TXNM Energy, Inc., previously known as PNM Resources, is an investor-owned energy holding company that provides regulated electricity services in the Southwestern United States. The company operates primarily through two wholly owned subsidiaries: Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). PNM functions as a vertically integrated electric utility in New Mexico, engaging in the generation, transmission, and distribution of electricity. Its generation portfolio includes a mix of nuclear, natural gas, solar, wind, and geothermal resources, alongside battery storage, as the company aggressively transitions toward a 100% carbon-free generation goal by 2040. TNMP operates exclusively as a regulated electricity transmission and distribution service provider in Texas, delivering power to end-users without engaging in merchant generation. Revenue is predominantly generated through regulated utility rates approved by state commissions, including the New Mexico Public Regulation Commission and the Public Utility Commission of Texas. The company's capital expenditure strategy is heavily focused on grid modernization, system resiliency, and renewable energy integration to support growing demand, particularly from data centers and commercial expansion in its service territories. In 2025, TXNM Energy entered into an agreement to be acquired by Blackstone Infrastructure, a transaction expected to close in the second half of 2026, pending regulatory approvals.
