PNM Resources(PNM)

Search documents
PNM Resources(PNM) - 2025 Q2 - Quarterly Report
2025-08-01 20:19
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No. ...
PNM Resources(PNM) - 2025 Q2 - Quarterly Results
2025-08-01 11:05
Exhibit 99.1 TXNM Energy (In millions, except EPS) TXNM Energy (NYSE: TXNM) today released its 2025 second quarter results. Earnings results in the second quarter reflect the issuance of $600 million of equity, including $400 million issued to affiliates of Blackstone Infrastructure Partners L.P. ("Blackstone Infrastructure"), and debt refinancing resulting from the proposed transaction with Blackstone Infrastructure. As previously announced, TXNM Energy is not affirming previously issued earnings guidance ...
Approval of Unopposed Stipulation in PNM 2028 Resource Application
Prnewswire· 2025-06-30 10:30
Core Points - The New Mexico Public Regulation Commission (NMPRC) approved a stipulation for PNM's 2028 Resource Application, which includes the addition of 450 megawatts (MW) of new solar and battery storage capacity [1][2] - The approved resources aim to support customers and advance New Mexico's zero-carbon requirements under the Energy Transition Act [1] - The stipulation was supported by various parties, including the Utility Division Staff of NMPRC and several energy advocacy groups [2] Company Overview - TXNM Energy is an energy holding company based in Albuquerque, New Mexico, serving over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM [3] - PNM is a wholly owned subsidiary of TXNM Energy [1] Project Details - The stipulation includes the extension of a Valencia Purchase Power Agreement (PPA) for 167 MW through 2039, with the current agreement expiring in 2028 [7] - It also involves the addition of 300 MW capacity through Energy Storage Agreements (ESAs) for two 150 MW battery stand-alone storage facilities [7] - A 150 MW solar and battery storage facility (100 MW solar, 50 MW battery storage) will be located in the Central Consolidated School District, with a capital investment of $252 million planned between 2026 and 2028 [7]
PNM, TNMP Receive Rate Approvals
Prnewswire· 2025-05-15 20:15
Core Points - TXNM Energy's subsidiaries, PNM and TNMP, received regulatory approvals for rate recovery filings on May 15, 2025 [1][4]. Group 1: PNM Rate Approval - PNM obtained approval from the New Mexico Public Regulation Commission for its 2025 Rate Request application, with customer rates phased in: 50% increase effective July 1, 2025, and the remaining increase effective April 1, 2026 [2]. - The approved revenue increase for PNM is $105.0 million, based on a 9.45% return on equity and a 51% equity capitalization structure on a $3.0 billion rate base [3]. Group 2: TNMP Rate Approval - TNMP received approval from the Public Utility Commission of Texas for its Distribution Cost Recovery Factor application [4]. - The approved annual rate increase for TNMP is $25.0 million, recovering $176.6 million of incremental distribution rate base at an authorized return on equity of 9.65% with a capital structure of 55% debt and 45% equity [5].
PNM Resources(PNM) - 2025 Q1 - Quarterly Report
2025-05-09 20:15
Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, ...
PNM Resources(PNM) - 2025 Q1 - Quarterly Results
2025-05-09 11:16
Exhibit 99.1 ALBUQUERQUE, N.M. May 9, 2025 TXNM Energy Reports First Quarter 2025 Results TXNM Energy (In millions, except EPS) | | Q1 2025 | Q1 2024 | | --- | --- | --- | | GAAP net earnings attributable to | | | | TXNM Energy | $8.9 | $47.2 | | GAAP diluted EPS | $0.10 | $0.52 | | Ongoing net earnings | $18.1 | $37.0 | | Ongoing diluted EPS | $0.19 | $0.41 | "Earnings results in the first quarter are on track with full year expectations," said Pat Collawn, TXNM Energy Chair and CEO. "TNMP reflects another ...
PNM and parties file Unopposed Stipulation in 2028 Resource Application
Prnewswire· 2025-03-13 10:30
Core Viewpoint - PNM, a subsidiary of TXNM Energy, has filed an unopposed comprehensive stipulation with the New Mexico Public Regulation Commission to approve a resource portfolio that includes significant investments in solar and battery storage capacity to meet zero-carbon requirements [1][2]. Group 1: Resource Portfolio and Investment - The proposed resource portfolio includes the addition of 450 megawatts (MW) of new solar and battery storage capacity by 2028, reflecting a capital investment of $252 million from PNM between 2026 and 2028 [2]. - The stipulation also includes the extension of a Valencia Purchase Power Agreement (PPA) for 167 MW through 2039, and the addition of 300 MW capacity through Energy Storage Agreements (ESAs) for two 150 MW battery stand-alone storage facilities [8]. Group 2: Stakeholders and Approval Process - The stipulation is supported by various parties, including the Utility Division Staff of the New Mexico Public Regulation Commission, Coalition for Clean Affordable Energy, and others, with Central Consolidated School District also expressing support [3]. - The stipulation is subject to approval by the NMPRC, with hearings scheduled to begin on April 2, 2025 [3].
PNM Resources(PNM) - 2024 Q4 - Annual Report
2025-02-28 21:07
Table of Contents ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-K For the transition period from _________ to _________ (Mark One) Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IR ...
