than TXNM but a relevant broad incumbent given Executive Chair Patricia Collawn's prior leadership there and overlapping New Mexico service territory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pnm-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TXNM Energy