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PNM, a subsidiary of TXNM Energy (NYSE: TXNM), has filed a joint notice with the New Mexico Public Regulation Commission (NMPRC) announcing a Settlement in Principle regarding its 2025 Rate Request. Parties involved, including the New Mexico Department of Justice and Walmart, have filed a motion to modify the procedural schedule and postpone the November 26, 2024 testimony deadline. The parties requested a scheduling conference for December 2024, while maintaining mid-February 2025 evidentiary hearings. The settlement remains subject to NMPRC approval.
Public Service Company of New Mexico (PNM), a subsidiary of TXNM Energy (NYSE: TXNM), announced plans to join the California Independent System Operator (CAISO) Extended Day-Ahead Market (EDAM). EDAM builds on CAISO's real-time Western Energy Imbalance Market (WEIM), which PNM has participated in since 2021. PNM aims to enhance reliability and economic benefits for customers, leveraging New Mexico's renewable energy potential. The WEIM has already provided New Mexico customers with nearly $125 million in benefits. EDAM is projected to offer $20 million in annual benefits and is scheduled to launch in 2026, with PNM's participation expected by 2027. This decision follows policy guidance from the New Mexico Public Regulation Commission (NMPRC). CAISO President and CEO, Elliot Mainzer, expressed enthusiasm for PNM's participation, highlighting the potential for greater economic and reliability benefits.
TXNM Energy announced that its management will meet with analysts and investors at the Edison Electric Institute Financial Conference this week. During these meetings, the company plans to affirm its 2024 consolidated earnings guidance of $2.70 to $2.75 per diluted share. The presentation materials for these meetings are available on the company's website.
TXNM Energy, based in Albuquerque, New Mexico, serves over 800,000 homes and businesses in Texas and New Mexico through its regulated utilities, TNMP and PNM.
TXNM Energy reported Q3 2024 GAAP earnings of $1.45 per diluted share and ongoing earnings of $1.43 per share. The company narrowed its 2024 ongoing earnings guidance to $2.70-$2.75 per share. Q3 2024 GAAP net earnings were $131.2 million, up from $37.7 million in Q3 2023. Key segment performance showed PNM with $1.18 ongoing EPS and TNMP with $0.39 ongoing EPS. Results were impacted by new retail rates implementation, transmission margins, weather impacts, and additional shares issued in December 2023. The quarter included $9.5 million in net unrealized investment gains.
The New Mexico Public Regulation Commission (NMPRC) has approved Public Service Company of New Mexico (PNM)'s application to modernize its grid infrastructure. This plan, part of a longer-term deployment, aims to enhance customer service through new tools like smart meters and support New Mexico's clean energy transition. The approved six-year plan includes $344 million of investments and will enable:
- Two-way communication on the grid
- Customer insights into energy usage
- Real-time grid status visibility for PNM
- Reduced outages and proactive problem-solving
Deployment will prioritize low-income and underserved communities. Investments will be recovered through a tariff rider, reviewed annually, in line with the state's 2020 grid modernization legislation.
TNMP, a subsidiary of TXNM Energy, Inc. (NYSE: TXNM), has received approval from the Public Utility Commission of Texas (PUCT) for two rate base recovery applications. The first, a Transmission Cost of Service (TCOS) filing, was approved on September 20, 2024, allowing for an annual rate increase of $3.9 million to recover $20.6 million of incremental transmission rate base. The second, a Distribution Cost Recovery Factor (DCRF) application, was approved on October 3, 2024, permitting an annual rate increase of $7.7 million to recover $43.7 million of incremental distribution rate base.
TXNM Energy, based in Albuquerque, New Mexico, serves over 800,000 customers in Texas and New Mexico through its regulated utilities, TNMP and PNM. The approved TCOS rates are already in effect, while the DCRF rates will become effective in approximately 45 days.
TXNM Energy (NYSE: TXNM) has announced it will release its third quarter 2024 financial results before the market opens on Friday, November 1, 2024. The company will host a live conference call at 11 a.m. Eastern Time to discuss the results and provide company updates. Investors and analysts can participate by pre-registering or dialing in. A live webcast will also be available on the company's website.
TXNM Energy is an energy holding company based in Albuquerque, New Mexico, serving over 800,000 homes and businesses in Texas and New Mexico through its regulated utilities, TNMP and PNM. The company will post the press release and presentation materials on its website at www.TXNMEnergy.com prior to the call.
TXNM Energy, Inc. (NYSE: TXNM) has announced its regular quarterly dividend of $0.3875 per share on the company's common stock. The dividend will be payable on November 8, 2024, to shareholders of record at the close of business on October 28, 2024. This decision was made by the Board of Directors during their regular meeting on September 24, 2024.
TXNM Energy is an energy holding company based in Albuquerque, New Mexico. It provides energy services to over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM.
Public Service Company of New Mexico, a subsidiary of TXNM Energy (NYSE: TXNM), has declared its regular quarterly dividend on preferred stock. The Board of Directors announced a dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. This dividend is payable on October 15, 2024, to shareholders of record at the close of business on September 30, 2024.
TXNM Energy is an energy holding company based in Albuquerque, New Mexico. It serves over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. This dividend declaration demonstrates the company's commitment to providing consistent returns to its preferred shareholders.
TNMP, a subsidiary of TXNM Energy, Inc. (NYSE: TXNM), has filed its first System Resiliency Plan (SRP) with the Public Utility Commission of Texas. The plan outlines $600 million in capital investments and $151 million in related costs over three years to enhance the resiliency of its distribution system. The SRP includes eight Resiliency Measures focusing on distribution system improvements, modernization, vegetation management, wildfire mitigation, flood mitigation, enhanced technology, and security. This data-driven approach aims to address various risks across TNMP's diverse service territory in Texas. The plan is subject to PUCT approval, with investments recoverable primarily through semi-annual Distribution Cost Recovery Factor filings.
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