TXNM Energy posts $163.4 million third-quarter profit as PNM demand hits record

TXNM Energy, the parent company of Public Service Company of New Mexico, reported third-quarter net earnings of $163.4 million, up 25% from $130.7 million in the same quarter a year earlier. The company released the figures Friday for the period covering July through September.

TXNM attributed the increase to rate relief granted by the New Mexico Public Regulation Commission in a 2025 rate case, higher electric retail load, and revenue from the utility's transmission lines. PNM serves 550,000 customers in New Mexico. Its grid recorded peak demand during the summer heat.

TXNM president and CEO Don Tarry said in the earnings release that PNM and Texas-New Mexico Power Co. both reached new system peaks during the summer. "We are acutely aware of the impact of higher energy use on our customers, and we remain focused on strengthening reliability while managing costs responsibly for our customers," Tarry said.

TXNM canceled its earnings call while a proposed $11.5 billion sale to Blackstone Infrastructure awaits review. The company reported $9.2 million in deal-related costs during the quarter and said it expects the sale to close in the first half of 2027, subject to regulatory approval. TXNM shares traded Friday at about $58.38, down less than 1%.

On Oct. 27, hearing examiners with the Public Regulation Commission issued a revised schedule for the proposed sale. Evidentiary hearings are set for Jan. 19 through Feb. 1, 2027.