TXNM Energy Stock Price, News & Analysis

PNM, a subsidiary of TXNM Energy (NYSE: TXNM), and parties filed an unopposed stipulation for its 2025 Rate Request with the New Mexico Public Regulation Commission. The agreement includes a $105.0 million revenue increase based on a 9.45% return on equity and 51% equity capitalization on $3.0 billion rate base. The rate increase will be phased in with 50% effective July 1, 2025, and the remainder on April 1, 2026. The stipulation includes a $1.5 million contribution to the PNM Good Neighbor Fund for customer bill assistance. The original request was for $174.3 million with a 10.45% return on equity.

PNM, a subsidiary of TXNM Energy (NYSE: TXNM), has filed an application with the New Mexico Public Regulation Commission for new energy resources to be implemented by summer 2028. The proposal includes extending a 167 MW Valencia PPA through 2039, adding 300 MW of battery storage capacity, and installing a 130 MW solar and battery storage facility. The proposed portfolio represents a $220 million capital investment from PNM, potentially increasing to $252 million with an additional 20 MW storage option. The new resources aim to meet forecasted peak load requirements and advance New Mexico's zero-carbon goals under the Energy Transition Act.

TNMP, a subsidiary of TXNM Energy (NYSE: TXNM), has reached a settlement in principle regarding its System Resiliency Plan. The company filed a motion to abate the procedural schedule, which was approved by the administrative law judge. The plan includes $600 million in capital investments and $151 million in related costs over 3 years, aimed at enhancing the distribution system's safety and reliability. Parties involved must file a formal settlement agreement or status update by December 5, 2024. The plan was developed using a data-driven approach to address various resiliency events affecting TNMP's distribution system.

PNM, a subsidiary of TXNM Energy (NYSE: TXNM), has filed a joint notice with the New Mexico Public Regulation Commission (NMPRC) announcing a Settlement in Principle regarding its 2025 Rate Request. Parties involved, including the New Mexico Department of Justice and Walmart, have filed a motion to modify the procedural schedule and postpone the November 26, 2024 testimony deadline. The parties requested a scheduling conference for December 2024, while maintaining mid-February 2025 evidentiary hearings. The settlement remains subject to NMPRC approval.

Public Service Company of New Mexico (PNM), a subsidiary of TXNM Energy (NYSE: TXNM), announced plans to join the California Independent System Operator (CAISO) Extended Day-Ahead Market (EDAM). EDAM builds on CAISO's real-time Western Energy Imbalance Market (WEIM), which PNM has participated in since 2021. PNM aims to enhance reliability and economic benefits for customers, leveraging New Mexico's renewable energy potential. The WEIM has already provided New Mexico customers with nearly $125 million in benefits. EDAM is projected to offer $20 million in annual benefits and is scheduled to launch in 2026, with PNM's participation expected by 2027. This decision follows policy guidance from the New Mexico Public Regulation Commission (NMPRC). CAISO President and CEO, Elliot Mainzer, expressed enthusiasm for PNM's participation, highlighting the potential for greater economic and reliability benefits.

TXNM Energy announced that its management will meet with analysts and investors at the Edison Electric Institute Financial Conference this week. During these meetings, the company plans to affirm its 2024 consolidated earnings guidance of $2.70 to $2.75 per diluted share. The presentation materials for these meetings are available on the company's website.

TXNM Energy, based in Albuquerque, New Mexico, serves over 800,000 homes and businesses in Texas and New Mexico through its regulated utilities, TNMP and PNM.

TXNM Energy reported Q3 2024 GAAP earnings of $1.45 per diluted share and ongoing earnings of $1.43 per share. The company narrowed its 2024 ongoing earnings guidance to $2.70-$2.75 per share. Q3 2024 GAAP net earnings were $131.2 million, up from $37.7 million in Q3 2023. Key segment performance showed PNM with $1.18 ongoing EPS and TNMP with $0.39 ongoing EPS. Results were impacted by new retail rates implementation, transmission margins, weather impacts, and additional shares issued in December 2023. The quarter included $9.5 million in net unrealized investment gains.

The New Mexico Public Regulation Commission (NMPRC) has approved Public Service Company of New Mexico (PNM)'s application to modernize its grid infrastructure. This plan, part of a longer-term deployment, aims to enhance customer service through new tools like smart meters and support New Mexico's clean energy transition. The approved six-year plan includes $344 million of investments and will enable:

• Two-way communication on the grid
• Customer insights into energy usage
• Real-time grid status visibility for PNM
• Reduced outages and proactive problem-solving

Deployment will prioritize low-income and underserved communities. Investments will be recovered through a tariff rider, reviewed annually, in line with the state's 2020 grid modernization legislation.

TNMP, a subsidiary of TXNM Energy, Inc. (NYSE: TXNM), has received approval from the Public Utility Commission of Texas (PUCT) for two rate base recovery applications. The first, a Transmission Cost of Service (TCOS) filing, was approved on September 20, 2024, allowing for an annual rate increase of $3.9 million to recover $20.6 million of incremental transmission rate base. The second, a Distribution Cost Recovery Factor (DCRF) application, was approved on October 3, 2024, permitting an annual rate increase of $7.7 million to recover $43.7 million of incremental distribution rate base.

TXNM Energy, based in Albuquerque, New Mexico, serves over 800,000 customers in Texas and New Mexico through its regulated utilities, TNMP and PNM. The approved TCOS rates are already in effect, while the DCRF rates will become effective in approximately 45 days.