PUBLIC SERVICE CO OF NEW MEXICO
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
TXNM$58.28+0.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
GLOSSARYiii
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 |
| 2026 Resource Application | PNM’s October 25, 2023 application with the NMPRC for approval of resources to be available for the 2026 summer peak |
| ABCWUA | Albuquerque Bernalillo County Water Utility Authority |
| ABO | Accumulated Benefit Obligation |
| ACE Rule | Affordable Clean Energy Rule |
| AEP OnSite Partners | AEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc. |
| Afton | Afton Generating Station |
| AFUDC | Allowance for Funds Used During Construction |
| AMS | Advanced Meter System |
| AOCI | Accumulated Other Comprehensive Income |
| APBO | Accumulated Postretirement Benefit Obligation |
| APS | Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners |
| ARO | Asset Retirement Obligation |
| ARP | Alternative Revenue Program |
| ASU | Accounting Standards Update |
| Avangrid | Avangrid, Inc., a New York corporation |
| Avangrid Merger | The merger of TXNM pursuant to the Merger Agreement, with TXNM surviving the Merger as a direct, wholly-owned subsidiary of Avangrid (Subsequently terminated December 31, 2023) |
| Avangrid Merger Agreement | The Agreement and Plan of Merger, dated October 20, 2020. (Subsequently terminated December 31, 2023) |
| BART | Best Available Retrofit Technology |
| Blackstone Infrastructure | Blackstone Infrastructure Partners L.P. |
| Board | Board of Directors of TXNM |
| BTU | British Thermal Unit |
| CAA | Clean Air Act |
| CAISO | California Independent System Operator |
| Carbon Pollution Standards | Carbon Pollution Standards established by the EPA on August 3, 2015 |
| Casa Mesa Wind | Casa Mesa Wind Energy Center |
| CCN | Certificate of Convenience and Necessity |
| CCR | Coal Combustion Residuals |
| CCS | Carbon Capture 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 due 2054; issued in private offerings on June 10, 2024 and June 21, 2024 |
| COVID-19 | Novel coronavirus global pandemic |
| CSA | Coal Supply Agreement |
| CWIP | Construction work in progress |
| DC Circuit | United States Court of Appeals for the District of Columbia Circuit |
| DCRF | Distribution cost recovery filing |
| DOE | United States Department of Energy |
| EDAM | Extended Day Ahead Market |
| EEI | Edison Electric Institute, an association representing all US 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 | Rate rider established to collect non-bypassable customer charges for repayment of the ETBC I Securitized Bonds |
| EPA | United States Environmental Protection Agency |
iii
| EPE | El Paso Electric Company |
|---|---|
| ERCOT | Electric Reliability Council of Texas |
| ESA | Energy Storage Agreement |
| 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 |
| Farmington | The City of Farmington, New Mexico |
| FASB | Financial Accounting Standards Board |
| FAST Act | SEC’s modernization and simplification of Regulation S-K |
| FERC | Federal Energy Regulatory Commission |
| FIP | Federal Implementation Plan |
| FMB | First Mortgage Bond |
| Four Corners | Four Corners Power Plant |
| Four Corners Abandonment Application | PNM’s January 8, 2021 application for approval for the abandonment of Four Corners and issuance of a securitized financing order |
| Four Corners CSA | Four Corners’ coal supply contract with NTEC |
| Four Corners Purchase and Sale Agreement | PNM’s pending sale of its 13% ownership interest in Four Corners to 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 Emissions |
| Grid Modernization Plan | PNM’s NMPRC approved plan for grid modernization that includes investments of approximately $367 million for the first six years of a broader 11-year strategy |
| GWh | Gigawatt hours |
| IBEW | International Brotherhood of Electrical Workers |
| INDC | Intended Nationally Determined Contribution |
| IRA | Inflation Reduction Act |
| IRC | Internal Revenue Code |
| IRP | Integrated Resource Plan |
| IRS | Internal Revenue Service |
| ISFSI | Independent Spent Fuel Storage Installation |
