TXNM Energy (TXNM) 10-K28 Feb 252024 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Feb. 14, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Registrant Name	TXNM Energy, Inc.
Entity Incorporation, State or Country Code	NM
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-32462
Entity Tax Identification Number	85-0468296
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	TXNM
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		92,659,335
Entity Public Float			$ 3,333,806,193
Documents Incorporated by Reference	Portions of the following document are incorporated by reference into Part III of this report: Proxy Statement to be filed by TXNM with the SEC pursuant to Regulation 14A relating to the annual meeting of shareholders of TXNM to be held on May 13, 2025. This combined Form 10-K is separately filed by TXNM, PNM, and TNMP. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants. When this Form 10-K is incorporated by reference into any filing with the SEC made by TXNM, PNM, or TNMP, as a registrant, the portions of this Form 10-K that relate to each other registrant are not incorporated by reference therein.
Entity Central Index Key	0001108426
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
PNM
Document Information [Line Items]
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Public Service Company of New Mexico
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-06986
Entity Tax Identification Number	85-0019030
Title of 12(b) Security	1965 Series, 4.58% Cumulative Preferred Stock
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Common Stock, Shares Outstanding		39,117,799
Entity Central Index Key	0000081023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
TNMP
Document Information [Line Items]
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Texas-New Mexico Power Company
Entity Address, Address Line One	577 N. Garden Ridge Blvd.
Entity Address, City or Town	Lewisville
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75067
City Area Code	972
Local Phone Number	420-4189
Entity File Number	002-97230
Entity Tax Identification Number	75-0204070
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Common Stock, Shares Outstanding		6,358
Entity Central Index Key	0000022767
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor [Line Items]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	New York, New York
PNM
Auditor [Line Items]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	New York, New York
TNMP
Auditor [Line Items]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	New York, New York

Consolidated Statements of Earn

Consolidated Statements of Earnings - TXNM - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Electric Operating Revenues	$ 1,971,199	$ 1,939,198	$ 2,249,555
Operating Expenses:
Administrative and general	247,116	227,900	227,149
Regulatory disallowances	8,980	71,923	832
Depreciation and amortization	384,925	319,503	304,853
Transmission and distribution costs	98,380	98,721	94,684
Taxes other than income taxes	100,580	95,940	92,989
Total operating expenses	1,517,713	1,707,858	1,855,795
Operating income	453,486	231,340	393,760
Other Income and Deductions:
Interest income	23,537	21,963	16,095
(Gains) losses on investment securities	26,851	19,246	(78,357)
Other income	28,621	24,204	21,601
Other (deductions)	(24,189)	(15,869)	(13,881)
Net other income and (deductions)	54,820	49,544	(54,542)
Interest Charges	228,066	190,355	127,908
Earnings before Income Taxes	280,240	90,529	211,310
Income Taxes (Benefits)	21,518	(16,350)	26,130
Net Earnings	258,722	106,879	185,180
(Earnings) Attributable to Valencia Non-controlling Interest	(16,040)	(18,533)	(15,122)
Subsidiary preferred stock dividends	(528)	(528)	(528)
Net earnings attributable to TXNM, basic	$ 242,154	$ 87,818	$ 169,530
Net Earnings Attributable to TXNM per Common Share:
Basic (in dollars per share)	$ 2.67	$ 1.02	$ 1.97
Diluted (in dollars per share)	$ 2.67	$ 1.02	$ 1.97
Electricity
Electric Operating Revenues	$ 1,971,199	$ 1,939,198	$ 2,249,555
Operating Expenses:
Cost of energy and production costs	583,984	802,261	987,941
Energy production costs
Operating Expenses:
Cost of energy and production costs	$ 93,748	$ 91,610	$ 147,347

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - TXNM - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 258,722	$ 106,879	$ 185,180
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase (decrease) in unrealized holding gains arising during the period, net of income tax (expense) benefit of $225, $(2,928), and $490	(660)	8,601	(1,438)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $3,330, $1,828, and $972	(9,778)	(5,371)	(2,855)
Pension Liability Adjustment:
Experience gains (losses), net of income tax (expense) benefit of $815, $(353), and $1,159	(2,395)	1,036	(3,406)
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(1,236), $(1,212), and $(1,804)	3,630	3,564	5,300
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $3,876, $3,933, and $(3,121)	(11,384)	(11,550)	9,164
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $(2,629), $(2,359), and $299	7,719	6,928	(877)
Total Other Comprehensive Income (Loss)	(12,868)	3,208	5,888
Comprehensive Income	245,854	110,087	191,068
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(16,040)	(18,533)	(15,122)
Subsidiary preferred stock dividends	(528)	(528)	(528)
Comprehensive Income Attributable to TXNM	$ 229,286	$ 91,026	$ 175,418

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income - TXNM (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ 225	$ (2,928)	$ 490
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	3,330	1,828	972
Pension liability adjustment, income tax expense (benefit)	815	(353)	1,159
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, income tax expense	(1,236)	(1,212)	(1,804)
Change in fair market value, income tax (expense) benefit	3,876	3,933	(3,121)
Reclassification adjustment for losses included in net earnings, income tax expense (benefit)	$ (2,629)	$ (2,359)	$ 299

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - TXNM - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net Earnings	$ 258,722	$ 106,879	$ 185,180
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	423,010	353,692	341,123
Deferred income tax expense (benefit)	43,050	(13,509)	24,533
(Gain) on sale of NMRD	(4,449)	0	0
(Gains) losses on investment securities	(26,851)	(19,246)	78,357
Stock based compensation expense	9,480	7,190	7,825
Regulatory disallowances	8,980	71,923	832
Allowance for equity funds used during construction	(17,887)	(14,978)	(13,799)
Other, net	4,165	804	2,377
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(13,349)	53,229	(73,099)
Materials, supplies, and fuel stock	(33,804)	(31,301)	(8,528)
Other current assets	31,967	(52,225)	17,159
Other assets	(83,541)	(25,820)	5,002
Accounts payable	10,021	(33,536)	47,568
Accrued interest and taxes	5,114	17,526	9,205
Other current liabilities	(106,374)	125,580	(28,516)
Other liabilities	(94)	4,963	(27,935)
Net cash flows from operating activities	508,160	551,171	567,284
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(1,247,041)	(1,075,812)	(912,557)
Proceeds from sale of plant assets (Note 8)	2,840	32,654	0
Proceeds from sales of investment securities	707,338	574,199	526,448
Purchases of investment securities	(756,805)	(593,241)	(564,912)
Proceeds from sale of NMRD	116,936	0	0
Investments in NMRD	(12,550)	(26,250)	0
Other, net	14,910	44	674
Net cash flows used in investing activities	(1,174,372)	(1,088,406)	(950,347)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	2,892,200	2,358,900	1,829,500
Revolving credit facilities repayments	(2,544,800)	(2,329,000)	(1,660,200)
Long-term borrowings	1,233,000	1,358,096	558,000
Repayment of long-term debt	(819,529)	(910,000)	(179,500)
Issuance of common stock	98,601	198,177	0
Awards of common stock	(8,460)	(9,646)	(7,980)
Dividends paid	(140,339)	(126,705)	(119,839)
Valencia’s transactions with its owner	(19,098)	(21,569)	(17,533)
Transmission interconnection and security deposit arrangements	92,272	49,807	96,550
Refunds paid under transmission interconnection and security deposit arrangements	(79,011)	(21,124)	(107,397)
Debt issuance costs and other, net	(20,482)	(9,836)	(5,564)
Net cash flows from financing activities	684,354	537,100	386,037
Change in Cash, Cash Equivalents, and Restricted Cash	18,142	(135)	2,974
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	3,943	4,078	1,104
Cash, Cash Equivalents, and Restricted Cash at End of Year	22,085	3,943	4,078
Restricted Cash Included in Other Current Assets and Other Deferred Charges on Consolidated Balance Sheets:
At beginning of period	1,728	0	0
At end of period	17,587	1,728	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	207,972	155,273	118,485
Income taxes paid (refunded), net	(998)	1,505	(1,011)
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	$ 10,728	$ (23,002)	$ 4,455

Consolidated Balance Sheets - T

Consolidated Balance Sheets - TXNM - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 4,498	$ 2,215
Accounts receivable, net of allowance for credit losses of $1,398 and $3,388	130,351	126,291
Unbilled revenues	69,176	64,072
Other receivables	37,236	76,509
Materials, supplies, and fuel stock	166,861	98,034
Regulatory assets	41,492	73,046
Prepaid assets	25,452	19,759
Income taxes receivable	7,684	6,697
Other current assets	16,086	8,920
Total current assets	498,836	475,543
Other Property and Investments:
Investment securities	475,524	444,408
Equity investment in NMRD	0	119,570
Other investments	259	171
Non-utility property, including financing leases	28,832	29,367
Total other property and investments	504,615	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	10,697,774	9,701,180
Less accumulated depreciation and amortization	2,829,296	2,755,823
Net plant in service and plant held for future use	7,868,478	6,945,357
Construction work in progress	495,976	589,834
Nuclear fuel, net of accumulated amortization of $28,245 and $35,840	72,554	74,671
Net utility plant	8,437,008	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	962,003	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	272,894	182,201
Other deferred charges	258,080	198,805
Total deferred charges and other assets	1,771,274	1,573,684
Total assets	11,211,733	10,252,605
Current Liabilities:
Short-term debt	609,300	261,900
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	611,603	280,169
Accounts payable	204,468	205,175
Customer deposits	6,533	6,237
Accrued interest and taxes	104,756	98,655
Regulatory liabilities	34,173	140,005
Operating lease liabilities	14,293	12,267
Dividends declared	36,889	35,085
Transmission interconnection arrangement liabilities	68,085	96,870
Other current liabilities	84,998	94,397
Total current liabilities	1,775,098	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,726 and $338,521 related to ETBC I)	4,311,765	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	899,392	845,280
Regulatory liabilities	748,738	771,317
Asset retirement obligations	244,618	245,531
Accrued pension liability and postretirement benefit cost	23,065	21,429
Operating lease liabilities	255,376	167,000
Other deferred credits	358,867	319,066
Total deferred credits and other liabilities	2,530,056	2,369,623
Total liabilities	8,616,919	7,842,025
Commitments and Contingencies (See Note 16)
Cumulative preferred stock of subsidiary without mandatory redemption requirements ([$100] stated value; [10,000,000] shares authorized; issued and outstanding [115,293] shares)	11,529	11,529
Company Common Stockholders' Equity
Common stock (no par value; 200,000,000 and 120,000,000 shares authorized; issued and outstanding 92,659,335 and 90,200,384 shares)	1,724,444	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(75,708)	(62,840)
Retained earnings	887,649	787,110
Total TXNM common stockholders’ equity	2,536,385	2,349,093
Non-controlling interest in Valencia	46,900	49,958
Total equity	2,583,285	2,399,051
Total liabilities and stockholders' equity	$ 11,211,733	$ 10,252,605

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - TXNM (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Allowance for uncollectible accounts	$ 1,398	$ 3,388
Utility Plant:
Accumulated depreciation, nuclear fuel	28,245	35,840
Debt
Current installments of long-term debt	611,603	280,169
Long-term Debt	$ 4,311,765	$ 4,241,642
Deferred Credits and Other Liabilities:
Cumulative preferred stock of subsidiary, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock of subsidiary, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock of subsidiary, shares issued (in shares)	115,293	115,293
Cumulative preferred stock of subsidiary, shares outstanding (in shares)	115,293	115,293
Company Common Stockholders' Equity
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	120,000,000
Common stock, shares issued (in shares)	92,659,335	92,659,335
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
Securitized Bonds
Debt
Current installments of long-term debt	$ 6,907	$ 2,529
Long-term Debt	$ 331,726	$ 338,521

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - TXNM - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia
Beginning balance at Dec. 31, 2021	$ 2,222,929	$ 2,167,524	$ 1,429,257	$ (71,936)	$ 810,203	$ 55,405
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	185,180	170,058			170,058	15,122
Total other comprehensive income (loss)	5,888	5,888		5,888
Subsidiary preferred stock dividends	(528)	(528)			(528)
Dividends declared on common stock	(150,855)	(150,855)			(150,855)
Awards of common stock	(7,980)	(7,980)	(7,980)
Stock based compensation expense	7,825	7,825	7,825
Valencia’s transactions with its owner	(17,533)					(17,533)
Ending balance at Dec. 31, 2022	2,244,926	2,191,932	1,429,102	(66,048)	828,878	52,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	106,879	88,346			88,346	18,533
Total other comprehensive income (loss)	3,208	3,208		3,208
Subsidiary preferred stock dividends	(528)	(528)			(528)
Dividends declared on common stock	(129,586)	(129,586)			(129,586)
Awards of common stock	(9,646)	(9,646)	(9,646)
Issuance of common stock	198,177	198,177	198,177
Stock based compensation expense	7,190	7,190	7,190
Valencia’s transactions with its owner	(21,569)					(21,569)
Ending balance at Dec. 31, 2023	2,399,051	2,349,093	1,624,823	(62,840)	787,110	49,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	258,722	242,682			242,682	16,040
Total other comprehensive income (loss)	(12,868)	(12,868)		(12,868)
Subsidiary preferred stock dividends	(528)	(528)			(528)
Dividends declared on common stock	(141,615)	(141,615)			(141,615)
Awards of common stock	(8,460)	(8,460)	(8,460)
Issuance of common stock	98,601	98,601	98,601
Stock based compensation expense	9,480	9,480	9,480
Valencia’s transactions with its owner	(19,098)					(19,098)
Ending balance at Dec. 31, 2024	$ 2,583,285	$ 2,536,385	$ 1,724,444	$ (75,708)	$ 887,649	$ 46,900

