TXNM Energy is a holding company that owns two regulated electric utilities: PNM in New Mexico and TNMP in Texas, together serving approximately 842,000 customers. PNM is a vertically integrated utility serving north-central New Mexico, including Albuquerque and Santa Fe, generating, transmitting, and distributing electricity to retail customers while also providing wholesale transmission services. TNMP is a transmission and distribution-only utility operating within ERCOT in Texas, serving communities in the Dallas-Fort Worth area, the Texas Gulf Coast, and far west Texas; TNMP delivers electricity over its wires to retail electric providers, who then serve end consumers. Both utilities operate under traditional cost-of-service regulation, earning a regulator-approved return on their invested infrastructure. Rate base growth is the core earnings driver — as PNM and TNMP invest in generation, transmission, and distribution infrastructure, allowed revenues grow. PNM's generation portfolio is roughly half renewables, with the remainder split among gas, storage, nuclear, and declining coal exposure; New Mexico law mandates 100% zero-carbon generation by 2045. TNMP has no generation exposure and benefits from strong load growth, including a 70.5% increase in data center load in 2025. TXNM has agreed to be acquired by Blackstone Infrastructure for $61.25 per share in cash, with the deal expected to close in the second half of 2026, pending NMPRC approval.