| June 2025 Stock Purchase Agreement | TXNM’s agreement for sale of 3,615,003 shares of TXNM common stock for a purchase price of $55.325 per share |
| kV | Kilovolt |
| KW | Kilowatt |
| KWh | Kilowatt Hour |
| La Joya Wind I | La Joya Wind Facility generating 166 MW of output that became operational in February 2021 |
| La Joya Wind II | La Joya Wind Facility generating 140 MW of output that became operational in June 2021 |
| La Luz | La Luz Generating Station |
| Leased Interest | Leased capacity in PVNGS Unit 1 and Unit 2 |
| Lordsburg | Lordsburg Generating Station |
| Luna | Luna Energy Facility |
| May 2025 Stock Purchase Agreement | TXNM’s agreement for sale of 8,000,000 shares of TXNM common stock for a purchase price of $50.00 per share |
| 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 BTUs |
iv
| Moody’s | Moody’s Investor Services, Inc. |
|---|---|
| MW | Megawatt |
| MWh | Megawatt Hour |
| NAAQS | National Ambient Air Quality Standards |
| NDT | Nuclear Decommissioning Trusts for PVNGS |
| NEE | New Energy Economy |
| NERC | North American Electric Reliability Corporation |
| New Mexico Wind | New Mexico Wind Energy Center |
| NM 2015 Rate Case | Request for a General Increase in Electric Rates Filed 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, owned 50% each by PNMR Development and AEP OnSite Partners, LLC |
| 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 |
| OATT | Open Access Transmission Tariff |
| OBBBA | One Big Beautiful Bill Act of 2025 |
| OCI | Other Comprehensive Income |
| OMB | Office of Management and Budget |
| 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 |
| PBO | Projected Benefit Obligation |
| PCRBs | Pollution Control Revenue Bonds |
| 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 2021 Note Purchase Agreement | PNM’s Agreement for the sale of PNM’s 2021 SUNs |
| PNM 2021 SUNs | PNM’s $160.0 million Senior Unsecured Notes issued on July 14, 2021 |
| PNM 2021 Term Loan | PNM’s $75.0 million 18-month Unsecured term loan that was repaid on August 5, 2022 |
| PNM 2022 Delayed- Draw Term Loan | PNM’s $225.0 million Unsecured term loan that matured February 5, 2024 |
| PNM 2023 Note Purchase Agreement | PNM’s agreement for sale of PNM’s 2023 SUNs |
| PNM 2023 SUNs | PNM’s $200.0 million aggregate principal amount of two series of Senior Unsecured Notes issued on April 28, 2023 |
| PNM 2024 Term Loan | PNM’s $200.0 million term loan that matured November 10, 2025 |
| PNM 2025 Term Loan | PNM’s $195.0 million term loan that matures July 21, 2026 |
| 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 aggregate principal amount of two series of Senior Unsecured Notes issued on April 23, 2025 |
| PNM July 2025 Note Purchase Agreement | PNM’s agreement for sale of PNM’s July 2025 SUNs |
| PNM July 2025 SUNs | PNM’s $350.0 million aggregate principal amount of two series of Senior Unsecured Notes issued on July 31, 2025 |
| PNM November 2025 Term Loan | PNM’s $120.0 million term loan that matures on May 10, 2027 |
| PNM Revolving Credit Facility | PNM’s $400.0 million Unsecured Revolving Credit Facility |
v
| PNM September 2021 Note Purchase Agreement | PNM’s agreement for the sale of PNM’s September 2021 SUNs |
|---|---|
| PNM September 2021 SUNs | PNM’s $150.0 million Senior Unsecured Notes issued on December 2, 2021 |
| PNMR Development | PNMR Development and Management Company, an unregulated wholly-owned subsidiary of TXNM |
| PPA | Power Purchase Agreement |
| PSPS Plan | PNM’s Public Safety Power Shutoff Plan filed with the NMPRC on May 1, 2024 |
| PUCT | Public Utility Commission of Texas |
| PV | Photovoltaic |
| PVNGS | Palo Verde Nuclear Generating Station |
| PVNGS Leased Interest Abandonment Application | Application with the NMPRC requesting approval for the decertification and abandonment of 114MW of leased PVNGS capacity |
| RCT | Reasonable Cost Threshold |
| 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 | Retail Electricity Provider |
| RFP | Request For Proposal |
| Rio Bravo | Rio Bravo Generating Station, formerly known as Delta |
| ROE | Return on Equity |
| RPS | Renewable Energy Portfolio Standard |
| S&P | Standard and Poor’s Ratings Services |