Consolidated Statements of Ea_2

Consolidated Statements of Earnings - PNM - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Electric Operating Revenues	$ 1,971,199	$ 1,939,198	$ 2,249,555
Operating Expenses:
Administrative and general	247,116	227,900	227,149
Regulatory disallowances	8,980	71,923	832
Depreciation and amortization	384,925	319,503	304,853
Transmission and distribution costs	98,380	98,721	94,684
Taxes other than income taxes	100,580	95,940	92,989
Total operating expenses	1,517,713	1,707,858	1,855,795
Operating income	453,486	231,340	393,760
Other Income and Deductions:
Interest income	23,537	21,963	16,095
Gains (losses) on investment securities	26,851	19,246	(78,357)
Other income	28,621	24,204	21,601
Other (deductions)	(24,189)	(15,869)	(13,881)
Net other income and (deductions)	54,820	49,544	(54,542)
Interest Charges	228,066	190,355	127,908
Earnings before Income Taxes	280,240	90,529	211,310
Income Taxes (Benefits)	21,518	(16,350)	26,130
Net Earnings	258,722	106,879	185,180
(Earnings) Attributable to Valencia Non-controlling Interest	(16,040)	(18,533)	(15,122)
Net earnings attributable to TXNM, basic	242,154	87,818	169,530
PNM
Electric Operating Revenues	1,379,088	1,403,948	1,766,825
Operating Expenses:
Administrative and general	226,560	206,650	204,846
Regulatory disallowances	8,980	70,750	832
Depreciation and amortization	221,780	177,633	180,812
Transmission and distribution costs	61,302	61,725	58,278
Taxes other than income taxes	49,807	48,790	49,210
Total operating expenses	1,097,095	1,320,772	1,505,338
Operating income	281,993	83,176	261,487
Other Income and Deductions:
Interest income	23,454	21,355	14,816
Gains (losses) on investment securities	26,851	19,246	(78,357)
Other income	15,329	11,638	10,763
Other (deductions)	(4,140)	(10,881)	(9,418)
Net other income and (deductions)	61,494	41,358	(62,196)
Interest Charges	106,018	86,574	61,073
Earnings before Income Taxes	237,469	37,960	138,218
Income Taxes (Benefits)	29,217	(16,758)	19,198
Net Earnings	208,252	54,718	119,020
(Earnings) Attributable to Valencia Non-controlling Interest	(16,040)	(18,533)	(15,122)
Net earnings	192,212	36,185	103,898
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Net earnings attributable to TXNM, basic	191,684	35,657	103,370
Electricity
Electric Operating Revenues	1,971,199	1,939,198	2,249,555
Operating Expenses:
Cost of energy and production costs	583,984	802,261	987,941
Electricity \| PNM
Operating Expenses:
Cost of energy and production costs	434,918	663,614	864,013
Energy production costs
Operating Expenses:
Cost of energy and production costs	93,748	91,610	147,347
Energy production costs \| PNM
Operating Expenses:
Cost of energy and production costs	$ 93,748	$ 91,610	$ 147,347

Consolidated Statements of Co_3

Consolidated Statements of Comprehensive Income - PNM - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Earnings	$ 258,722	$ 106,879	$ 185,180
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase (decrease) in unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit of $225, $(2,928), and $490	(660)	8,601	(1,438)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $3,330, $1,828, and $972	(9,778)	(5,371)	(2,855)
Pension Liability Adjustment:
Experience gains (losses), net of income tax (expense) benefit of $815, $(353), and $1,159	(2,395)	1,036	(3,406)
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(1,236), $(1,212), and $(1,804)	3,630	3,564	5,300
Total Other Comprehensive Income (Loss)	(12,868)	3,208	5,888
Comprehensive Income	245,854	110,087	191,068
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(16,040)	(18,533)	(15,122)
Comprehensive Income Attributable to TXNM	229,286	91,026	175,418
PNM
Net Earnings	208,252	54,718	119,020
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase (decrease) in unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit of $225, $(2,928), and $490	(660)	8,601	(1,438)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $3,330, $1,828, and $972	(9,778)	(5,371)	(2,855)
Pension Liability Adjustment:
Experience gains (losses), net of income tax (expense) benefit of $815, $(353), and $1,159	(2,395)	1,036	(3,406)
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(1,236), $(1,212), and $(1,804)	3,630	3,564	5,300
Total Other Comprehensive Income (Loss)	(9,203)	7,830	(2,399)
Comprehensive Income	199,049	62,548	116,621
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(16,040)	(18,533)	(15,122)
Comprehensive Income Attributable to TXNM	$ 183,009	$ 44,015	$ 101,499

Consolidated Statements of Co_4

Consolidated Statements of Comprehensive Income - PNM (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ 225	$ (2,928)	$ 490
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	3,330	1,828	972
Pension liability adjustment, income tax expense (benefit)	815	(353)	1,159
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, income tax expense	(1,236)	(1,212)	(1,804)
PNM
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	225	(2,928)	490
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	3,330	1,828	972
Pension liability adjustment, income tax expense (benefit)	815	(353)	1,159
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, income tax expense	$ (1,236)	$ (1,212)	$ (1,804)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - PNM - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - PNM - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net Earnings	$ 258,722,000	$ 106,879,000	$ 185,180,000
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	423,010,000	353,692,000	341,123,000
Deferred income tax expense (benefit)	43,050,000	(13,509,000)	24,533,000
(Gains) losses on investment securities	(26,851,000)	(19,246,000)	78,357,000
Regulatory disallowances	8,980,000	71,923,000	832,000
Allowance for equity funds used during construction	(17,887,000)	(14,978,000)	(13,799,000)
Other, net	4,165,000	804,000	2,377,000
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(13,349,000)	53,229,000	(73,099,000)
Materials, supplies, and fuel stock	(33,804,000)	(31,301,000)	(8,528,000)
Other current assets	31,967,000	(52,225,000)	17,159,000
Other assets	(83,541,000)	(25,820,000)	5,002,000
Accounts payable	10,021,000	(33,536,000)	47,568,000
Accrued interest and taxes	5,114,000	17,526,000	9,205,000
Other current liabilities	(106,374,000)	125,580,000	(28,516,000)
Other liabilities	(94,000)	4,963,000	(27,935,000)
Net cash flows from operating activities	508,160,000	551,171,000	567,284,000
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(1,247,041,000)	(1,075,812,000)	(912,557,000)
Proceeds from sale of plant assets (Note 8)	2,840,000	32,654,000	0
Proceeds from sales of investment securities	707,338,000	574,199,000	526,448,000
Purchases of investment securities	(756,805,000)	(593,241,000)	(564,912,000)
Other, net	14,910,000	44,000	674,000
Net cash flows used in investing activities	(1,174,372,000)	(1,088,406,000)	(950,347,000)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	2,892,200,000	2,358,900,000	1,829,500,000
Revolving credit facilities repayments	(2,544,800,000)	(2,329,000,000)	(1,660,200,000)
Long-term borrowings	1,233,000,000	1,358,096,000	558,000,000
Repayment of long-term debt	(819,529,000)	(910,000,000)	(179,500,000)
Dividends paid	(140,339,000)	(126,705,000)	(119,839,000)
Valencia’s transactions with its owner	(19,098,000)	(21,569,000)	(17,533,000)
Transmission interconnection and security deposit arrangements	92,272,000	49,807,000	96,550,000
Refunds paid under transmission interconnection and security deposit arrangements	(79,011,000)	(21,124,000)	(107,397,000)
Debt issuance costs and other, net	(20,482,000)	(9,836,000)	(5,564,000)
Net cash flows from financing activities	684,354,000	537,100,000	386,037,000
Change in Cash, Cash Equivalents, and Restricted Cash	18,142,000	(135,000)	2,974,000
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	3,943,000	4,078,000	1,104,000
Cash, Cash Equivalents, and Restricted Cash at End of Year	22,085,000	3,943,000	4,078,000
Restricted Cash Included in Other Current Assets and Other Deferred Charges on Consolidated Balance Sheets:
At beginning of period	1,728,000	0	0
At end of period	17,587,000	1,728,000	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	207,972,000	155,273,000	118,485,000
Income taxes paid (refunded), net	(998,000)	1,505,000	(1,011,000)
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	10,728,000	(23,002,000)	4,455,000
PNM
Cash Flows From Operating Activities:
Net Earnings	208,252,000	54,718,000	119,020,000
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	250,042,000	202,885,000	213,517,000
Deferred income tax expense (benefit)	41,903,000	(21,972,000)	29,487,000
(Gains) losses on investment securities	(26,851,000)	(19,246,000)	78,357,000
Regulatory disallowances	8,980,000	70,750,000	832,000
Allowance for equity funds used during construction	(13,043,000)	(9,832,000)	(9,323,000)
Other, net	4,459,000	3,485,000	3,758,000
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(11,295,000)	51,314,000	(60,743,000)
Materials, supplies, and fuel stock	(25,915,000)	(25,681,000)	(4,804,000)
Other current assets	19,943,000	(54,934,000)	17,956,000
Other assets	(33,013,000)	(20,956,000)	5,487,000
Accounts payable	8,135,000	(30,423,000)	48,868,000
Accrued interest and taxes	(3,041,000)	16,091,000	(19,574,000)
Other current liabilities	(99,353,000)	123,048,000	(41,876,000)
Other liabilities	(7,691,000)	4,588,000	(26,029,000)
Net cash flows from operating activities	321,512,000	343,835,000	354,933,000
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(682,412,000)	(565,080,000)	(433,459,000)
Proceeds from sale of plant assets (Note 8)	2,840,000	32,654,000	0
Proceeds from sales of investment securities	707,338,000	574,199,000	526,448,000
Purchases of investment securities	(756,805,000)	(593,241,000)	(564,912,000)
Other, net	14,885,000	7,000	439,000
Net cash flows used in investing activities	(714,154,000)	(551,461,000)	(471,484,000)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	1,433,200,000	1,114,300,000	708,600,000
Revolving credit facilities repayments	(1,206,900,000)	(1,162,700,000)	(530,100,000)
Long-term borrowings	398,000,000	673,096,000	298,000,000
Repayment of long-term debt	(200,529,000)	(410,000,000)	(179,500,000)
Equity contribution from parent	55,000,000	0	0
Dividends paid	(51,529,000)	(528,000)	(154,028,000)
Valencia’s transactions with its owner	(19,098,000)	(21,569,000)	(17,533,000)
Transmission interconnection and security deposit arrangements	81,022,000	38,807,000	90,150,000
Refunds paid under transmission interconnection and security deposit arrangements	(74,161,000)	(17,624,000)	(93,247,000)
Debt issuance costs and other, net	(4,664,000)	(6,555,000)	(2,825,000)
Net cash flows from financing activities	410,341,000	207,227,000	119,517,000
Change in Cash, Cash Equivalents, and Restricted Cash	17,699,000	(399,000)	2,966,000
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	2,586,000	2,985,000	19,000
Cash, Cash Equivalents, and Restricted Cash at End of Year	20,285,000	2,586,000	2,985,000
Restricted Cash Included in Other Current Assets and Other Deferred Charges on Consolidated Balance Sheets:
At beginning of period	1,728,000	0	0
At end of period	17,587,000	1,728,000	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	85,100,000	66,456,000	54,816,000
Income taxes paid (refunded), net	(4,058,000)	(5,338,000)	11,602,000
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	$ 25,955,000	$ (8,604,000)	$ (6,859,000)

