TXNM Energy (NYSE: TXNM) advances TNMP rate settlement and PNM resource plan
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
TXNM Energy reports two major regulatory steps by its utilities. Texas-New Mexico Power Company filed a comprehensive base rate settlement in Texas that would allow recovery of its filed rate base of $2.8 billion as of June 30, 2025, while maintaining a 9.65% return on equity and 45% equity ratio. The settlement also includes $20.5 million of Hurricane Beryl restoration costs to be recovered through a rate rider over five years, all subject to Public Utility Commission of Texas approval.
Separately, Public Service Company of New Mexico filed a balanced resource plan with New Mexico regulators to advance a carbon-free future. The plan seeks approval for 800 MW of wind, 240 MW of solar, 610 MW of battery storage and 40 MW of natural gas, supporting PNM’s goal of eliminating coal by 2031 and progressing toward 100% carbon-free electricity as customer demand is forecast to rise about 40% by 2032. These investments are part of PNM’s previously shared $4.9 billion five-year capital plan.
Positive
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Negative
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Insights
TXNM advances rate recovery in Texas and a large clean-energy build in New Mexico.
TNMP’s Texas settlement would lock in recovery of a $2.8 billion rate base as of June 30, 2025, retaining a 9.65% allowed return on equity and 45% equity layer. The added $20.5 million Hurricane Beryl rider over five years smooths storm cost recovery if regulators approve.
PNM’s New Mexico resource filing proposes 800 MW wind, 240 MW solar, 610 MW storage and limited gas through 2045, tied to a forecast 40% demand increase by 2032. These projects fit within a $4.9 billion five-year investment plan and support coal exit by 2031, with ultimate outcomes depending on regulatory decisions and execution of third-party contracts.
8-K Event Classification
3 items: 7.01, 8.01, 9.01
3 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
TNMP filed rate base: $2.8 billion
Allowed return on equity: 9.65%
Equity ratio: 45%
+5 more
8 metrics
TNMP filed rate base
$2.8 billion
As of June 30, 2025, subject to Texas settlement approval
Allowed return on equity
9.65%
TNMP base rate settlement maintains current ROE
Equity ratio
45%
Capital structure used in TNMP rate settlement
Hurricane Beryl rider
$20.5 million
Storm restoration costs recovered over five years
Wind resources requested
800 MW
PNM New Mexico resource application
Solar resources requested
240 MW
PNM plan to meet demand and clean-energy rules
Battery storage resources
610 MW
PNM proposed storage capacity in NM application
PNM 5-year investment plan
$4.9 billion
Capital plan including support for new resources
Key Terms
base rate review, rate base, return on equity, rate rider, +2 more
6 terms
base rate review financial
"TNMP filed a comprehensive settlement in its base rate review pending before the Public Utility Commission of Texas"
rate base financial
"TNMP recovers its filed rate base of $2.8 billion as of June 30, 2025"
Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.
return on equity financial
"continues the currently authorized return on equity of 9.65% and 45% equity ratio"
Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.
rate rider financial
"implement $20.5 million in rate rider recovery associated with Hurricane Beryl restoration costs over a five-year period"
A rate rider is a temporary adjustment added to a regulated utility’s base price to recover or return specific costs—such as fuel, infrastructure upgrades, or storm repairs—outside the normal rate-setting process. For investors, riders matter because they change a utility’s near-term revenue and cash flow without waiting for a full rate case, much like a surcharge on a bill that passes certain costs directly through to customers and can affect profitability and regulatory risk.
Energy Transition Act regulatory
"The plan advances PNM’s transition to 100% carbon-free electricity under the Energy Transition Act (ETA)"
A law or package of laws that sets rules, targets, and incentives to move an economy from high-carbon energy sources (like coal and oil) toward low-carbon options (like wind, solar, and efficiency). For investors it matters because such legislation reshapes costs and revenue prospects across industries—creating subsidies and market demand for clean technologies while increasing regulatory risk for carbon-intensive businesses, much like a new traffic plan that changes which routes are fastest and which are restricted.
