PUBLIC SERVICE CO OF NEW MEXICO
For the period ended Sep 30, 2026. Filed Oct 30, 2026.
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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, 2026 · Filed Oct 30, 2026
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 future test year |
| 2025 Rate Request | PNM’s request for a general increase in electric rates filed with the NMPRC on June 14, 2024, using a future test year 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 |
| 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 |
| ATM | At-the-market offering/program |
| 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 |
| CCRMU | Coal Combustion Residual Management Unit |
| CCS | Carbon Capture and Storage/Sequestration |
| CI | Carbon Intensity |
| 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 $549.8 million junior subordinated convertible notes issued on June 10, 2024, and June 21, 2024 |
| CTFP | New Mexico’s Clean Transportation Fuel Program administered by NMED |
| 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 |
| FCC | Federal Communications Commission |
| 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 agreement with NTEC |
| FPPAC | Fuel and Purchased Power Adjustment Clause |
|---|---|
| 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 |
| HSR | Hart-Scott-Rodino Antitrust Improvements Act |
| 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 |
| 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 Platforms, 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 |
| NM | New Mexico |
| NM 2016 Rate Case | Request for a General Increase in Electric Rates Filed by PNM on December 7, 2016 |
| 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 |
| NOPR | Notice of Proposed Rulemaking |
| 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 2021 Fixed Rate PCRBs | PNM’s $100.3 million 0.875% PCRBs subject to mandatory tender on October 1, 2026 |
| PNM 2025 Term Loan | PNM’s $195.0 million unsecured term loan issued January 21, 2025 and matured on July 21, 2026 |
| PNM 2026 Term Loan | PNM’s $195.0 million unsecured term loan issued July 21, 2026 |
| PNM 2026 PCRBs | PNM’s $100.3 million 4.125% PCRBs subject to mandatory tender on October 1, 2030 |
| 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 August 2026 Note Purchase Agreement | PNM’s agreement for sale of PNM August 2026 SUNs |
|---|---|
| PNM August 2026 SUNs | PNM’s $200.0 million Senior Unsecured Notes issued on August 19, 2026 |
| PNM Commercial Paper Program | PNM’s commercial paper program from which it may issue from time to time short-term, unsecured commercial paper notes not to exceed $400.0 million |
| PNM New Mexico Credit Facility | PNM’s $40.0 million Unsecured Revolving Credit Facility |
| PNM November 2025 Term Loan | PNM’s $120.0 million unsecured term loan issued November 10, 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 |
| PVNGS | Palo Verde Nuclear Generating Station |
| RD | Recommended Decision |
| REA | New Mexico’s Renewable Energy Act of 2004 |
| RECs | Renewable Energy Certificates |
| 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 August 2026 Bonds | TNMP’s First Mortgage Bonds issued under the TNMP August 2026 Bond Purchase Agreement |
| TNMP August 2026 Bond Purchase Agreement | TNMP’s agreement for sale of an aggregate $150.0 Million of TNMP August 2026 Bonds |
| TNMP Base Rate Review | TNMP’s general rate proceeding filed with the PUCT on November 14, 2025 |
| TNMP Commercial Paper Program | TNMP’s commercial paper program from which it may issue from time to time short-term, unsecured commercial paper notes not to exceed $300.0 million |
| 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 $300.0 million Secured Revolving Credit Facility |
| TNP | TNP Enterprises, Inc. and Subsidiaries |
| TXNM | TXNM Energy, Inc. formerly known as PNM Resources, Inc. (“PNMR”) |
| TXNM 2025 Junior Subs | TXNM’s $350.0 million 7.00% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 |
| TXNM 2026 ATM Program | TXNM’s distribution agreement pursuant to which the Company issued and sold up to an aggregate of $125.0 million of TXNM common stock, no par value, through the sales agents |
| TXNM Commercial Paper Program | TXNM’s commercial paper program from which it may issue from time to time short-term, unsecured commercial paper notes not to exceed $300.0 million |
|---|---|
| TXNM Revolving Credit Facility | TXNM’s $300.0 million Unsecured Revolving Credit Facility |
| U.S. | The United States of America |
| U.S. Supreme Court | United States Supreme Court |
| UTM | Unified Tracker Mechanism |
| Valencia | Valencia Energy Facility |
| VIE | Variable Interest Entity |
| 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 |
| WSJ LLC | Westmoreland San Juan Mining, 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.