Consolidated Balance Sheets - P

Consolidated Balance Sheets - PNM - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 4,498	$ 2,215
Accounts receivable, net of allowance for credit losses of $1,398 and $3,388	130,351	126,291
Unbilled revenues	69,176	64,072
Other receivables	37,236	76,509
Materials, supplies, and fuel stock	166,861	98,034
Regulatory assets	41,492	73,046
Prepaid assets	25,452	19,759
Income taxes receivable	7,684	6,697
Other current assets	16,086	8,920
Total current assets	498,836	475,543
Other Property and Investments:
Investment securities	475,524	444,408
Other investments	259	171
Non-utility property, including financing leases	28,832	29,367
Total other property and investments	504,615	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	10,697,774	9,701,180
Less accumulated depreciation and amortization	2,829,296	2,755,823
Net plant in service and plant held for future use	7,868,478	6,945,357
Construction work in progress	495,976	589,834
Nuclear fuel, net of accumulated amortization of $28,245 and $35,840	72,554	74,671
Net utility plant	8,437,008	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	962,003	914,381
Goodwill	278,297	278,297
Operating lease assets, net of amortization	272,894	182,201
Other deferred charges	258,080	198,805
Total deferred charges and other assets	1,771,274	1,573,684
Total assets	11,211,733	10,252,605
Current Liabilities:
Short-term debt	609,300	261,900
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	611,603	280,169
Accounts payable	204,468	205,175
Customer deposits	6,533	6,237
Accrued interest and taxes	104,756	98,655
Regulatory liabilities	34,173	140,005
Operating lease liabilities	14,293	12,267
Dividends declared	36,889	35,085
Transmission interconnection arrangement liabilities	68,085	96,870
Other current liabilities	84,998	94,397
Total current liabilities	1,775,098	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,726 and $338,521 related to ETBC I)	4,311,765	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	899,392	845,280
Regulatory liabilities	748,738	771,317
Asset retirement obligations	244,618	245,531
Accrued pension liability and postretirement benefit cost	23,065	21,429
Operating lease liabilities	255,376	167,000
Other deferred credits	358,867	319,066
Total deferred credits and other liabilities	2,530,056	2,369,623
Total liabilities	8,616,919	7,842,025
Commitments and Contingencies (See Note 16)
Cumulative preferred stock without mandatory redemption requirements ([$100] stated value; [10,000,000] shares authorized; issued and outstanding [115,293] shares)	11,529	11,529
Company Common Stockholders' Equity
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,724,444	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(75,708)	(62,840)
Retained earnings	887,649	787,110
Total TXNM common stockholders’ equity	2,536,385	2,349,093
Non-controlling interest in Valencia	46,900	49,958
Total equity	2,583,285	2,399,051
Total liabilities and stockholders' equity	11,211,733	10,252,605
PNM
Current Assets:
Cash and cash equivalents	2,698	858
Accounts receivable, net of allowance for credit losses of $1,398 and $3,388	95,932	94,879
Unbilled revenues	52,983	46,925
Materials, supplies, and fuel stock	142,510	81,572
Regulatory assets	36,224	72,996
Prepaid assets	14,746	9,941
Income taxes receivable	16,309	7,682
Other current assets	16,091	1,756
Total current assets	410,908	377,837
Other Property and Investments:
Investment securities	475,524	444,408
Other investments	184	69
Non-utility property, including financing leases	13,647	13,538
Total other property and investments	489,355	458,015
Utility Plant:
Plant in service, held for future use, and to be abandoned	6,797,493	6,151,510
Less accumulated depreciation and amortization	2,079,363	1,976,657
Net plant in service and plant held for future use	4,718,130	4,174,853
Construction work in progress	328,403	490,178
Nuclear fuel, net of accumulated amortization of $28,245 and $35,840	72,554	74,671
Net utility plant	5,119,087	4,739,702
Deferred Charges and Other Assets:
Regulatory assets	857,310	838,727
Goodwill	51,632	51,632
Operating lease assets, net of amortization	271,433	180,370
Other deferred charges	207,554	166,782
Total deferred charges and other assets	1,387,929	1,237,511
Total assets	7,407,279	6,813,065
Current Liabilities:
Short-term debt	363,800	137,500
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	560,637	200,222
Customer deposits	6,533	6,237
Accrued interest and taxes	46,923	41,337
Regulatory liabilities	33,571	134,846
Operating lease liabilities	13,542	11,371
Dividends declared	132	132
Transmission interconnection arrangement liabilities	68,085	96,870
Other current liabilities	50,099	52,587
Total current liabilities	1,282,900	839,194
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,726 and $338,521 related to ETBC I)	1,898,955	2,061,558
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	756,218	684,037
Regulatory liabilities	518,701	565,021
Asset retirement obligations	243,663	244,633
Accrued pension liability and postretirement benefit cost	22,067	19,949
Operating lease liabilities	254,702	166,191
Other deferred credits	234,346	220,178
Total deferred credits and other liabilities	2,029,697	1,900,009
Total liabilities	5,211,552	4,800,761
Commitments and Contingencies (See Note 16)
Cumulative preferred stock without mandatory redemption requirements ([$100] stated value; [10,000,000] shares authorized; issued and outstanding [115,293] shares)	11,529	11,529
Company Common Stockholders' Equity
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,602,918	1,547,918
Accumulated other comprehensive income (loss), net of income taxes	(75,708)	(66,505)
Retained earnings	610,088	469,404
Total TXNM common stockholders’ equity	2,137,298	1,950,817
Non-controlling interest in Valencia	46,900	49,958
Total equity	2,184,198	2,000,775
Total liabilities and stockholders' equity	7,407,279	6,813,065
PNM \| Nonrelated Party
Current Assets:
Other receivables	24,174	51,975
Current Liabilities:
Accounts payable	123,883	141,704
PNM \| Related Party
Current Assets:
Other receivables	9,241	9,253
Current Liabilities:
Accounts payable	$ 15,695	$ 16,388

Consolidated Balance Sheets -_3

Consolidated Balance Sheets - PNM (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Allowance for uncollectible accounts	$ 1,398	$ 3,388
Utility Plant:
Accumulated depreciation, nuclear fuel	28,245	35,840
Debt
Current installments of long-term debt	611,603	280,169
Long-term Debt	$ 4,311,765	$ 4,241,642
Company Common Stockholders' Equity
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	120,000,000
Common stock, shares issued (in shares)	92,659,335	92,659,335
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
Securitized Bonds
Debt
Current installments of long-term debt	$ 6,907	$ 2,529
Long-term Debt	331,726	338,521
PNM
Current Assets:
Allowance for uncollectible accounts	1,398	3,388
Utility Plant:
Accumulated depreciation, nuclear fuel	28,245	35,840
Debt
Current installments of long-term debt	560,637	200,222
Long-term Debt	$ 1,898,955	$ 2,061,558
Deferred Credits and Other Liabilities:
Cumulative preferred stock of subsidiary, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock of subsidiary, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock of subsidiary, shares outstanding (in shares)	115,293	115,293
Cumulative preferred stock of subsidiary, shares issued (in shares)	115,293	115,293
Company Common Stockholders' Equity
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	39,117,799	39,117,799
Common stock, shares outstanding (in shares)	39,117,799	39,117,799
PNM \| Securitized Bonds
Debt
Current installments of long-term debt	$ 6,907	$ 2,529
Long-term Debt	$ 331,726	$ 338,521

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity - PNM - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia	PNM	PNM Total Stockholders' Equity	PNM Common Stock	PNM AOCI	PNM Retained Earnings	PNM Non- controlling Interest in Valencia
Beginning balance at Dec. 31, 2021	$ 2,222,929	$ 2,167,524	$ 1,429,257	$ (71,936)	$ 810,203	$ 55,405	$ 2,015,264	$ 1,959,859	$ 1,547,918	$ (71,936)	$ 483,877	$ 55,405
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	185,180	170,058			170,058	15,122	119,020	103,898			103,898	15,122
Total other comprehensive income (loss)	5,888	5,888		5,888			(2,399)	(2,399)		(2,399)
Subsidiary preferred stock dividends							(528)	(528)			(528)
Dividends declared on common stock	(150,855)	(150,855)			(150,855)		(153,500)	(153,500)			(153,500)
Valencia’s transactions with its owner	(17,533)					(17,533)	(17,533)					(17,533)
Ending balance at Dec. 31, 2022	2,244,926	2,191,932	1,429,102	(66,048)	828,878	52,994	1,960,324	1,907,330	1,547,918	(74,335)	433,747	52,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	106,879	88,346			88,346	18,533	54,718	36,185			36,185	18,533
Total other comprehensive income (loss)	3,208	3,208		3,208			7,830	7,830		7,830
Subsidiary preferred stock dividends							(528)	(528)			(528)
Dividends declared on common stock	(129,586)	(129,586)			(129,586)
Valencia’s transactions with its owner	(21,569)					(21,569)	(21,569)					(21,569)
Ending balance at Dec. 31, 2023	2,399,051	2,349,093	1,624,823	(62,840)	787,110	49,958	2,000,775	1,950,817	1,547,918	(66,505)	469,404	49,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	258,722	242,682			242,682	16,040	208,252	192,212			192,212	16,040
Total other comprehensive income (loss)	(12,868)	(12,868)		(12,868)			(9,203)	(9,203)		(9,203)
Subsidiary preferred stock dividends							(528)	(528)			(528)
Equity contribution from parent							55,000	55,000	55,000
Dividends declared on common stock	(141,615)	(141,615)			(141,615)		(51,000)	(51,000)			(51,000)
Valencia’s transactions with its owner	(19,098)					(19,098)	(19,098)					(19,098)
Ending balance at Dec. 31, 2024	$ 2,583,285	$ 2,536,385	$ 1,724,444	$ (75,708)	$ 887,649	$ 46,900	$ 2,184,198	$ 2,137,298	$ 1,602,918	$ (75,708)	$ 610,088	$ 46,900

Consolidated Statements of Ea_3

Consolidated Statements of Earnings - TNMP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Electric Operating Revenues	$ 1,971,199	$ 1,939,198	$ 2,249,555
Operating Expenses:
Administrative and general	247,116	227,900	227,149
Regulatory disallowances	8,980	71,923	832
Depreciation and amortization	384,925	319,503	304,853
Transmission and distribution costs	98,380	98,721	94,684
Taxes other than income taxes	100,580	95,940	92,989
Total operating expenses	1,517,713	1,707,858	1,855,795
Operating income	453,486	231,340	393,760
Other Income and Deductions:
Other income	28,621	24,204	21,601
Other (deductions)	(24,189)	(15,869)	(13,881)
Net other income and (deductions)	54,820	49,544	(54,542)
Interest Charges	228,066	190,355	127,908
Earnings before Income Taxes	280,240	90,529	211,310
Income Taxes	21,518	(16,350)	26,130
TNMP
Electric Operating Revenues	592,111	535,250	482,730
Operating Expenses:
Cost of energy and production costs	149,066	138,647	123,928
Administrative and general	54,711	53,963	49,592
Regulatory disallowances	0	1,173	0
Depreciation and amortization	125,915	113,142	98,316
Transmission and distribution costs	37,078	36,996	36,406
Taxes other than income taxes	44,441	41,311	38,521
Total operating expenses	411,211	385,232	346,763
Operating income	180,900	150,018	135,967
Other Income and Deductions:
Other income	12,305	10,127	10,641
Other (deductions)	(3,580)	(1,759)	(1,988)
Net other income and (deductions)	8,725	8,368	8,653
Interest Charges	58,983	46,152	37,192
Earnings before Income Taxes	130,642	112,234	107,428
Income Taxes	27,114	17,297	15,161
Net earnings	$ 103,528	$ 94,937	$ 92,267

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - TNMP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net earnings	$ 258,722	$ 106,879	$ 185,180
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	423,010	353,692	341,123
Deferred income tax expense (benefit)	43,050	(13,509)	24,533
Regulatory disallowances	8,980	71,923	832
Allowance for equity funds used during construction and other, net	(17,887)	(14,978)	(13,799)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(13,349)	53,229	(73,099)
Materials, supplies, and fuel stock	(33,804)	(31,301)	(8,528)
Other current assets	31,967	(52,225)	17,159
Other assets	(83,541)	(25,820)	5,002
Accounts payable	10,021	(33,536)	47,568
Accrued interest and taxes	5,114	17,526	9,205
Other current liabilities	(106,374)	125,580	(28,516)
Other liabilities	(94)	4,963	(27,935)
Net cash flows from operating activities	508,160	551,171	567,284
Cash Flows From Investing Activities:
Utility plant additions	(1,247,041)	(1,075,812)	(912,557)
Net cash flows used in investing activities	(1,174,372)	(1,088,406)	(950,347)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	2,892,200	2,358,900	1,829,500
Revolving credit facilities repayments	(2,544,800)	(2,329,000)	(1,660,200)
Long-term borrowings	1,233,000	1,358,096	558,000
Repayment of long-term debt	(819,529)	(910,000)	(179,500)
Transmission interconnection and security deposit arrangements	92,272	49,807	96,550
Refunds paid under transmission interconnection and security deposit arrangements	(79,011)	(21,124)	(107,397)
Debt issuance costs and other, net	(20,482)	(9,836)	(5,564)
Net cash flows from financing activities	684,354	537,100	386,037
Change in Cash, Cash Equivalents, and Restricted Cash	18,142	(135)	2,974
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	3,943	4,078	1,104
Cash, Cash Equivalents, and Restricted Cash at End of Year	22,085	3,943	4,078
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	207,972	155,273	118,485
Income taxes paid (refunded), net	(998)	1,505	(1,011)
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	10,728	(23,002)	4,455
TNMP
Cash Flows From Operating Activities:
Net earnings	103,528	94,937	92,267
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	126,868	113,854	99,165
Deferred income tax expense (benefit)	26,363	2,888	(4,556)
Regulatory disallowances	0	1,173	0
Allowance for equity funds used during construction and other, net	(5,222)	(5,145)	(4,477)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(2,053)	1,916	(12,356)
Materials, supplies, and fuel stock	(7,889)	(5,620)	(3,723)
Other current assets	11,063	3,650	(264)
Other assets	(33,601)	3,109	3,834
Accounts payable	(832)	171	195
Accrued interest and taxes	(818)	2,886	14,667
Other current liabilities	(5,355)	(156)	11,952
Other liabilities	1,564	949	(1,757)
Net cash flows from operating activities	213,616	214,612	194,947
Cash Flows From Investing Activities:
Utility plant additions	(541,604)	(464,436)	(449,534)
Net cash flows used in investing activities	(541,604)	(464,436)	(449,534)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	637,000	407,600	480,500
Revolving credit facilities repayments	(540,500)	(389,200)	(444,200)
Long-term borrowings	285,000	185,000	160,000
Repayment of long-term debt	(80,000)	0	0
Transmission interconnection and security deposit arrangements	11,250	11,000	6,400
Refunds paid under transmission interconnection and security deposit arrangements	(4,850)	(3,500)	(14,150)
Equity contribution from parent	24,000	40,900	68,000
Debt issuance costs and other, net	(3,679)	(1,976)	(1,963)
Net cash flows from financing activities	328,221	249,824	254,587
Change in Cash, Cash Equivalents, and Restricted Cash	233	0	0
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	0	0	0
Cash, Cash Equivalents, and Restricted Cash at End of Year	233	0	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	50,956	41,847	33,974
Income taxes paid (refunded), net	11,021	16,904	9,245
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	$ (16,328)	$ (17,297)	$ (9,131)

