PUBLIC SERVICE CO OF NEW MEXICO
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
TXNM$58.28+0.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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GLOSSARY
| Definitions: | |
|---|---|
| 2024 Rate Change | PNM’s request for a general increase in electric rates filed with the NMPRC on December 5, 2022 using a calendar year 2024 FTY |
| 2025 Rate Request | PNM’s request for a general increase in electric rates filed with the NMPRC on June 14, 2024 using a FTY beginning July 1, 2025 |
| 2028 Resource Application | PNM’s November 22, 2024 application with the NMPRC for approval of resources to be available for the 2028 summer peak |
| ACE Rule | Affordable Clean Energy Rule |
| AEP OnSite Partners | AEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc. until the completion of its sale on September 30, 2024 to Basalt Infrastructure Partners LLC |
| AFUDC | Allowance for Funds Used During Construction |
| AOCI | Accumulated Other Comprehensive Income |
| APS | Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners |
| ARO | Asset Retirement Obligation |
| ASU | Accounting Standards Update |
| Blackstone Infrastructure | Blackstone Infrastructure Partners L.P. |
| Board | Board of Directors of TXNM |
| CAA | Clean Air Act |
| CAISO | California Independent System Operator |
| Carbon Pollution Standards | Carbon Pollution Standards established by the EPA on August 3, 2015 |
| CCN | Certificate of Convenience and Necessity |
| CCR | Coal Combustion Residuals |
| CCS | Carbon Capture and Storage/Sequestration |
| CIAC | Contributions in Aid of Construction |
| CO2 | Carbon Dioxide |
| CODM | Chief Operating Decision Maker |
| Community Solar Act | Senate Bill 84 effective June 18, 2021 |
| Convertible Notes | TXNM’s $550.0 million junior subordinated convertible notes issued on June 10, 2024 and June 21, 2024 |
| DC Circuit | United States Court of Appeals for the District of Columbia Circuit |
| DCRF | TNMP’s applications for a distribution cost recovery factor |
| DOE | United States Department of Energy |
| EDAM | Extended Day Ahead Market |
| EEI | Edison Electric Institute, an association representing all U.S. investor-owned electric companies |
| Effective Time | The time the Merger is consummated |
| EGU | Electric Generating Unit |
| EIM | Western Energy Imbalance Market developed and operated by CAISO |
| ELG | Effluent Limitation Guidelines |
| Energy Transition Charge(s) | Rate rider established to collect non-bypassable customer charges for repayment of the ETBC I Securitized Bonds |
| EPA | United States Environmental Protection Agency |
| ERCOT | Electric Reliability Council of Texas |
| ESA(s) | Energy Storage Agreement(s) |
| ETA | The New Mexico Energy Transition Act |
| ETBC I | PNM Energy Transition Bond Company I, LLC, formed on August 25, 2023 |
| ETBC I Securitized Bonds | On November 15, 2023, ETBC I issued $343.2 million aggregate principal amount of its senior secured energy transition bonds, Series A in two tranches |
| EUEA | The New Mexico Efficient Use of Energy Act |
| EV | Electric Vehicle |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| FIP | Federal Implementation Plan |
| FMB | First Mortgage Bond |
| Four Corners | Four Corners Power Plant |
| Four Corners CSA | Four Corners’ coal supply contract with NTEC |
| FPPAC | Fuel and Purchased Power Adjustment Clause |
| FTY | Future Test Year |
| GAAP | Generally Accepted Accounting Principles in the United States of America |
|---|---|
| GHG | Greenhouse Gas |
| Grid Modernization Plan | PNM’s NMPRC approved plan for grid modernization that includes investments of approximately $344 million for the first six years of a broader 11-year strategy |
| GWh | Gigawatt hours |
| INDC | Intended Nationally Determined Contribution |
| IRA | Inflation Reduction Act of 2022 |
| IRP | Integrated Resource Plan |
| IRS | Internal Revenue Service |
| ISFSI | Independent Spent Fuel Storage Installation |
| kV | Kilovolt |
| KW | Kilowatt |
| KWh | Kilowatt Hour |
| La Joya Wind II | La Joya Wind Facility generating 140 MW of output |
| Lightning Dock Geothermal | Lightning Dock geothermal power facility, also known as the Dale Burgett Geothermal Plant |
| MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| Merger | The merger of TXNM pursuant to the Merger Agreement, with TXNM surviving as a direct, wholly-owned subsidiary of Parent (an affiliate of Blackstone Infrastructure Partners L.P.) |
| Merger Agreement | The Agreement and Plan of Merger, dated May 18, 2025, by and among TXNM, Parent, and Merger Sub |
| Merger Sub | Troy Merger Sub Inc., a New Mexico corporation, direct subsidiary of Parent and affiliate of Blackstone Infrastructure Partners L.P., which will merge with and into TXNM at the Effective Time of the Merger |
| Meta | Meta Platform, Inc., formerly known as Facebook Inc. |
| MMBTU | Million British Thermal Units |
| Moody’s | Moody’s Investor Services, Inc. |
| MW | Megawatt |
| MWh | Megawatt Hour |
| NAAQS | National Ambient Air Quality Standards |
| NAV | Net asset value |
| NDT | Nuclear Decommissioning Trusts for PVNGS |
| NEE | New Energy Economy |
| New Mexico Wind | New Mexico Wind Energy Center |
| NM | New Mexico |
| NM 2015 Rate Case | Request for a General Increase in Electric Rates Field by PNM on August 27, 2015 |