| SCE | Southern California Edison Company |
| SCPPA | Southern California Public Power Authority |
| SEC | United States Securities and Exchange Commission |
| Securities Act | The Securities Act of 1933, as amended |
| Securitized Bonds | Energy transition bonds |
| SIP | State Implementation Plan |
| SJCC | San Juan Coal Company |
| SJGS | San Juan Generating Station |
| SJGS Abandonment Application | PNM’s July 1, 2019, consolidated application seeking NMPRC approval to retire PNM’s share of SJGS in 2022, for related replacement generating resources, and for the issuance of Securitized Bonds under the ETA |
| SJGS CSA | San Juan Generating Station Coal Supply Agreement |
| SO2 | Sulfur Dioxide |
| SOFR | Secured Overnight Financing Rate |
| SRP | Salt River Project |
| SUNs | Senior Unsecured Notes |
| Tax Act | Federal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act |
| TCEQ | Texas Commission on Environmental Quality |
| 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 2023 Bonds | TNMP’s FMBs to be issued under the TNMP 2023 Bond Purchase Agreement |
| TNMP 2023 Bond Purchase Agreement | TNMP’s agreement for the sale of an aggregate $185.0 million of two series of TNMP’s 2023 Bonds |
| TNMP 2024 Bonds | TNMP’s FMBs to be 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 four series of TNMP’s 2024 Bonds |
| TNMP Base Rate Review | TNMP’s general rate review application filed with the PUCT in November 2025 |
| TNMP February 2025 Bonds | TNMP’s FMBs to be issued under the TNMP February 2025 Bond Purchase Agreement |
vi
| TNMP February 2025 Bond Purchase Agreement | TNMP’s agreement for the sale of an aggregate $140.0 million of TNMP’s February 2025 Bonds |
|---|---|
| TNMP FMBs | TNMP’s $1,505.0 million in outstanding FMBs |
| TNMP July 2025 Bond Purchase Agreement | TNMP’s agreement for the sale of an aggregate $1,084.3 million of six series of TNMP’s July 2025 FMBs |
| TNMP July 2025 FMBs | TNMP’s FMBs to be issued under the TNMP July 2025 Bond Purchase Agreement |
| TNMP Merger Backstop Term Loan | TNMP’s $1,505.0 million, 364-day delayed-draw term loan that terminated on July 22, 2025 |
| TNMP November 2025 Bond Purchase | TNMP’s agreement for the sale of an aggregate $70.0 million of TNMP’s November 2025 FMBs |
| TNMP November 2025 FMBs | TNMP’s FMBs to be issued under the TNMP November 2025 Bond Purchase Agreement |
| TNMP Revolving Credit Facility | TNMP’s $200.0 million Secured Revolving Credit Facility |
| TNP | TNP Enterprises, Inc. and Subsidiaries |
| TOD | Time of Day |
| Tucson | Tucson Electric Power Company |
| TXNM | TXNM Energy, Inc. formerly known as PNM Resources, Inc. (“PNMR”) |
| TXNM 2021 Delayed-Draw Term Loan | TXNM’s $1.0 billion delayed-draw term loan that matured on May 18, 2025 |
| TXNM 2022 ATM Program | TXNM’s distribution agreement pursuant to which the Company issued and sold an aggregate sales price of $200.0 million of TXNM common stock, no par value, through the sales agents |
| TXNM 2023 Term Loan | TXNM $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 TXNM 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 TXNM common stock, no par value, through the sales agents |
| TXNM 2025 Junior Subs | TXNM’s $350.0 million 7.00% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 |
| TXNM Merger Backstop Revolving Facility | TXNM’s $910.0 million 364-day revolving credit facility |
| TXNM Revolving Credit Facility | TXNM’s $300.0 million Unsecured Revolving Credit Facility |
| U.S. | The Unites States of America |
| US 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 that PNM purchased in December 2021 |
| Westmoreland | Westmoreland Coal Company |
| WFB LOC Facility | Letter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020 |
| WMP | PNM’s Wildfire Mitigation Plan filed with the NMPRC on May 1, 2024 |
| WRAP | Western Resource Adequacy Program |
| WSJ | Westmoreland San Juan, LLC, an indirect wholly-owned subsidiary of Westmoreland |
| WSJ LLC | Westmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC |
| WSPP | Western Systems Power Pool |
vii
Part I
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.