Inflation Reduction Act regulatory
"customers will benefit from federal tax credits available under the Inflation Reduction Act before their expiration"
The inflation reduction act is a law designed to lower the overall increase in prices for goods and services in an economy, helping to keep the cost of living more stable. For investors, it matters because reducing inflation can lead to a healthier economy, potentially making investments safer and more predictable by preventing prices from rising too quickly.
| UNITED STATES | |||||
| SECURITIES AND EXCHANGE COMMISSION | |||||
| Washington, D.C. 20549 | |||||
| FORM | |||||
| CURRENT REPORT | |||||
| Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 | |||||
| Date of Report (Date of earliest event reported) | ||||||||
| (May 29, 2026) | ||||||||
Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No. | ||||||||||||||
(A New Mexico Corporation)
Telephone Number - (505 ) 241-2700
Commission File No. - 001-32462
IRS Employer Identification No. - 85-0468296
Public Service Company of New Mexico
(A New Mexico Corporation)
Telephone Number - (505 ) 241-2700
Commission File No. - 001-06986
IRS Employer Identification No. - 85-0019030
(A Texas Corporation)
Telephone Number - (972 ) 420-4189
Commission File No. - 002-97230
IRS Employer Identification No. - 75-0204070
____________________________________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 40.14d-2(b)) | |||||||||||
| Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 40.13e-4(c)) | |||||||||||
Securities registered pursuant to Section 12(b) of the Act:
Registrant | Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||
| TXNM Energy, Inc | |||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On May 29, 2026, TXNM Energy, Inc.’s wholly-owned subsidiary, Texas-New Mexico Power Company (“TNMP”) filed a comprehensive settlement in its base rate review pending before the Public Utility Commission of Texas (“PUCT”). A copy of the press release discussing the settlement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
On May 29, 2026, TXNM Energy, Inc.’s wholly-owned subsidiary, Public Service Company of New Mexico (“PNM”) filed an application with the New Mexico Public Regulatory Commission (“NMPRC”) requesting approval of resources detailed in its plan to advance carbon-free generation in compliance with the state's clean energy requirements. A copy of the press release discussing the application is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.
Item 8.01 Other Events.
The first two paragraphs of Item 7.01 above are incorporated into this item 8.01.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 TNMP Press Release, dated May 29, 2026 (furnished not filed).
99.2 PNM Press Release, dated June 1, 2026 (furnished not filed).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
| TXNM ENERGY, INC. | |||||
| PUBLIC SERVICE COMPANY OF NEW MEXICO | |||||
| TEXAS-NEW MEXICO POWER COMPANY | |||||
| (Registrants) | |||||
| Date: June 1, 2026 | /s/ Gerald R. Bischoff | ||||
| Gerald R. Bischoff | |||||
| Vice President and Corporate Controller | |||||
| (Officer duly authorized to sign this report) | |||||
Exhibit 99.1
For Immediate Release
May 29, 2026
TNMP Files Comprehensive Rate Settlement
(ALBUQUERQUE, N.M.) – TNMP, the wholly-owned subsidiary of TXNM Energy (NYSE: TXNM) in Texas, filed a comprehensive settlement in its base rate review pending before the Public Utility Commission of Texas (PUCT). The settlement supports TNMP’s continued ability to power growth in Texas with a reliable, resilient grid.
Under the terms of the settlement, TNMP recovers its filed rate base of $2.8 billion as of June 30, 2025, and continues the currently authorized return on equity of 9.65% and 45% equity ratio. Increased operations and maintenance costs that are not recovered through interim capital recovery mechanisms and changes in deferred federal income tax amortizations were partially offset by changes in depreciation rates.
Separate from the base rate request, TNMP would also implement $20.5 million in rate rider recovery associated with Hurricane Beryl restoration costs over a five-year period under the terms of the settlement.
The settlement is subject to approval by the PUCT. Under interim rates, the rates approved under a final order will relate back to May 22, 2026.