| NM 2016 Rate Case | Request for a General Increase in Electric Rates Filed by PNM on December 7, 2016 |
| NM Supreme Court | New Mexico Supreme Court |
| NMED | New Mexico Environment Department |
| NMMMD | The Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department |
| NMPRC | New Mexico Public Regulation Commission |
| NMRD | NM Renewable Development, LLC, previously owned 50% each by PNMR Development and AEP OnSite Partners, LLC (“AEP OnSite Partners”) |
| NOx | Nitrogen Oxides |
| NPDES | National Pollutant Discharge Elimination System |
| NRC | United States Nuclear Regulatory Commission |
| NTEC | Navajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation |
| OBBBA | One Big Beautiful Bill Act of 2025 |
| OCI | Other Comprehensive Income |
| OPEB | Other Post-Employment Benefits |
| OSM | United States Office of Surface Mining Reclamation and Enforcement |
| Parent | Troy ParentCo LLC, a Delaware limited liability company and an affiliate of Blackstone Infrastructure Partners L.P. |
| Paris Agreement | A legally binding international treaty on climate change adopted on December 12, 2015 |
| Pattern Wind | Pattern New Mexico Wind, LLC, an affiliate of Western Spirit and Pattern Development |
| PCRBs | Pollution Control Revenue Bonds |
| PEP | Performance Equity Plan |
| PM | Particulate Matter |
| PNM | Public Service Company of New Mexico and Subsidiaries |
| PNM New Mexico Credit Facility | PNM’s $40.0 million Unsecured Revolving Credit Facility |
|---|---|
| PNM 2024 Term Loan | PNM’s $200.0 million term loan that matures on November 10, 2025 |
| PNM 2025 Term Loan | PNM’s $195.0 Million Unsecured Term Loan issued on January 21, 2025 |
| PNM April 2025 Note Purchase Agreement | PNM’s agreement for sale of PNM’s April 2025 SUNs |
| PNM April 2025 SUNs | PNM’s $300.0 million Senior Unsecured Notes issued on April 23, 2025 |
| PNM Revolving Credit Facility | PNM’s $400.0 million Unsecured Revolving Credit Facility |
| PNMR Development | PNMR Development and Management Company, an unregulated wholly-owned subsidiary of TXNM |
| PPA | Power Purchase Agreement |
| PUCT | Public Utility Commission of Texas |
| PV | Photovoltaic |
| PVNGS | Palo Verde Nuclear Generating Station |
| RD | Recommended Decision |
| REA | New Mexico’s Renewable Energy Act of 2004 |
| RECs | Renewable Energy Certificates |
| Red Mesa Wind | Red Mesa Wind Energy Center |
| REP(s) | Retail Electricity Provider |
| RFP | Request for Proposal |
| ROE | Return on Equity |
| RPS | Renewable Energy Portfolio Standard |
| S&P | Standard and Poor’s Ratings Services |
| SEC | United States Securities and Exchange Commission |
| Securities Act | Securities Act of 1933, as amended |
| Securitized Bonds | Energy transition bonds |
| SIP | State Implementation Plan |
| SJGS | San Juan Generating Station |
| SO2 | Sulfur Dioxide |
| SOFR | Secured Overnight Financing Rate |
| SRP | TNMP’s System Resiliency Plan |
| SUNs | Senior Unsecured Notes |
| TCJA | Federal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act |
| TCOS | Transmission Cost of Service |
| TECA | Texas Electric Choice Act |
| TEP | Transportation Electrification Program |
| TNMP | Texas-New Mexico Power Company and Subsidiaries |
| TNMP 2018 Rate Case | TNMP’s General Rate Case Application filed on May 30, 2018 |
| TNMP 2024 Bonds | TNMP’s First Mortgage Bonds issued under the TNMP 2024 Bond Purchase Agreement |
| TNMP 2024 Bond Purchase Agreement | TNMP’s Agreement for the sale of an aggregate $285.0 million of TNMP’s 2024 Bonds |
| TNMP February 2025 Bonds | TNMP’s First Mortgage Bonds issued under the TNMP February 2025 Bond Purchase Agreement |
| TNMP February 2025 Bond Purchase Agreement | TNMP’s Agreement for the sale of an aggregate $140.0 Million of TNMP February 2025 Bonds |
| TNMP Revolving Credit Facility | TNMP’s $200.0 million Secured Revolving Credit Facility |
| TSA(s) | Transmission Service Agreement(s) |
| TXNM | TXNM Energy, Inc. formerly known as PNM Resources, Inc. (“PNMR”) |
| TXNM 2021 Delayed-Draw Term Loan | TXNM’s $1.0 billion Unsecured Delayed-Draw Term Loan that matures on May 18, 2025 |
| TXNM 2023 Term Loan | TXNM’s $500.0 million term loan that matures on June 30, 2026 |
| TXNM 2024 ATM Program | TXNM’s distribution agreement pursuant to which the Company issued and sold an aggregate sales price of $300.0 million of its common stock, no par value, through the sales agents |
| TXNM 2025 ATM Program | TXNM’s distribution agreement pursuant to which the Company issued and sold an aggregate sales price of $200.0 million of its common stock, no par value, through the sales agents |
| TXNM Revolving Credit Facility | TXNM’s $300.0 million Unsecured Revolving Credit Facility |
| U.S. | The Unites States of America |
| U.S. Supreme Court | United States Supreme Court |
|---|---|
| Valencia | Valencia Energy Facility |
| VIE | Variable Interest Entity |
| WACC | Weighted Average Cost of Capital |
| Western Spirit Line | An approximately 150-mile 345-kV transmission line |
| Westmoreland | Westmoreland Coal Company |
| WFB LOC Facility | Letter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020 |
| WRAP | Western Resource Adequacy Program |
| WSJ LLC | Westmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of San Juan Coal Company |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.