Consolidated Balance Sheets -_4

Consolidated Balance Sheets - TNMP - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 4,498	$ 2,215
Accounts receivable	130,351	126,291
Unbilled revenues	69,176	64,072
Other receivables	37,236	76,509
Materials, supplies, and fuel stock	166,861	98,034
Regulatory assets	41,492	73,046
Other current assets	16,086	8,920
Total current assets	498,836	475,543
Other Property and Investments:
Other investments	259	171
Non-utility property, including financing leases	28,832	29,367
Total other property and investments	504,615	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	10,697,774	9,701,180
Less accumulated depreciation and amortization	2,829,296	2,755,823
Net plant in service and plant held for future use	7,868,478	6,945,357
Construction work in progress	495,976	589,834
Net utility plant	8,437,008	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	962,003	914,381
Goodwill	278,297	278,297
Operating lease assets, net of amortization	272,894	182,201
Other deferred charges	258,080	198,805
Total deferred charges and other assets	1,771,274	1,573,684
Total assets	11,211,733	10,252,605
Current Liabilities:
Short-term debt	609,300	261,900
Current installments of long-term debt	611,603	280,169
Accounts payable	204,468	205,175
Accrued interest and taxes	104,756	98,655
Regulatory liabilities	34,173	140,005
Operating lease liabilities	14,293	12,267
Other current liabilities	84,998	94,397
Total current liabilities	1,775,098	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,726 and $338,521 related to ETBC I)	4,311,765	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	899,392	845,280
Regulatory liabilities	748,738	771,317
Asset retirement obligations	244,618	245,531
Accrued pension liability and postretirement benefit cost	23,065	21,429
Operating lease liabilities	255,376	167,000
Other deferred credits	358,867	319,066
Total deferred credits and other liabilities	2,530,056	2,369,623
Total liabilities	8,616,919	7,842,025
Commitments and Contingencies (See Note 16)
Company Common Stockholders' Equity
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	1,724,444	1,624,823
Retained earnings	887,649	787,110
Total TXNM common stockholders’ equity	2,536,385	2,349,093
Total liabilities and stockholders' equity	11,211,733	10,252,605
TNMP
Current Assets:
Cash and cash equivalents	233	0
Accounts receivable	34,419	31,412
Unbilled revenues	16,193	17,147
Other receivables	15,144	26,983
Materials, supplies, and fuel stock	24,351	16,462
Regulatory assets	5,268	50
Other current assets	4,908	2,705
Total current assets	100,516	94,759
Other Property and Investments:
Other investments	75	102
Non-utility property, including financing leases	13,137	14,746
Total other property and investments	13,212	14,848
Utility Plant:
Plant in service, held for future use, and to be abandoned	3,635,550	3,210,870
Less accumulated depreciation and amortization	616,741	582,140
Net plant in service and plant held for future use	3,018,809	2,628,730
Construction work in progress	165,527	91,274
Net utility plant	3,184,336	2,720,004
Deferred Charges and Other Assets:
Regulatory assets	104,693	75,654
Goodwill	226,665	226,665
Operating lease assets, net of amortization	923	1,814
Other deferred charges	18,780	11,287
Total deferred charges and other assets	351,061	315,420
Total assets	3,649,125	3,145,031
Current Liabilities:
Short-term debt	151,600	55,100
Current installments of long-term debt	0	79,947
Accrued interest and taxes	56,740	57,558
Regulatory liabilities	602	5,159
Operating lease liabilities	713	895
Other current liabilities	6,964	12,084
Total current liabilities	291,074	269,295
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,726 and $338,521 related to ETBC I)	1,464,079	1,180,933
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	208,107	178,748
Regulatory liabilities	230,037	206,296
Asset retirement obligations	955	898
Accrued pension liability and postretirement benefit cost	998	1,480
Operating lease liabilities	167	809
Other deferred credits	88,519	68,911
Total deferred credits and other liabilities	528,783	457,142
Total liabilities	2,283,936	1,907,370
Commitments and Contingencies (See Note 16)
Company Common Stockholders' Equity
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	64	64
Paid-in-capital	870,066	846,066
Retained earnings	495,059	391,531
Total TXNM common stockholders’ equity	1,365,189	1,237,661
Total liabilities and stockholders' equity	3,649,125	3,145,031
TNMP \| Nonrelated Party
Current Liabilities:
Accounts payable	67,116	51,620
TNMP \| Related Party
Current Liabilities:
Accounts payable	$ 7,339	$ 6,932

Consolidated Balance Sheets -_5

Consolidated Balance Sheets - TNMP (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Company Common Stockholders' Equity
Common stock, shares authorized (in shares)	200,000,000	120,000,000
Common stock, shares issued (in shares)	92,659,335	92,659,335
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
TNMP
Company Common Stockholders' Equity
Common stock, par value (in dollars per share)	$ 10	$ 10
Common stock, shares authorized (in shares)	12,000,000	12,000,000
Common stock, shares issued (in shares)	6,358	6,358
Common stock, shares outstanding (in shares)	6,358	6,358

Consolidated Statements of Ch_3

Consolidated Statements of Changes in Common Stockholder's Equity - TNMP - USD ($) $ in Thousands	Total	TNMP	TNMP Common Stock	TNMP Paid-in Capital	TNMP Retained Earnings
Beginning balance at Dec. 31, 2021		$ 941,557	$ 64	$ 737,166	$ 204,327
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		92,267			92,267
Equity contribution from parent		68,000		68,000
Ending balance at Dec. 31, 2022		1,101,824	64	805,166	296,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		94,937			94,937
Equity contribution from parent		40,900		40,900
Ending balance at Dec. 31, 2023	$ 2,349,093	1,237,661	64	846,066	391,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		103,528			103,528
Equity contribution from parent		24,000		24,000
Ending balance at Dec. 31, 2024	$ 2,536,385	$ 1,365,189	$ 64	$ 870,066	$ 495,059