Parties joining the settlement include the Staff of the Public Utility Commission of Texas, Alliance of Texas-New Mexico Power Municipalities, Cities Served by Texas-New Mexico Power Company, Data Center Coalition, Hunt Energy Network, Joint Data Center Group, Office of Public Utility Counsel, Texas Competitive Power Advocates, Texas Industrial Energy Consumers, and Walmart. Amazon Data Systems and Texas Energy Association for Marketers do not oppose the stipulation.
The settlement and related filings can be found at: https://www.txnmenergy.com/investors/rates-and-filings/tnmp-puct-filings.aspx.
About TXNM Energy:
TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company’s website at www.TXNMEnergy.com.
Contacts:
Analysts Media
Lisa Goodman Corporate Communications
(505) 241-2160 (505) 241-2743
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for TXNM Energy or TNMP (collectively, the “Company”) that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies, including the unaudited financial results, earnings guidance, statements regarding the potential transaction between TXNM Energy and Blackstone Infrastructure, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction and the expected benefits of the potential transaction, rate proceeding outcomes, anticipated benefits of the new transmission line project, and the expected timing of the IRP filing, are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates and apply only as of the date of this report. TXNM and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, TXNM and TNMP caution readers not to place undue reliance on these statements. TXNM's and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K, Form 10-Q filings and the information included in the Company’s Form 8-K's with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein and the risks and uncertainties related to the proposed transaction with Blackstone Infrastructure, including, but not limited to: the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement, including in circumstances requiring TXNM Energy to pay a termination fee, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, the outcome of legal proceedings that may be instituted against TXNM Energy, its directors and others related to the proposed transaction, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of TXNM Energy to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally, the amount of costs, fees, charges or expenses resulting from the proposed transaction, and the risk that the price of TXNM Energy’s common stock may fluctuate during the pendency of the proposed transaction and may decline significantly if the proposed transaction is not completed. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements.
Exhibit 99.2
For Immediate Release
June 1, 2026
Powering homes and businesses with reliable, affordable and clean energy: PNM puts forth balanced plan to advance carbon-free future
(ALBUQUERQUE, N.M.) – PNM, a wholly-owned subsidiary of TXNM Energy (NYSE: TXNM), put forth a plan for future energy resources needed to continue powering homes and businesses with reliable, affordable and clean energy. As part of this plan, PNM has submitted an application with the New Mexico Public Regulation Commission (NMPRC) detailing the resources selected to address growing customer demand, system reliability needs and the state’s clean-energy requirements.
A major step toward New Mexico’s clean energy future
The plan advances PNM’s transition to 100% carbon-free electricity under the Energy Transition Act (ETA) during a period of significant growth. It includes additions of wind, solar and storage resources and marks the complete elimination of coal as a generation source for PNM customers in 2031, a historic milestone for New Mexico.
To meet projected demand growth and replace capacity associated with PNM’s planned exit from the Four Corners Power Plant, the company is seeking approval for:
•800 MW of wind resources
•240 MW of solar resources
•610 MW of battery storage resources
•40 MW of natural gas to be used as needed until 2045
An additional 50 - 250 MW of resources are being solicited through a supplemental request for proposals and will be included in a subsequent filing in 2026. Together, these resources will further PNM’s 80% carbon-free progress through 2032.
System growth while protecting existing customers
PNM is forecasting a 40% increase in customer electricity demand by 2032, driven by load growth and the state’s economic development efforts. PNM’s proposed new resources are designed to meet the increase in demand while ensuring that existing customers are not burdened by costs created by new large load customers. It is important to note, and consistent with what we’ve previously stated, that none of these large load customers are in any way affiliated with Blackstone.
In its application to the NMPRC, PNM states that new large load customers need to cover the incremental costs they are adding to the system and pay for a share of the existing system. In addition, PNM’s investment in economic development sites will allow system costs to be spread across a larger customer base and make it possible to bring in more wind energy, benefiting all customers.
Tax incentives provide customer benefit
Subsequent applications will be filed with the NMPRC for additional resources and a new 345-kV transmission line to deliver the proposed wind resources to customers. By prioritizing the resources included in today’s NMPRC application, customers will benefit from federal tax credits available under the Inflation Reduction Act before their expiration.
