PNM (Public Service Company of New Mexico)

PNM Resources, Inc. (NYSE: PNM) is the parent company of Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), providing regulated electric utility service to approximately 800,000 customers across New Mexico and West Texas through these two subsidiaries. PNM serves approximately 530,000 customers across northern and central New Mexico including Albuquerque, Santa Fe, and surrounding communities, while TNMP serves approximately 270,000 customers in West Texas and the Texas panhandle. According to its website at pnm.com, PNM Resources is committed to providing safe, reliable, and affordable electricity to its customers while making significant progress toward a clean energy future — including achieving carbon neutrality by 2040 — through the retirement of coal generation and the development of renewable energy, battery storage, and grid modernization investments.

PNM's generation transition strategy, described at pnm.com, involves the retirement of its remaining coal generation — including its interests in the San Juan Generating Station, which completed its final unit retirement in 2022 — and replacement with renewable energy including large-scale solar, wind, and battery storage resources that dramatically improve the carbon profile of PNM's generation portfolio. New Mexico's Energy Transition Act — landmark legislation requiring utilities to achieve 50% renewable energy by 2030 and 100% carbon-free generation by 2045 — provides the legislative framework and economic mechanism for PNM's accelerated clean energy transition, enabling the utility to securitize retired coal plant costs and develop renewable energy that earns a regulated return for shareholders. PNM's transition from coal to renewables represents one of the most significant clean energy transformations of any mid-sized U.S. electric utility.

PNM Resources has been the subject of acquisition activity — including a merger agreement with Avangrid that was ultimately terminated — reflecting the strategic value of its regulated electric utility franchise in the rapidly growing New Mexico market. According to pnm.com, the company's combination of growing New Mexico service territory, aggressive clean energy transition program, constructive regulatory framework under the Energy Transition Act, and Texas-New Mexico Power subsidiary creates a distinctive utility investment profile with meaningful exposure to renewable energy development. PNM Resources' combination of New Mexico and West Texas electric utility franchise, clean energy transition leadership, Energy Transition Act framework, and regulatory support for renewable development establishes it as a distinctive participant in the southwestern U.S. utility market.