Summary of the Business and Sig

Summary of the Business and Significant Accounting Policies	12 Months Ended
Summary of the Business and Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of the Business and Significant Accounting Policies	Summary of the Business and Significant Accounting Policies Nature of Business TXNM is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. TXNM’s primary subsidiaries are PNM and TNMP. PNM is a public utility with regulated operations primarily engaged in the generation, transmission, and distribution of electricity. In 2023, ETBC I, a special purpose entity that is wholly-owned by PNM, was formed for the limited purpose of purchasing, owning, and administering energy transition property, issuing Securitized Bonds, and performing related activities. See Note 7. TNMP is a wholly-owned subsidiary of TNP, which is a holding company that is wholly-owned by TXNM. TNMP provides regulated transmission and distribution services in Texas. TXNM’s common stock trades on the New York Stock Exchange under the symbol TXNM. Financial Statement Preparation and Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could ultimately differ from those estimated. On August 2, 2024, PNM Resources, Inc. (“PNMR”) amended its Articles of Incorporation to change its name to TXNM Energy, Inc. (“TXNM”) and increased the number of authorized shares of the Company’s common stock from 120,000,000 to 200,000,000. The Notes to Consolidated Financial Statements include disclosures for TXNM, PNM, and TNMP. This report uses the term “Company” when discussing matters of common applicability to TXNM, PNM, and TNMP. Discussions regarding only TXNM, PNM, or TNMP are so indicated. Certain amounts in the 2023 and 2022 Consolidated Financial Statements and Notes thereto have been reclassified to conform to the 2024 financial statement presentation. GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude, and timing, certain subsequent events may be required to be reflected at the balance sheet date and/or required to be disclosed in the financial statements. The Company has evaluated subsequent events accordingly. Principles of Consolidation The Consolidated Financial Statements of each of TXNM, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia and ETBC I (Note 10). PNM owns undivided interests in jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants. PNMR Services Company expenses, which represent costs that are primarily driven by corporate level activities, are charged to the business segments. These services are billed at cost and are reflected as general and administrative expenses in the business segments. Other significant intercompany transactions between TXNM, PNM, and TNMP include intercompany loans, interest and income tax sharing payments, as well as equity transactions, and interconnection billings. All intercompany transactions and balances have been eliminated. See Note 20. Accounting for the Effects of Certain Types of Regulation The Company maintains its accounting records in accordance with the uniform system of accounts prescribed by FERC and adopted by the NMPRC and PUCT. Certain of the Company’s operations are regulated by the NMPRC, PUCT, and FERC and the provisions of GAAP for rate-regulated enterprises are applied to the regulated operations. Regulators may assign costs to accounting periods that differ from accounting methods applied by non-regulated utilities. When it is probable that regulators will permit recovery of costs through future rates, costs are deferred as regulatory assets that otherwise would be expensed. Likewise, regulatory liabilities are recognized when it is probable that regulators will require refunds through future rates or when revenue is collected for expenditures that have not yet been incurred. GAAP also provides for the recognition of revenue and regulatory assets and liabilities associated with “alternative revenue programs” authorized by regulators. Such programs allow the utility to adjust future rates in response to past activities or completed events, if certain criteria are met. Regulatory assets and liabilities are amortized into earnings over the authorized recovery period. Accordingly, the Company has deferred certain costs and recorded certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. Information on regulatory assets and regulatory liabilities is contained in Note 13. In some circumstances, regulators allow a requested increase in rates to be implemented, subject to refund, before the regulatory process has been completed and a decision rendered by the regulator. When this occurs, the Company assesses the possible outcomes of the rate proceeding. The Company records a provision for refund to the extent the amounts being collected, subject to refund, exceed the amount the Company determines is probable of ultimately being allowed by the regulator. Cash and Restricted Cash Investments in highly liquid investments with original maturities of three months or less at the date of purchase are considered cash and cash equivalents. Cash deposits received and held for a period of time that are restricted to a specific purpose, under the terms of their effective agreements, are considered restricted cash. PNM and TXNM have restricted cash balances related to the ETBC I Securitized Bonds. Restricted cash amounts are included in Other current assets and Other deferred charges on the Consolidated Balance Sheets as of December 31, 2024 and 2023. See Note 10. At December 31, 2024 and 2023 there was no restricted cash for TNMP. At December 31, 2022 there was no restricted cash for TXNM, PNM, and TNMP. Utility Plant Utility plant is stated at original cost and includes capitalized payroll-related costs such as taxes, pension, other fringe benefits, administrative costs, and AFUDC, where authorized by rate regulation, or capitalized interest. Repairs, including major maintenance activities, and minor replacements of property are expensed when incurred, except as required by regulators for ratemaking purposes. Major replacements are charged to utility plant. Gains, losses, and costs to remove resulting from retirements or other dispositions of regulated property in the normal course of business are credited or charged to accumulated depreciation. PNM and TNMP may receive reimbursements, referred to as CIAC, from customers to pay for all or part of certain construction projects to the extent the project does not benefit regulated customers in general. PNM and TNMP account for these reimbursements as offsets to utility plant additions based on the requirements of the NMPRC, FERC, and PUCT. Due to the PUCT’s regulatory treatment of CIAC reimbursements, TNMP also receives a financing component that is recognized as Other income on the Consolidated Statements of Earnings. Under the NMPRC regulatory treatment, PNM typically does not receive a financing component. Depreciation and Amortization PNM’s provision for depreciation and amortization of utility plant, other than nuclear fuel, is based upon straight-line rates approved by the NMPRC and FERC. Amortization of nuclear fuel is based on units-of-production. TNMP’s provision for depreciation and amortization of utility plant is based upon straight-line rates approved by the PUCT. Depreciation and amortization of non-utility property, including right-of-use assets for finance leases as discussed in Note 8, is computed based on the straight-line method. The provision for depreciation of certain equipment is allocated between operating expenses and construction projects based on the use of the equipment. Average straight-line rates used were as follows: Year ended December 31, 2024 2023 2022 PNM Electric plant 2.87 % 2.67 % 2.55 % Common, intangible, and general plant 14.06 7.64 7.83 TNMP 3.74 3.77 3.72 Depreciation expense on electric, common, intangible, and general plant is as follows: Year ended December 31, 2024 2023 2022 (In thousands) PNM $ 188,035 $ 158,956 $ 163,162 TNMP 124,976 110,675 96,131 Allowance for Funds Used During Construction As provided by the FERC uniform systems of accounts, AFUDC is charged to regulated utility plant for construction projects. This allowance is designed to enable a utility to capitalize financing costs during periods of construction of property subject to rate regulation. It represents the cost of borrowed funds (allowance for borrowed funds used during construction or “debt AFUDC”) and a return on other funds (allowance for equity funds used during construction or “equity AFUDC”). The debt AFUDC is recorded in interest charges and the equity AFUDC is recorded in other income on the Consolidated Statements of Earnings. For the years ended December 31, 2024, 2023, and 2022, PNM recorded $12.9 million, $9.5 million, and $3.7 million of debt AFUDC at annual rates of 3.19%, 2.99%, and 1.70% and $13.0 million, $9.8 million, and $9.3 million of equity AFUDC at annual rates of 3.30%, 3.24%, and 4.26%. For the years ended December 31, 2024, 2023, and 2022, TNMP recorded $8.0 million, $5.7 million, and $3.4 million of debt AFUDC at rates of 4.14%, 3.49%, and 2.25% and $4.8 million, $5.1 million, and $4.5 million of equity AFUDC at rates of 2.48%, 3.17%, and 2.99%. Materials, Supplies, and Fuel Stock Materials and supplies relate to transmission, distribution, and generating assets. Materials and supplies are charged to inventory when purchased and are expensed or capitalized as appropriate when issued. Materials and supplies are valued using an average costing method. Inventories consisted of the following at December 31: TXNM PNM TNMP 2024 2023 2024 2023 2024 2023 (In thousands) Fuel Oil $ 1,095 $ 896 $ 1,095 $ 896 $ — $ — Materials and supplies 165,766 97,138 141,415 80,676 24,351 16,462 $ 166,861 $ 98,034 $ 142,510 $ 81,572 $ 24,351 $ 16,462 Investments PNM holds investment securities in the NDT for the purpose of funding its share of the decommissioning costs of PVNGS, a trust for PNM’s share of decommissioning costs at SJGS, and trusts for PNM’s share of final reclamation costs related to the coal mines that served SJGS and continue to serve Four Corners (Note 16). Investments (both equity and available-for-sale debt securities) are measured at fair value on a quarterly basis with changes in fair value for equity securities recognized in earnings for that period. Since third party investment managers have sole discretion over the purchase and sale of the securities (under general guidelines and targets provided by management), PNM records an impairment, as a realized loss, for any available-for-sale debt security that has a fair value which is less than cost at the end of each quarter. For the years ended December 31, 2024, 2023 and 2022, PNM recorded impairment losses on the available-for-sale debt securities of $17.8 million, $(19.1) million and $25.8 million. No gains or losses are deferred as regulatory assets or liabilities. See Notes 3 and 9. All investments are held in PNM’s name and are in the custody of major financial institutions. The specific identification method is used to determine the cost of securities disposed of, with realized gains and losses reflected in other income and deductions. As discussed above, PNM immediately records an impairment loss for any available-for-sale debt security that has a fair value that is less than its carrying value. As a result, the Company has no available-for-sale debt securities for which carrying value exceeds fair value and there are no impairments considered to be “other than temporary” that are included in AOCI and not recognized in earnings. All gains and losses resulting from sales and changes in the fair value of equity securities are recognized immediately in earnings. Equity Method Investment TXNM accounted for its investment in NMRD using the equity method of accounting because TXNM’s ownership interest resulted in significant influence, but not control, over NMRD and its operations. TXNM recorded as income its percentage share of earnings or loss of NMRD and carried its investment at cost, adjusted for its share of undistributed earnings or losses, until its investment was sold on February 27, 2024. See Note 21. Goodwill The Company does not amortize goodwill. Goodwill is evaluated for impairment annually, or more frequently if events and circumstances indicate that the goodwill might be impaired. See Note 19. Asset Impairment Tangible long-lived assets and right-of-use assets associated with leases are evaluated in relation to the estimated future undiscounted cash flows to assess recoverability when events and circumstances indicate that the assets might be impaired. Revenue Recognition See Note 4 for a discussion of electric operating revenues. Accounts Receivable and Allowance for Credit Losses See Note 4 for a discussion of accounts receivable and the allowance for credit losses. Amortization of Debt Acquisition Costs Discount, premium, and expense related to the issuance of long-term debt are amortized over the lives of the respective issues. Gains and losses incurred upon the early retirement of long-term debt are recognized in other income or other deductions, except for amounts recoverable through NMPRC, FERC, or PUCT regulation, which are recorded as regulatory assets or liabilities and amortized over the lives of the respective issues. Unamortized premium, discount, and expense related to long-term debt are reflected as part of the related liability on the Consolidated Balance Sheets. Derivatives The Company records derivative instruments, including energy contracts, on the balance sheet as either an asset or liability measured at their fair value. Changes in the derivatives’ fair value are recognized in earnings unless specific hedge accounting criteria are met. PNM also records certain commodity derivative transactions recoverable through NMPRC regulation as regulatory assets or liabilities. See Note 9. The Company treats all forward commodity purchases and sales contracts subject to unplanned netting or “book-out” by the transmission provider as derivative instruments subject to mark-to-market accounting. GAAP provides guidance on whether realized gains and losses on derivative contracts not held for trading purposes should be reported on a net or gross basis and concludes such classification is a matter of judgment that depends on the relevant facts and circumstances. See Note 4. Decommissioning and Reclamation Costs PNM is only required to recognize and measure decommissioning liabilities for tangible long-lived assets for which a legal obligation exists. Nuclear decommissioning costs and related accruals are based on periodic site-specific estimates of the costs for removing all radioactive and other structures at PVNGS and are dependent upon numerous assumptions, including estimates of future decommissioning costs at current price levels, inflation rates, and discount rates. PNM’s accruals for PVNGS Units 1, 2, and 3, including portions previously held under leases, have been made based on such estimates, the guidelines of the NRC, and the PVNGS license periods. PNM records its share of the SJGS decommissioning obligation as an ARO on its Consolidated Balance Sheets. Studies on the decommissioning costs of SJGS are performed periodically and revisions to the ARO liability are recorded. See Note 16. In connection with both the SJGS and Four Corners coal supply agreements, the owners are required to reimburse the mining companies for the cost of contemporaneous reclamation, as well as the costs for final reclamation of the coal mines. The reclamation costs are based on periodic site-specific studies that estimate the costs to be incurred in the future and are dependent upon numerous assumptions, including estimates of future reclamation costs at current price levels, inflation rates, and discount rates. PNM considers the contemporaneous reclamation costs part of the cost of its delivered coal costs. See Note 16 for a discussion of reclamation costs. Environmental Costs The normal operations of the Company involve activities and substances that expose the Company to potential liabilities under laws and regulations protecting the environment. Liabilities under these laws and regulations can be material and may be imposed without regard to fault, or may be imposed for past acts, even though the past acts may have been lawful at the time they occurred. The Company records its environmental liabilities when site assessments or remedial actions are probable, and a range of reasonably likely cleanup costs can be estimated. The Company reviews its sites and measures the liability by assessing a range of reasonably likely costs for each identified site using currently available information and the probable level of involvement and financial condition of other potentially responsible parties. These estimates are based on assumptions regarding the costs for site investigations, remediation, operations and maintenance, monitoring, and site closure. The ultimate cost to clean up the Company’s identified sites varies from its recorded liability due to numerous uncertainties inherent in the estimation process. See Note 16. Pension and Other Postretirement Benefits See Note 11 for a discussion of pension and postretirement benefits expense, including a discussion of the actuarial assumptions. Stock-Based Compensation See Note 12 for a discussion of stock-based compensation expense. Income Taxes Income taxes are recognized using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax basis. All deferred taxes are reflected as non-current on the Consolidated Balance Sheets. Current NMPRC, FERC, and PUCT approved rates include the tax effects of the majority of these differences. Rate-regulated enterprises are required to record deferred income taxes for temporary differences accorded flow-through treatment at the direction of a regulatory commission. The resulting deferred tax assets and liabilities are recorded based on the expected cash flow to be reflected in future rates. Because the NMPRC, FERC, and the PUCT have consistently permitted the recovery of tax effects previously flowed-through earnings, the Company has established regulatory assets and liabilities offsetting such deferred tax assets and liabilities. The Company recognizes only the impact of tax positions that, based on their merits, are more likely than not to be sustained upon an IRS audit. The Company defers investment tax credits and amortizes them over the estimated useful lives of the assets. See Note 18 for additional information, including a discussion of the impacts of the Tax Act. The Company makes an estimate of its anticipated effective tax rate for the year as of the end of each quarterly period within its fiscal year. In interim periods, income tax expense is calculated by applying the anticipated annual effective tax rate to year-to-date earnings before taxes. Certain unusual or infrequently occurring items, as well as adjustments due to enactment of new tax laws, have been excluded from the estimated annual effective tax rate calculation. Lease Commitments See Note 8 for a discussion of lease commitments. New Accounting Pronouncements Information concerning recently issued accounting pronouncements that have not yet been adopted by the Company is presented below. The Company does not expect difficulty in adopting these standards by their required effective dates. Accounting Standards Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 enhancing the transparency and decision usefulness of income tax disclosures. Disclosure requirements of this update include (on an annual basis) the disclosure of specific categories in the rate reconciliation and the inclusion of additional information for reconciling items that meet a quantitative threshold (if the effect of the reconciling item is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income by the applicable statutory rate). The amendment also requires the disclosure (on an annual basis) of information about income taxes paid (net of refunds) including, the disaggregation by federal, state, and foreign taxes as well as by individual jurisdiction. Additional requirements include the disclosure of income (loss) from continuing operations before income tax expense (benefit) disaggregated between foreign and domestic as well as income tax expense (benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for the Company beginning January 1, 2025 with early adoption being permitted. ASU 2023-09 is to be applied on a prospective basis with retrospective application permitted. Accounting Standards Update 2024-03 - Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03 that will require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses at each interim and annual period. Disclosures should include amounts for purchases of inventory, employee compensation, depreciation and, intangible asset amortization; certain amounts that are already required to be disclosed under GAAP in the same disclosure as other disaggregation requirements; qualitative descriptions of the amounts remaining in relevant expense categories that are not disaggregated; the total amount of selling expenses including the entity’s definition of selling expenses. In January 2025, ASU 2025-01 was issued to clarify that the amendments of ASU 2024-03 are effective for public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027.

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information TXNM has three reportable segments including PNM, TNMP, and Corporate and other. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The measure of profitability used by the CODM is Segment earnings (loss) attributable to TXNM, as presented below. The CODM uses this measure of profitability to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget to actual variances on a regular basis when making decisions about allocating capital and operational expense funding to the segments. TXNM’s CODM is its President and COO who is also the CEO of the PNM and TNMP segments. PNM PNM includes the retail electric utility operations of PNM that are subject to traditional rate regulation by the NMPRC. PNM provides integrated electricity services that include the generation, transmission, and distribution of electricity for retail electric customers in New Mexico. PNM also includes the generation and sale of electricity into the wholesale market, which includes the asset optimization of PNM’s jurisdictional capacity as well as providing transmission services to third parties. FERC has jurisdiction over wholesale power and transmission rates. PNM includes the results of ETBC I upon its formation in 2023. TNMP TNMP is an electric utility providing services in Texas under the TECA. TNMP’s operations are subject to traditional rate regulation by the PUCT. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service area. TNMP also provides transmission services at regulated rates to other utilities that interconnect with TNMP’s facilities. Corporate and Other The Corporate and Other segment includes TXNM holding company activities, primarily related to corporate level debt and PNMR Services Company. The activities of PNMR Development and the equity method investment in NMRD are also included in Corporate and Other until the close of the sale of NMRD on February 27, 2024 (Note 21). Eliminations of intercompany transactions are reflected in the Corporate and Other segment. The following tables present summarized financial information for TXNM by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. 2024 PNM TNMP Corporate TXNM Consolidated (In thousands) Electric operating revenues $ 1,379,088 $ 592,111 $ — $ 1,971,199 Cost of energy Fuel burn 130,380 — — 130,380 Purchases for resale 286,399 — — 286,399 Transmission by others 18,139 149,066 — 167,205 Significant segment expenses Administrative and general - direct 63,105 (1,452) 151,089 212,742 Administrative and general - corporate allocation 132,209 53,166 (185,375) — Customer related expenses 31,246 2,997 131 34,374 Energy production costs 93,748 — — 93,748 Regulatory disallowances 8,980 — — 8,980 Depreciation and amortization 221,780 125,915 37,230 384,925 Transmission and distribution costs 61,302 37,078 — 98,380 Taxes other than income taxes 49,807 44,441 6,332 100,580 Total operating expenses 1,097,095 411,211 9,407 1,517,713 Net other income and (deductions) 61,494 8,725 (15,399) 54,820 Interest charges (106,018) (58,983) (63,065) (228,066) Income taxes (benefit) 29,217 27,114 (34,813) 21,518 Valencia non-controlling interest (16,040) — — (16,040) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to TXNM $ 191,684 $ 103,528 $ (53,058) $ 242,154 At December 31, 2024: Total Assets $ 7,407,279 $ 3,649,125 $ 155,329 $ 11,211,733 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2023 PNM TNMP Corporate TXNM Consolidated (In thousands) Electric operating revenues $ 1,403,948 $ 535,250 $ — $ 1,939,198 Cost of energy Fuel burn 138,538 — — 138,538 Purchases for resale 499,921 — — 499,921 Transmission by others 25,155 138,647 — 163,802 Significant segment expenses Administrative and general - direct 52,554 2,710 139,010 194,274 Administrative and general - corporate allocation 124,321 47,470 (171,791) — Customer related expenses 29,775 3,783 68 33,626 Energy production costs 91,610 — — 91,610 Regulatory disallowances 70,750 1,173 — 71,923 Depreciation and amortization 177,633 113,142 28,728 319,503 Transmission and distribution costs 61,725 36,996 — 98,721 Taxes other than income taxes 48,790 41,311 5,839 95,940 Total operating expenses 1,320,772 385,232 1,854 1,707,858 Net other income and (deductions) 41,358 8,368 (182) 49,544 Interest charges (86,574) (46,152) (57,629) (190,355) Income taxes (benefit) (16,758) 17,297 (16,889) (16,350) Valencia non-controlling interest (18,533) — — (18,533) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to TXNM $ 35,657 $ 94,937 $ (42,776) $ 87,818 At December 31, 2023: Total Assets $ 6,813,065 $ 3,145,031 $ 294,509 $ 10,252,605 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2022 PNM TNMP Corporate TXNM Consolidated (In thousands) Electric operating revenues $ 1,766,825 $ 482,730 $ — $ 2,249,555 Cost of energy Fuel burn 299,411 — — 299,411 Purchases for resale 541,828 — — 541,828 Trading mark-to-market (456) — — (456) Transmission by others 23,230 123,928 — 147,158 Significant segment expenses Administrative and general - direct 62,505 3,607 130,336 196,448 Administrative and general - corporate allocation 115,416 42,293 (157,709) — Customer related expenses 26,925 3,692 84 30,701 Energy production costs 147,347 — — 147,347 Regulatory disallowances 832 — — 832 Depreciation and amortization 180,812 98,316 25,725 304,853 Transmission and distribution costs 58,278 36,406 — 94,684 Taxes other than income taxes 49,210 38,521 5,258 92,989 Total operating expenses 1,505,338 346,763 3,694 1,855,795 Net other income and (deductions) (62,196) 8,653 (999) (54,542) Interest charges (61,073) (37,192) (29,643) (127,908) Income taxes (benefit) 19,198 15,161 (8,229) 26,130 Valencia non-controlling interest (15,122) — — (15,122) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to TXNM $ 103,370 $ 92,267 $ (26,107) $ 169,530 At December 31, 2022: Total Assets $ 6,272,166 $ 2,746,601 $ 238,610 $ 9,257,377 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 Significant Segment Expenses Reflected above are certain additional categories of operating expenses that are regularly provided to the CODM. Cost of energy consists primarily of fuel and purchase power costs for PNM and costs charged by third-party transmission providers for TNMP. Administrative and general - direct expenses are those that are incurred directly by the segment while corporate allocation are those costs that are incurred by the corporate and other segment and allocated to the utilities based on the nature of the cost incurred. Corporate allocation is eliminated in the corporate and other segment. Customer related expenses include meter reading, customer service, and bad debt expenses. Major Customers PNM’s participation in EIM, operated by CAISO, accounted for approximately 4%, 15%, and 24% of electric operating revenues during the years ended December 31, 2024, 2023, and 2022. These revenues are passed on to customers under PNM’s FPPAC with no impact to net earnings. Two REPs during the years ended December 31, 2024, 2023, and 2022 accounted for more than 10% of the electric operating revenues of TNMP as follows: Year Ended December 31, 2024 2023 2022 REP A 26 % 25 % 27 % REP B 20 19 20

