TXNM is a holding company that owns two regulated electric utilities, PNM and TNMP, which together provide electricity to approximately 839,000 residential, commercial, and industrial customers in New Mexico and Texas. The company’s mission is to create a clean and bright energy future by delivering safe, reliable, and affordable power while pursuing environmental sustainability. TXNM’s strategy emphasizes safety excellence through a formal safety management system, customer satisfaction via improved service experiences, grid modernization to enhance reliability and resilience, and the transition to a carbon free generating portfolio by 2040. The company also focuses on stakeholder and community engagement to support economic development and environmental stewardship.

TXNM generates revenue primarily through the electric operating revenues of its utilities, PNM and TNMP. These revenues come from the sale of electricity to residential, commercial, industrial, and other end use customers, as well as from wholesale transmission services and various rate recovery mechanisms such as the fuel and purchased power cost adjustment clause, transmission and distribution rates, and riders for renewable energy, energy efficiency, and grid modernization. The company also earns income from participation in regional energy markets, including the Western Energy Imbalance Service and the planned Extended Day Ahead Market. Additional revenue streams include ancillary services, customer programs, and contributions from renewable energy credit sales.

The company operates through the following segments:.

• PNM: This segment provides electric generation, transmission, and distribution services in New Mexico, with a generation portfolio that includes nuclear, natural gas, renewable, and carbon free resources. PNM is advancing its grid modernization plan to improve reliability, resilience, and customer empowerment through smart meters and distribution upgrades. The utility aims to be coal free by 2031 and to achieve a carbon free generating portfolio by 2040, supported by investments in solar, wind, battery storage, and energy efficiency programs that serve residential, commercial, and industrial customers.

• TNMP: This segment delivers transmission and distribution services in Texas, focusing on grid resilience, reliable power supply, and superior customer experience. TNMP invests in transmission and distribution infrastructure to meet growing demand, supports advanced metering infrastructure, and participates in state initiatives that encourage utility investment for reliability and resilience. The utility serves retail electric providers that in turn supply end use customers across its service territory, and it pursues initiatives such as wildfire mitigation and storm response to maintain service continuity.

TXNM holds a competitive position within the utility industry as a diversified holding company with regulated operations in two states. Its advantages include a balanced rate base between New Mexico and Texas, substantial investments in transmission and distribution infrastructure, a growing portfolio of renewable and carbon free resources, and strong regulatory relationships that support timely rate recovery. The company benefits from participation in regional energy markets such as the Western Energy Imbalance Service, which enhances flexibility and reduces costs for customers. TXNM maintains investment grade credit ratings from major agencies, reflecting its financial discipline and commitment to sustainable, customer centric operations. It competes with other investor owned utilities but differentiates itself through a long term focus on clean energy transition, grid modernization, and community engagement.

TXNM serves approximately 839,000 residential, commercial, and industrial customers across New Mexico and Texas through its utilities. In New Mexico, PNM provides electricity directly to households, businesses, and large industrial facilities, including notable customers such as data center operators. In Texas, TNMP delivers transmission and distribution services to retail electric providers that in turn supply end use customers, ranging from individual homes to commercial enterprises and industrial plants. The company also supports community programs, low income assistance, and economic development initiatives that benefit a broad base of stakeholders. While specific customer names are not disclosed in the filing, the utility base reflects a diverse mix of users across urban, suburban, and rural areas.