Capital Investments
The wind, solar and battery storage in today’s application will be secured from third parties. The capital investments to support these resources and the natural gas facility are part of PNM’s $4.9 billion 5-year investment plan shared in the company’s first quarter earnings release.
Economic and community benefits
The capital investments associated with the new resources will generate property tax revenue for New Mexico communities. Construction of these projects will also support local jobs.
Resource selection process
Resources are selected from bids solicited through a request for proposals and evaluated through a rigorous, competitive and independently monitored process to ensure they meet system requirements, manage long-term costs and support the transition to a cleaner and more resilient energy future.
The application, which is subject to NMPRC approval, is available at https://www.txnmenergy.com/investors/rates-and-filings/pnm-nmprc-filings.aspx.
Background:
TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company's website at www.TXNMEnergy.com.
CONTACTS:
Analysts Media
Lisa Goodman Corporate Communications
(505) 241-2160 (505) 241-2743
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this press release that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include statements regarding the potential transaction between TXNM Energy and Blackstone Infrastructure, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction, the expected benefits of the potential transaction, projected financial information, future opportunities, and any other statements regarding TXNM Energy’s and Blackstone Infrastructure’s future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. Neither Blackstone Infrastructure nor TXNM Energy assumes any obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, TXNM Energy caution readers not to place undue reliance on these statements. TXNM Energy’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see TXNM Energy’s Form 10-K and Form 10-Q filings and the information filed on TXNM Energy’s Forms 8-K with the Securities and Exchange Commission (the “SEC”), which factors are specifically incorporated by reference herein and the risks and
uncertainties related to the proposed transaction with Blackstone Infrastructure, including, but not limited to: the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement, including in circumstances requiring the Company to pay a termination fee, the possibility that TXNM Energy’s shareholders may not approve the transaction agreement, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, the outcome of legal proceedings that may be instituted against TXNM Energy, its directors and others related to the proposed transaction, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of TXNM Energy to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally, the amount of costs, fees, charges or expenses resulting from the proposed transaction, and the risk that the price of TXNM Energy’s common stock may fluctuate during the pendency of the proposed transaction and may decline significantly if the proposed transaction is not completed. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
FAQ
What base rate settlement did TNMP file in the TXNM (TXNM) 8-K?
TNMP filed a comprehensive Texas base rate settlement allowing recovery of its $2.8 billion filed rate base as of June 30, 2025. It keeps a 9.65% return on equity and 45% equity ratio, pending Public Utility Commission of Texas approval.
How will Hurricane Beryl costs be recovered for TXNM’s TNMP?
The settlement lets TNMP recover $20.5 million of Hurricane Beryl restoration costs through a rate rider over five years. This dedicated rider spreads storm-related expenses over time, subject to approval by the Public Utility Commission of Texas.
What clean energy resources is PNM seeking approval for in New Mexico for TXNM?
PNM is seeking New Mexico approval for 800 MW of wind, 240 MW of solar, 610 MW of battery storage and 40 MW of natural gas capacity. These resources support reliability, meet state clean-energy rules, and help PNM progress toward 100% carbon-free electricity.
How much demand growth does PNM forecast in the TXNM filing?
PNM forecasts about a 40% increase in customer electricity demand by 2032. The proposed wind, solar, storage and gas resources are designed to meet this growth while aiming to prevent existing customers from bearing costs created by new large-load customers.
How do TXNM’s PNM investments relate to its five-year capital plan?
The capital investments supporting the new wind, solar, battery storage and natural gas resources are part of PNM’s $4.9 billion five-year investment plan. These projects are expected to advance system reliability and the transition away from coal generation by 2031.
How does TXNM’s PNM plan address coal and carbon-free goals?
PNM’s plan marks the complete elimination of coal as a generation source for its customers in 2031. Combined with new wind, solar and storage additions, it advances the company’s transition toward 100% carbon-free electricity under New Mexico’s Energy Transition Act.