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
Accumulated Other Comprehensive Income (Loss)	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) AOCI reports a measure for accumulated changes in equity that result from transactions and other economic events other than transactions with shareholders. Information regarding AOCI is as follows: Accumulated Other Comprehensive Income (Loss) PNM TXNM Unrealized Gains on Available-for-Sale Securities Pension Total Fair Value Adjustment for Cash Flow Hedges Total (In thousands) Balance at December 31, 2021 $ 11,715 $ (83,651) $ (71,936) $ — $ (71,936) Amounts reclassified from AOCI (pre-tax) (3,827) 7,104 3,277 (1,176) 2,101 Income tax impact of amounts reclassified 972 (1,804) (832) 299 (533) Other OCI changes (pre-tax) (1,928) (4,565) (6,493) 12,285 5,792 Income tax impact of other OCI changes 490 1,159 1,649 (3,121) (1,472) Net after-tax change (4,293) 1,894 (2,399) 8,287 5,888 Balance at December 31, 2022 7,422 (81,757) (74,335) 8,287 (66,048) Amounts reclassified from AOCI (pre-tax) (7,199) 4,776 (2,423) 9,287 6,864 Income tax impact of amounts reclassified 1,828 (1,212) 616 (2,359) (1,743) Other OCI changes (pre-tax) 11,529 1,389 12,918 (15,483) (2,565) Income tax impact of other OCI changes (2,928) (353) (3,281) 3,933 652 Net after-tax change 3,230 4,600 7,830 (4,622) 3,208 Balance at December 31, 2023 10,652 (77,157) (66,505) 3,665 (62,840) Amounts reclassified from AOCI (pre-tax) (13,108) 4,866 (8,242) 10,348 2,106 Income tax impact of amounts reclassified 3,330 (1,236) 2,094 (2,629) (535) Other OCI changes (pre-tax) (885) (3,210) (4,095) (15,260) (19,355) Income tax impact of other OCI changes 225 815 1,040 3,876 4,916 Net after-tax change (10,438) 1,235 (9,203) (3,665) (12,868) Balance at December 31, 2024 $ 214 $ (75,922) $ (75,708) $ — $ (75,708) The Consolidated Statements of Earnings include pre-tax amounts reclassified from AOCI related to Unrealized Gains on Available-for-Sale Debt Securities in gains (losses) on investment securities, related to Pension Liability Adjustment in other (deductions), and related to Fair Value Adjustment for Cash Flow Hedges in interest charges. The income tax impacts of all amounts reclassified from AOCI are included in income taxes in the Consolidated Statements of Earnings.

Electric Operating Revenues

Electric Operating Revenues	12 Months Ended
Electric Operating Revenues	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Electric Operating Revenues	Electric Operating Revenues Accounts Receivable and Allowance for Credit Losses Accounts receivable consists primarily of trade receivables from customers. In the normal course of business, credit is extended to customers on a short-term basis. The Company estimates the allowance for credit losses on trade receivables based on historical experience and estimated default rates. Accounts receivable balances are reviewed monthly, adjustments to the allowance for credit losses are made as necessary and amounts that are deemed uncollectible are written off. In addition to the allowance for credit losses on trade receivables, the Company has evaluated other receivables for potential credit related losses. These balances include potential exposures for other non-retail utility services. In the years ended December 31, 2024 and 2023, there were no estimated credit losses related to these transactions. Revenue Recognition Retail electric operating revenues are recorded in the period of energy delivery, which includes estimated amounts for service rendered but unbilled at the end of each accounting period. The determination of the energy sales billed to individual retail customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading and the corresponding unbilled revenue are estimated. Unbilled electric revenue is estimated based on daily generation volumes, estimated customer usage by class, line losses, historical trends and experience, applicable customer rates or by using AMS data where available. Amounts billed are generally due within the next month. The Company does not incur incremental costs to obtain contracts for its energy services. PNM’s wholesale electricity sales are recorded as electric operating revenues and wholesale electricity purchases are recorded as costs of energy sold. Derivative contracts that are subject to unplanned netting are recorded net in earnings. A “book-out” is the planned or unplanned netting of off-setting purchase and sale transactions. A book-out is a transmission mechanism to reduce congestion on the transmission system or administrative burden. For accounting purposes, a book-out is the recording of net revenues upon the settlement of a derivative contract. Unrealized gains and losses on derivative contracts that are not designated for hedge accounting are classified as economic hedges. Economic hedges are defined as derivative instruments, including long-term power and fuel supply agreements, used to hedge generation assets and purchased power costs. Changes in the fair value of economic hedges are reflected in results of operations, with changes related to economic hedges on sales included in operating revenues and changes related to economic hedges on purchases included in cost of energy sold. See Note 9. The Company has collaborative arrangements related to its interest in SJGS, Four Corners, PVNGS, and Luna. The Company has determined that during the years ended December 31, 2024, 2023, and 2022 none of the joint owners in its collaborative arrangements were customers under Topic 606. The Company will continue to evaluate transactions between collaborative arrangement participants in future periods under the revenue recognition standard. PNM and TNMP recognize revenue as they satisfy performance obligations, which typically occurs as the customer or end-user consumes the electric service provided. Electric services are typically for a bundle of services that are distinct and transferred to the end-user in one performance obligation measured by KWh or KW. Electric operating revenues are recorded in the period of energy delivery, including estimated unbilled amounts. The Company has elected to exclude all sales and similar taxes from revenue. Revenue from contracts with customers is recorded based upon the total authorized tariff or market price at the time electric service is rendered, including amounts billed under arrangements qualifying as an Alternative Revenue Program (“ARP”). ARP arrangements are agreements between PNM or TNMP and its regulator that allow PNM or TNMP to adjust future rates in response to past activities or completed events, if certain criteria are met. ARP revenues are required to be reported separately from contracts with customers. ARP revenues in a given period include the recognition of “originating” ARP revenues (i.e. when the regulator-specific conditions are met) in the period, offset by the reversal of ARP revenues currently approved for recovery by the governing bodies. Sources of Revenue Additional information about the nature of revenues is provided below. Additional information about matters affecting PNM’s and TNMP’s regulated revenues is provided in Note 17. Revenue from Contracts with Customers PNM NMPRC Regulated Retail Electric Service – PNM provides electric generation, transmission, and distribution service to its rate-regulated customers in New Mexico. PNM’s retail electric service territory covers a large area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. Customer rates for retail electric service are set by the NMPRC and revenue is recognized as energy is delivered to the customer. PNM invoices customers on a monthly basis for electric service and generally collects billed amounts within one month. Transmission Service to Third Parties – PNM owns transmission lines that are interconnected with other utilities in New Mexico, Texas, Arizona, Colorado, and Utah. Transmission customers receive service for the transmission of energy owned by the customer utilizing PNM’s transmission facilities. Customers generally receive transmission services, which are regulated by FERC, from PNM through PNM’s Open Access Transmission Tariff (“OATT”) or a specific contract. Customers are billed based on capacity and energy components on a monthly basis. PNM owns the Western Spirit Line and services under related transmission agreements use an incremental rate, approved by FERC, that is separate from the formula rate mechanism. Wholesale Energy Sales – PNM engages in activities to optimize its existing jurisdictional assets and long-term power agreements through spot market, hour-ahead, day-ahead, week-ahead, month-ahead, and other sales of excess generation not required to fulfill retail load and contractual commitments. PNM participates in the EIM (a real-time wholesale energy trading market operated by the CAISO) that enables participating electric utilities to buy and sell energy. The NMPRC granted PNM authority to seek recovery of costs associated with joining the EIM, which have been included in the 2024 Rate Change and to pass the benefits of participating in EIM to customers through the FPPAC. PNM’s participation in EIM has significantly increased Electric operating revenues which are passed on to customers under PNM’s FPPAC with no impact to net earnings. TNMP PUCT Regulated Retail Electric Service – TNMP provides transmission and distribution services in Texas under the provisions of TECA and the Texas Public Utility Regulatory Act. TNMP is subject to traditional cost-of-service regulation with respect to rates and service under the jurisdiction of the PUCT and certain municipalities. TNMP’s transmission and distribution activities are solely within ERCOT and not subject to traditional rate regulation by FERC. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service territory. Revenue is recognized as energy is delivered to the consumer. TNMP invoices REPs on a monthly basis and is generally paid within a month. TCOS – TNMP is a transmission service provider that is allowed to recover its TCOS through a network transmission rate that is approved by the PUCT. TCOS customers are other utilities that receive service for the transmission of energy owned by the customer utilizing TNMP’s transmission facilities. Alternative Revenue Programs The Company defers certain costs and records certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. ARP revenues, which are discussed above, include recovery or refund provisions under PNM’s renewable energy rider and true-ups to PNM’s formula transmission rates; transmission cost recovery factor, and the impacts of the PUCT’s January 25, 2018 order regarding the change in the federal corporate income tax rate; the energy efficiency incentive bonus at both PNM and TNMP; and PNM’s TOD rate pilot program. Regulatory assets and liabilities are recognized for the difference between ARP revenues and amounts currently approved for recovery by the governing bodies. Regulatory assets and liabilities are amortized into earnings as amounts are billed. TNMP’s 2018 Rate Case integrated AMS costs into base rates beginning January 1, 2019. These costs are being amortized into earnings as alternative revenues over a period of five years. Other Electric Operating Revenues Other electric operating revenues consist primarily of PNM’s economic hedges that meet the definition of a derivative and are therefore not considered revenue from contracts with customers. Derivative revenues include gains and losses representing changes in fair value (Note 9) and settlements from sales of electricity under forward sales contracts. Disaggregation of Revenues A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. The table also reflects ARP revenues and other revenues. PNM TNMP TXNM Consolidated Year Ended December 31, 2024 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 541,581 $ 203,227 $ 744,808 Commercial 460,311 166,858 627,169 Industrial 123,754 35,300 159,054 Public authority 23,161 7,329 30,490 Economy energy service 25,481 — 25,481 Transmission 141,058 157,049 298,107 Wholesale energy sales 64,903 — 64,903 Miscellaneous 5,776 3,813 9,589 Total revenues from contracts with customers 1,386,025 573,576 1,959,601 Alternative revenue programs (9,720) 18,535 8,815 Other electric operating revenues 2,783 — 2,783 Total Electric Operating Revenues $ 1,379,088 $ 592,111 $ 1,971,199 PNM TNMP TXNM Consolidated Year Ended December 31, 2023 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 425,448 $ 190,953 $ 616,401 Commercial 391,964 155,254 547,218 Industrial 90,084 45,508 135,592 Public authority 21,018 6,777 27,795 Economy energy service 34,340 — 34,340 Transmission 159,475 135,831 295,306 Wholesale energy sales 248,801 — 248,801 Miscellaneous 5,676 3,739 9,415 Total revenues from contracts with customers 1,376,806 1 538,062 1,914,868 1 Alternative revenue programs 9,419 (2,812) 6,607 Other electric operating revenues 17,723 — 17,723 Total Electric Operating Revenues $ 1,403,948 $ 535,250 $ 1,939,198 1 Included in revenue from contracts with customers at PNM and TXNM is a $128.7 million reduction associated with the SJGS abandonment settlement and a $38.4 million reduction associated with PVNGS leased capacity as a result of the NMPRC final order in the 2024 Rate Change. PNM TNMP TXNM Consolidated Year Ended December 31, 2022 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 484,699 $ 187,951 $ 672,650 Commercial 422,163 154,059 576,222 Industrial 85,102 36,919 122,021 Public authority 21,330 6,379 27,709 Economy energy service 45,009 — 45,009 Transmission 149,421 113,782 263,203 Wholesale energy sales 534,196 — 534,196 Miscellaneous 5,390 3,817 9,207 Total revenues from contracts with customers 1,747,310 502,907 2,250,217 Alternative revenue programs 692 (20,177) (19,485) Other electric operating revenues 18,823 — 18,823 Total Electric Operating Revenues $ 1,766,825 $ 482,730 $ 2,249,555 Contract Balances Performance obligations related to contracts with customers are typically satisfied when the energy is delivered, and the customer or end-user utilizes the energy. Accounts receivable from customers represent amounts billed, including amounts under ARPs. For PNM, accounts receivable reflected on the Consolidated Balance Sheets, net of allowance for credit losses, includes $94.3 million and $93.6 million at December 31, 2024 and 2023 resulting from contracts with customers. All of TNMP’s accounts receivable results from contracts with customers. Contract assets are an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity’s future performance). Upon the completion of the Western Spirit Line, PNM entered into a TSA with Pattern Wind under an incremental tariff rate approved by FERC. The terms of the agreement provide for a financing component that benefits the customer. As such, the revenue that PNM recognizes will be in excess of the consideration received at the beginning of the service term resulting in a contract asset. The balance of the contract asset was $32.0 million at December 31, 2024 and $22.1 million at December 31, 2023, and is included in Other deferred charges on the Consolidated Balance Sheets. Contract liabilities arise when consideration is received in advance from a customer before satisfying the performance obligations. Therefore, revenue is deferred and not recognized until the obligation is satisfied. Under its OATT, PNM accepts upfront consideration for capacity reservations requested by transmission customers, which requires PNM to defer the customer’s transmission capacity rights for a specific period of time. PNM recognizes the revenue of these capacity reservations over the period it defers the customer’s capacity rights. Other utilities pay PNM and TNMP in advance for the joint-use of their utility poles. These revenues are recognized over the period of time specified in the joint-use contract, typically for one calendar year. Deferred revenues on these arrangements are recorded as contract liabilities. TXNM’s, PNM’s, and TNMP’s contract liabilities and related revenues are not material for any of the periods presented. The Company has no other arrangements with remaining performance obligations to which a portion of the transaction price would be required to be allocated.