PNM Resources(PNM) - 2024 Q4 - Annual Results
2025-02-21 12:07
Financial Performance - TXNM Energy reported 2024 GAAP earnings of $2.67 per diluted share, with ongoing earnings of $2.74 per diluted share, achieving the high end of original guidance[6]. - GAAP net earnings attributable to TXNM Energy for 2024 were $242.2 million, compared to $87.8 million in 2023[8]. - Ongoing net earnings for 2024 were $247.8 million, slightly up from $243.5 million in 2023[8]. - PNM's GAAP diluted EPS for 2024 was $2.12, significantly up from $0.41 in 2023[11]. - TNMP's ongoing diluted EPS for 2024 was $1.15, compared to $1.11 in 2023[11]. - GAAP Net Earnings for the quarter ended December 31, 2024, were $15,714 thousand, compared to a loss of $50,226 thousand for the same quarter in 2023[22]. - Ongoing Earnings for the year ended December 31, 2024, reached $247,819 thousand, an increase from $243,537 thousand in 2023[24]. - GAAP Net Earnings attributable to TXNM for Q4 2024 was $0.17, compared to a loss of $0.58 in Q4 2023[27]. - Ongoing Earnings for Q4 2024 were $0.30 per diluted share, compared to $0.18 per diluted share in Q4 2023[27]. - Net Earnings Attributable to TXNM for the year ended December 31, 2024, were $242,154,000, compared to $87,818,000 in 2023[31]. Revenue and Investment - The company increased its long-term earnings growth target to 7% to 9%[2]. - TXNM Energy's 5-year capital investment plan increased to $7.8 billion, a 26% increase over the prior plan, with a regulated rate base growth of 12% compared to 2025 levels[4]. - 2025 ongoing earnings guidance was introduced at a range of $2.74 to $2.84 per diluted share, reflecting strong growth at TNMP and a mid-year implementation of PNM's rate increase[5]. - Total Electric Operating Revenues for the year ended December 31, 2024, were $1,971,199,000, a slight increase from $1,939,198,000 in 2023[31]. - The company experienced a decrease in Electric Operating Revenues of $169.8 million for the year ended December 31, 2023[24]. - Operating income for the year ended December 31, 2024, was $453,486,000, significantly higher than $231,340,000 in 2023[31]. - Interest income for the year ended December 31, 2024, was $23,537,000, up from $21,963,000 in 2023[31]. - The cost of energy for the year ended December 31, 2024, decreased to $583,984,000 from $802,261,000 in 2023[31]. Adjustments and Regulatory Issues - Regulatory disallowances increased by $118,411 thousand for the quarter ended December 31, 2023, contributing significantly to the adjustments[24]. - The total adjustments before income tax effects for the year ended December 31, 2024, amounted to $26,160 thousand, compared to $213,437 thousand in 2023[24]. - The income tax impact of the adjustments for the year ended December 31, 2024, was $(20,495) thousand, reflecting a significant tax burden[22]. - Merger-related costs totaled $3,154 thousand for the year ended December 31, 2024, compared to $1,986 thousand in 2023[24]. - The net change in unrealized gains and losses on investment securities was $(2,718) thousand for the year ended December 31, 2024, compared to $(33,278) thousand in 2023[24]. - Total Adjustments for GAAP to Ongoing Earnings in Q4 2024 amounted to $0.13, while in Q4 2023 it was $0.76[27]. - Regulatory disallowances contributed $1.02 to GAAP Net Earnings in Q4 2023, a significant factor in the earnings report[29]. Future Plans and Events - The company plans to prioritize investments for a more reliable and resilient grid in Texas and New Mexico[3]. - TXNM Energy's conference call to discuss these results is scheduled for February 21, 2025[16]. - Average Diluted Shares Outstanding for Q4 2024 were 90,998,879, an increase from 86,932,542 in Q4 2023[27].
PNM and parties file Unopposed Stipulation in 2025 Rate Request
Prnewswire· 2024-11-26 21:19
Core Points - PNM, a subsidiary of TXNM Energy, filed an unopposed comprehensive stipulation with the New Mexico Public Regulation Commission for a phased-in increase in customer rates to support grid investments [1][2] - The stipulation includes a $105.0 million increase in revenue requirements based on a 9.45% return on equity and a 51% equity capitalization structure on a $3.0 billion rate base [2][4] - The agreement maintains previously approved depreciation rates for Four Corners Power Plant and modifies the amortization period for unprotected Excess Deferred Federal Income Tax regulatory liabilities [3] - Customer rates will increase in two phases: 50% effective July 1, 2025, and the remaining increase effective April 1, 2026 [4] - Various parties, including regulatory staff and community organizations, support the stipulation, while some intervening parties do not oppose it [5] Financial Details - The stipulation allows for a regulatory asset or liability for differences in Energy Storage Agreement costs until PNM's next filing [2] - A reduction in operating expenses is included to achieve the stipulated $105.0 million increase [3] - The previously authorized rates were based on a 9.26% return on equity and a 50% equity capitalization structure [4] Regulatory Process - The stipulation is subject to approval by the New Mexico Public Regulation Commission, with a scheduling conference planned for December 4 [7] - Hearings are expected to begin in mid-February [7] Company Background - TXNM Energy is an energy holding company serving over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities [8]