TXNM Energy is a holding company that owns two regulated electric utilities: PNM in New Mexico and TNMP in Texas, together serving roughly 842,000 customers. PNM is a vertically integrated utility providing generation, transmission, and distribution service across north-central New Mexico, including Albuquerque and Santa Fe, with about 4,733 MW of generation capacity and a mix that is roughly half renewable. TNMP is a wires-only T&D utility operating within ERCOT, serving communities north of Dallas-Fort Worth, along the Gulf Coast, and in far west Texas — it does not generate or sell power, but charges retail electric providers for use of its infrastructure. Both utilities are rate-regulated, earning allowed returns on invested capital set by state regulators — PNM at 9.45% ROE and TNMP at 9.65% ROE. The core earnings driver is rate base growth, and TXNM has a $7.8B five-year capital plan weighted heavily toward TNMP, which is benefiting from rapid data center load growth and grid investment tied to ERCOT's Permian Basin Reliability Study. PNM is transitioning toward a 100% zero-carbon portfolio by 2045, as mandated by New Mexico law. TXNM has agreed to be acquired by Blackstone Infrastructure at $61.25 per share; shareholders approved the deal in August 2025, with NMPRC approval still pending and close expected in the second half of 2026.