Earnings and Dividends Per Shar

Earnings and Dividends Per Share	12 Months Ended
Earnings and Dividends Per Share	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings and Dividends Per Share	Earnings and Dividends Per Share Basic earnings per share is computed by dividing net earnings attributable to TXNM by the weighted average number of common shares outstanding during the period. Diluted earnings per share was computed by dividing net earnings attributable to TXNM by the diluted weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other agreements to issue common stock were settled. TXNM applies the treasury stock method for restricted stock, the 2022 ATM Program, and the 2024 ATM Program. The if-converted method is applied in determining the potential dilutive effect of the conversion of outstanding Convertible Notes. Information regarding the computation of earnings per share and dividends per share is as follows: Year Ended December 31, 2024 2023 2022 (In thousands, except per share amounts) Net Earnings Attributable to TXNM $ 242,154 $ 87,818 $ 169,530 Average Number of Common Shares: Outstanding during year 90,214 86,038 85,835 Vested awards of restricted stock 320 258 287 Average Shares – Basic 90,534 86,296 86,122 Dilutive Effect of Common Stock Equivalents: TXNM ATM Programs 12 38 — Restricted stock 45 35 47 Average Shares – Diluted 90,591 86,369 86,169 Net Earnings Attributable to TXNM Per Share of Common Stock: Basic $ 2.67 $ 1.02 $ 1.97 Diluted $ 2.67 $ 1.02 $ 1.97 Dividends Declared per Common Share $ 1.57 $ 1.49 $ 1.41

Stockholders' Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock and Equity Contributions On August 2, 2024, TXNM increased the number of authorized shares of the Company’s common stock from 120,000,000 to 200,000,000. On December 30, 2024, TXNM physically settled 2,458,951 shares sold under forward sales agreements pursuant to the TXNM 2024 ATM Program. The settlement included $0.8 million for issuance costs resulting in net proceeds of $98.6 million. Following this settlement, 1,104,641 shares of TXNM’s common stock remain subject to future settlement under the TXNM 2024 ATM Program. On December 15, 2023, TXNM physically settled all 4,365,510 shares sold under forward sales agreements pursuant to the TXNM 2022 ATM Program. The settlement included $1.0 million for issuance costs resulting in net proceeds of $198.2 million. Following this settlement, no shares of TXNM’s common stock remained subject to future settlement under the TXNM 2022 ATM Program. TXNM, PNM, and TNMP did not issue any common stock during the years ended December 31, 2022 and 2021. TXNM funded cash equity contributions to PNM of $55.0 million, zero, and zero in 2024, 2023, and 2022. TXNM funded $24.0 million, $40.9 million, and $68.0 million of cash equity contributions to TNMP in 2024, 2023, and 2022. Dividends on Common Stock The declaration of common dividends by TXNM is dependent upon a number of factors, including the ability of TXNM’s subsidiaries to pay dividends. TXNM’s primary sources of dividends are its operating subsidiaries. PNM declared and paid cash dividends to TXNM of $51.0 million, zero, and $153.5 million in 2024, 2023, and 2022. TNMP did not declare or pay any cash dividends to TXNM in 2024, 2023, or 2022. The NMPRC has placed certain restrictions on the ability of PNM to pay dividends to TXNM, including the restriction that PNM cannot pay dividends that cause its debt rating to fall below investment grade. The NMPRC provisions allow PNM to pay dividends, with at least 15 days prior notice, from current earnings, which is determined on a rolling four quarter basis, or from equity contributions previously made by TXNM. The Federal Power Act also imposes certain restrictions on dividends by public utilities. Debt-to-capitalization ratio requirements, as discussed in Note 7, remain at less than or equal to 65% for PNM and TNMP and less than or equal to 70% for TXNM. These debt-to-capitalization ratio requirements could limit the amounts of dividends that could be paid. PNM also has other financial covenants that limit the transfer of assets, through dividends or other means, including a requirement to obtain the approval of certain financial counterparties to transfer more than five percent of PNM’s assets. As of December 31, 2024, the 65% debt-to-capitalization covenant would restrict the payment of dividends from the retained earnings of PNM to $509.1 million, and the 65% debt-to-capitalization covenant would restrict the payment of dividends by TNMP to $318.0 million. Similarly, the 70% debt-to-capitalization covenant would restrict the payment of dividends by TXNM to $775.0 million. In addition, the ability of TXNM to declare dividends is dependent upon the extent to which cash flows will support dividends, the availability of retained earnings, financial circumstances and performance, current and future regulatory decisions, Congressional and legislative acts, and economic conditions. Conditions imposed by the NMPRC or PUCT, future growth plans and related capital requirements, and business considerations may also affect TXNM’s ability to pay dividends. Preferred Stock PNM’s cumulative preferred shares outstanding bear dividends at 4.58% per annum. PNM preferred stock does not have a mandatory redemption requirement, but may be redeemed, at PNM’s option, at 102% of the stated value plus accrued dividends. The holders of the PNM preferred stock are entitled to payment before the holders of common stock in the event of any liquidation or dissolution or distribution of assets of PNM. In addition, PNM’s preferred stock is not entitled to a sinking fund and cannot be converted into any other class of stock of PNM. TXNM and TNMP have no preferred stock outstanding. The authorized shares of TXNM and TNMP preferred stock are 10 million shares and 1 million shares, respectively.

Financing

Financing	12 Months Ended
Financing	Dec. 31, 2024
Debt Disclosure [Abstract]
Financing	Financing The Company’s financing strategy includes both short-term and long-term borrowings. The Company utilizes short-term revolving credit facilities, as well as cash flows from operations, to provide funds for both construction and operating expenditures. Depending on market and other conditions, the Company will periodically sell long-term debt or enter into term loan arrangements and use the proceeds to reduce borrowings under the revolving credit facilities or refinance other debt. Each of the Company’s revolving credit facilities, term loans, and other debt agreements contain a single financial covenant that requires the maintenance of a debt-to-capitalization ratio. For the TXNM agreements this ratio must be maintained at less than or equal to 70%, and for the PNM and TNMP agreements this ratio must be maintained at less than or equal to 65%. The Company’s revolving credit facilities, term loans, and other debt agreements generally also contain customary covenants, events of default, cross-default provisions, and change-of-control provisions. PNM must obtain NMPRC approval for any financing transaction having a maturity of more than 18 months. In addition, PNM files its annual informational financing filing and short-term financing plan with the NMPRC. Financing Activities TXNM At December 31, 2022, TXNM had $1.0 billion outstanding under the 2021 Delayed-Draw Term Loan, among TXNM, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent. As discussed below on June 30, 2023, $500.0 million under the TXNM 2021 Delayed Draw Term Loan was prepaid, without penalty, with proceeds from the TXNM 2023 Term Loan. As discussed below, on June 21, 2024, proceeds from the Convertible Notes were used to prepay, without penalty, $449.0 million under the TXNM 2021 Delayed Draw Term Loan. Draws on the TXNM 2021 Delayed-Draw Term Loan bear interest at a variable rate, which was 5.41% at December 31, 2024. On March 2, 2022, TXNM filed a shelf registration that provides for the issuance of various types of debt and equity securities. The TXNM shelf registration statement expires in March 2025. On November 10, 2022, TXNM entered into a distribution agreement with BofA Securities, Inc., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC, as sales agents, and Bank of America, N.A., MUFG Securities EMEA plc and Wells Fargo Bank, N.A., as forward purchasers, pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $200.0 million of its common stock, no par value, through the sales agents (the “TXNM 2022 ATM Program”). Sales of the shares made pursuant to the distribution agreement may be made in “at the market offerings” as defined in Rule 415 of the Securities Act. TXNM did not initially receive any proceeds upon the execution of this agreement. Throughout 2023, TXNM entered into forward sale agreements, for the sale of shares of TXNM common stock. On December 15, 2023, TXNM physically settled the forward purchases under the TXNM 2022 ATM Program and used the proceeds to repay borrowings under the TXNM Revolving Credit Facility and for other corporate purposes. Cash proceeds shown below were reduced by $1.0 million in issuance costs resulting in net cash proceeds of $198.2 million. Forward completion Initial forward price Shares Settlement price Settlement amount (in thousands) March 15, 2023 $ 48.49 504,452 $ 49.00 $ 24,720 March 20, 2023 48.30 528,082 48.78 25,758 May 30, 2023 47.56 244,639 47.99 11,741 June 30, 2023 44.87 804,477 45.07 36,257 September 26, 2023 44.03 2,283,860 44.11 100,734 4,365,510 $ 199,210 On June 30, 2023, TXNM entered into a $500.0 million term loan agreement (the “TXNM 2023 Term Loan”) among TXNM, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent. The proceeds were used to prepay an equal amount of the TXNM 2021 Delayed Draw Term Loan, without penalty. As discussed below, on June 21, 2024, proceeds from the Convertible Notes were used to prepay, without penalty, $90.0 million under the TXNM 2023 Term Loan. The TXNM 2023 Term Loan matures on June 30, 2026 and bears interest at a variable rate, which was 5.81% at December 31, 2024. On May 6, 2024, TXNM entered into a distribution agreement with BofA Securities, Inc., Citigroup Global Markets, Inc., MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., and Wells Fargo Securities, LLC, as sales agents, and Bank of America, N.A., Citibank, N.A., MUFG Securities EMEA plc, Royal Bank of Canada, The Bank of Nova Scotia, and Wells Fargo Bank, N.A., as forward purchasers, pursuant to which the Company may sell, from time to time, up to an aggregate sales amount of $100.0 million of its common stock, no par value, through the sales agents (the “TXNM 2024 ATM Program”). On August 5, 2024, subsequent to approval by shareholders to increase TXNM’s authorized shares, the Company amended the distribution agreement increasing the aggregate sales amount from $100.0 million to $300.0 million of its common stock, no par value, that may be sold under the TXNM 2024 ATM Program. Sales of the shares made pursuant to the distribution agreement may be made in “at the market offerings” as defined in Rule 415 of the Securities Act. TXNM did not initially receive any proceeds upon the execution of this agreement. TXNM entered into forward sales agreements with forward purchasers relating to the sale of 262,025 shares of common stock, at an initial forward sale price of $37.77 per share in the second quarter; 2,196,926 shares of common stock at a weighted average initial forward sale price of $40.58 per share in the third quarter; and 1,104,641 shares of common stock at a weighted average initial forward sale price of $44.83 per share in the fourth quarter. All initial forward prices under the agreements are subject to adjustments based on a net interest rate factor and by future dividends paid on TXNM common stock. On December 30, 2024, TXNM physically settled forward purchases under the TXNM 2024 ATM Program for 2,458,951 shares and used the proceeds to repay borrowings under the TXNM Revolving Credit Facility. Cash proceeds shown below were reduced by $0.8 million in issuance costs resulting in net cash proceeds of $98.6 million. Forward completion Initial forward price Shares Settlement price Settlement amount (in thousands) May 13, 2024 $ 37.76 262,025 $ 38.01 $ 9,960 August 13, 2024 39.98 113,014 40.21 4,545 August 16, 2024 40.26 261,066 40.48 10,568 August 23, 2024 40.36 284,952 40.56 11,558 August 30, 2024 40.47 311,583 40.64 12,661 September 16, 2024 40.77 1,226,311 40.85 50,093 2,458,951 $ 99,385 As of December 31, 2024, 1,104,641 shares under forward sales agreements under the 2024 TXNM ATM Program remained unsettled. On June 10, 2024, TXNM issued $500.0 million aggregate principal amount of junior subordinated convertible notes due 2054 (the “Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Convertible Notes are unsecured obligations of the Company and rank junior and subordinate in right of payment to the prior payment in full of the Company’s existing and future senior indebtedness. The Convertible Notes bear interest at a rate of 5.75% per year, payable semi-annually in arrears on June 1 and December 1, and mature on June 1, 2054, unless earlier converted, redeemed, or repurchased in accordance with their terms. On June 21, 2024, TXNM issued an additional $50.0 million aggregate principal amount of the Convertible Notes, pursuant to an overallotment option granted by TXNM to the initial purchasers of the $500.0 million Convertible Notes. Proceeds from the Convertible Notes were used to prepay $449.0 million of borrowings under the TXNM 2021 Delayed Draw Term Loan and $90.0 million of borrowings under the TXNM 2023 Term Loan, without penalty, and for other corporate purposes. TXNM may not redeem the Convertible Notes prior to June 6, 2029, except upon the occurrence of certain tax events, rating agency events or treasury stock events (each, a “special event”). TXNM may redeem for cash all, but not less than all, of the Convertibles Notes upon the occurrence of a special event at any time, at its option, at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, TXNM may redeem for cash all or part (subject to certain limitations on partial redemptions) of the Convertible Notes, at its option, on or after June 6, 2029, at a redemption price equal to 100% of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if the last reported sale price of TXNM’s common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which TXNM provides notice of redemption. In each case, TXNM will not, and will not be permitted to, issue a notice of redemption, or specify a redemption date, during any interest deferral period. Prior to the close of business on the business day immediately preceding December 1, 2053, the Convertible Notes will be convertible at the option of the holders only under certain conditions. On or after December 1, 2053 until the close of business on the second business day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes at their option, at any time, at the conversion rate then in effect, irrespective of these conditions. Upon conversion of the Convertible Notes, TXNM will pay cash, or deliver an equal aggregate principal amount of a newly issued series of its nonconvertible junior subordinated notes with the same terms as the Convertible Notes (other than the conversion features and certain features in relation to redemption rights), in either case, up to the aggregate principal amount of the Convertible Notes being converted, and deliver shares of TXNM’s common stock in respect of the remainder, if any, of TXNM’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. The conversion rate for the Convertible Notes will initially be 22.4911 shares of TXNM’s common stock per $1,000 principal amount of the Convertible Notes, equivalent to an initial conversion price of $44.46 per share of common stock. The initial conversion price of the Convertible Notes represents a conversion premium of 17.5% above the last reported sale price of TXNM’s common stock on June 4, 2024. The conversion rate and the corresponding conversion price will be subject to adjustment by certain events such as increased dividends but will not adjust for any accrued or unpaid interest. In addition, following certain corporate events that occur prior to the maturity date of the Convertible Notes or if TXNM delivers a notice of a special event redemption, TXNM will, in certain circumstances, increase the conversion rate for a holder that elects to convert its Convertible Notes in connection with such a corporate event or such notice of special event redemption, as the case may be. TXNM issued the Convertible Notes pursuant to an indenture (the “Convertible Notes Indenture”) dated as of June 10, 2024 between TXNM and Computershare Trust Company, N.A., as trustee. The Convertible Notes are subject to continuing compliance with the representations, warranties, and covenants set forth in the Convertible Notes Indenture, which include the customary covenants discussed above. In the event of a fundamental change, as defined in the Convertible Notes Indenture, TXNM may be required to repurchase, for cash, the aggregate principal amount of Convertible Notes plus accrued interest. TXNM may not redeem the Convertible notes prior to June 6, 2029 except upon the occurrence of a special event as defined in the Convertible Notes Indenture. So long as no event of default with respect to the Convertible Notes has occurred and is continuing, TXNM may, at its option, defer interest payments on the Convertible Notes on one or more occasions for up to 20 consecutive semi-annual interest payment periods. During any deferral period, interest on the Convertible Notes will continue to accrue at the then-applicable interest rate on the Convertible Notes. In addition, during any deferral period, interest on deferred interest will accrue at the then-applicable interest rate on the Convertible Notes, compounded semi-annually, to the extent permitted by applicable law. PNM On June 18, 2021, PNM entered into a $75.0 million term loan agreement (the “PNM 2021 Term Loan”) between PNM and Bank of America, N.A., as lender. The PNM 2021 Term Loan was used to repay the PNM 2019 $40.0 million Term Loan and for other corporate purposes. On August 5, 2022, the PNM 2021 Term Loan was prepaid without penalty with proceeds from the PNM 2022 Delayed-Draw Term Loan discussed below. At December 31, 2021, PNM had $104.5 million PCRBs outstanding with a mandatory remarketing date of June 1, 2022, consisting of $36.0 million at 1.05% issued by the Maricopa County, Arizona Pollution Control Corporation with a final maturity of January 2038; $37.0 million at 2.125% issued by the City of Farmington, New Mexico with a final maturity of June 2040; $11.5 million at 1.20% issued by the City of Farmington, New Mexico with a final maturity of June 2040; and $20.0 million at 2.45% issued by the City of Farmington, New Mexico with a final maturity of September 2042. On June 1, 2022, PNM remarketed to new investors the $36.0 million and $37.0 million series in the tax-exempt market at 3.00% with a mandatory remarketing date of June 1, 2024. PNM purchased and redeemed the remaining two series of PCRBs, totaling $31.5 million, on June 1, 2022. On August 5, 2022, PNM entered into a $225.0 million delayed-draw term loan agreement (the “PNM 2022 Delayed-Draw Term Loan”), among PNM, the lender parties thereto, and Royal Bank of Canada, as administrative agent. PNM initially drew $180.0 million to prepay, without penalty, the $75.0 million PNM 2021 Term Loan ahead of its December 2022 maturity and for other corporate purposes. On September 30, 2022, PNM drew the remaining $45.0 million and used the proceeds for general corporate purposes. On November 15, 2023, upon receipts of funds from the sale of energy transition property to ETBC I discussed below, PNM prepaid the $225.0 million outstanding under the PNM 2022 Delayed-Draw Term Loan, without penalty. At December 31, 2022, PNM had $130.0 million of 1.10% PCRBs outstanding with a mandatory remarketing date of June 1, 2023, issued by the City of Farmington, New Mexico with a final maturity of June 2040. On June 1, 2023, PNM remarketed the $130.0 million to new investors at 3.90% with a mandatory tender date of June 1, 2028. At December 31, 2022, PNM had $55.0 million aggregate principal amount of its 3.15% SUNs outstanding due May 2023. On May 15, 2023, PNM repaid the $55.0 million 3.15% SUNs. On April 28, 2023, PNM entered into an agreement (the “PNM 2023 Note Purchase Agreement”) with institutional investors for the sale and issuance of $200.0 million aggregate principal amount of two series of SUNs (the “PNM 2023 SUNs”) offered in private placement transactions. The PNM 2023 SUNs were issued on April 28, 2023. PNM issued $150.0 million of the PNM 2023 SUNs at 5.51%, due April 28, 2035, and another $50.0 million at 5.92%, due April 28, 2053. Proceeds from the PNM 2023 SUNs were used to repay borrowings under the PNM Revolving Credit Facility and the PNM New Mexico Credit Facility, for funding of capital expenditures, and for general corporate purposes. The PNM 2023 Note Purchase Agreement includes the customary covenants discussed above. In the event of a change of control, PNM will be required to offer to prepay the PNM 2023 SUNs at par. PNM has the right to redeem any or all of the PNM 2023 SUNs prior to their maturities, subject to payment of a customary make-whole premium. On May 10, 2024, PNM entered into a $200.0 million term loan agreement (the “PNM 2024 Term Loan”), among PNM, the lenders party thereto and U.S. Bank National Association, as administrative agent. PNM used the proceeds of the PNM 2024 Term Loan to repay borrowings under the PNM Revolving Credit Facility, the PNM New Mexico Credit Facility, and for general corporate purposes. The PNM 2024 Term Loan bears interest at a variable rate, which was 5.40% at December 31, 2024, and must be repaid on or before November 10, 2025. At December 31, 2023, PNM had outstanding $37.0 million of 3.00% PCRBs and $125.0 million of 1.15% PCRBs issued by the City of Farmington, New Mexico with a mandatory remarketing date of June 1, 2024 and final maturities of June 2040 and $36.0 million of 3.00% PCRBs issued by Maricopa County, Arizona with a mandatory remarketing date of June 1, 2024 and a final maturity of January 2038. On June 3, 2024, PNM remarketed these PCRBs aggregating $198.0 million to new investors at 3.875% with a mandatory tender date of June 1, 2029. On January 21, 2025, PNM entered into a $195.0 million term loan agreement (the “PNM 2025 Term Loan”), among PNM, the lenders party thereto and Canadian Imperial Bank of Commerce, New York Branch, as administrative agent. PNM used the proceeds of the PNM 2025 Term Loan to repay borrowings under the PNM Revolving Credit Facility, the PNM New Mexico Credit Facility, and for general corporate purposes. The PNM 2025 Term Loan bears interest at a variable rate and must be repaid on or before July 21, 2026. ETBC I On November 15, 2023, ETBC I issued $343.2 million aggregate principal amount of its senior secured energy transition bonds, Series A (“ETBC I Securitized Bonds”) in two tranches. The first tranche of $175.0 million aggregate principal amount was issued at an interest rate of 5.64% with an expected final payment due in August 2040. The second tranche of $168.2 million aggregate principal amount was issued at an interest rate of 6.03% with an expected final payment due in August 2048. Each tranche is subject to fixed, scheduled, semi-annual payments of principal and interest beginning on August 15, 2024 with $6.9 million included as Current installments of long-term debt on the Consolidated Balance Sheets at December 31, 2024. The ETBC I Securitized Bonds were offered pursuant to a prospectus dated November 7, 2023 and are governed by an indenture between ETBC I and U.S. Bank Trust Company, National Association, as indenture trustee dated as of November 15, 2023. ETBC I used the proceeds from the issuance of the ETBC I Securitized Bonds to purchase energy transition property (Note 16) from PNM. See Note 10. TNMP On April 27, 2022, TNMP entered into an agreement (the “TNMP 2022 Bond Purchase Agreement”) with institutional investors for the sale of $160.0 million aggregate principal amount of two series of TNMP first mortgage bonds (the “TNMP 2022 Bonds”) offered in private placement transactions. TNMP issued the first series of $65.0 million of the TNMP 2022 Bonds on May 12, 2022, at a 4.13% interest rate, due May 12, 2052, and the second series of $95.0 million of the TNMP 2022 Bonds on July 28, 2022, at a 3.81% interest rate, due July 28, 2032. The proceeds were used to repay borrowings under the TNMP Revolving Credit Facility and for other corporate purposes. The TNMP 2022 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indenture governing the TNMP 2022 Bonds. The terms of the supplemental indentures governing the TNMP 2022 Bonds include the customary covenants discussed above. In the event of a change of control, TNMP will be required to offer to prepay the TNMP 2022 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2022 Bonds prior to their maturity, subject to payment of a customary make-whole premium. On April 28, 2023, TNMP entered into an agreement (the “TNMP 2023 Bond Purchase Agreement”) with institutional investors for the sale of $185.0 million aggregate principal amount of two series of TNMP first mortgage bonds (the “TNMP 2023 Bonds”) offered in private placement transactions. TNMP issued the first series of $130.0 million on April 28, 2023, at a 5.01% interest rate, due April 28, 2033. The second series of $55.0 million was issued on July 28, 2023, at a 5.47% interest rate, due July 28, 2053. The proceeds were used to repay borrowings under the TNMP Revolving Credit Facility, for funding of capital expenditures, and for other corporate purposes. The TNMP 2023 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indentures governing the TNMP 2023 Bonds. The terms of the supplemental indentures governing the TNMP 2023 Bonds include the customary covenants discussed above. In the event of a change of control, TNMP will be required to offer to prepay the TNMP 2023 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2023 Bonds prior to their maturity, subject to payment of a customary make-whole premium. On March 28, 2024, TNMP entered into an agreement (the “TNMP 2024 Bond Purchase Agreement”) with institutional investors for the sale of $285.0 million aggregate principal amount of four series of TNMP first mortgage bonds (the “TNMP 2024 Bonds”) offered in private placement transactions. TNMP issued the first two series on March 28, 2024, consisting of $32.0 million at a 5.26% interest rate, due March 28, 2029, and $85.0 million at a 5.55% interest rate, due March 28, 2036. The third and fourth series were issued on July 1, 2024, consisting of $40.0 million at a 5.65% interest rate, due July 1, 2039, and $128.0 million at a 5.79% interest rate, due July 1, 2054. The proceeds were used to repay existing debt, including the $80.0 million of 4.03% TNMP FMBs that were due July 2024 and borrowings under the TNMP Revolving Credit Facility, for funding of capital expenditures, and for other corporate purposes. The TNMP 2024 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indentures governing the TNMP 2024 Bonds. The terms of the supplemental indentures governing the TNMP 2024 Bonds include the customary covenants discussed above. In the event of certain changes of control of TXNM or TNMP, TNMP will be required to offer to prepay the TNMP 2024 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2024 Bonds prior to their maturity, subject to payment of a customary make-whole premium. On February 14, 2025, TNMP entered into an agreement (the “TNMP 2025 Bond Purchase Agreement”) with institutional investors for the sale of $140.0 million aggregate principal amount of its 5.19% TNMP first mortgage bonds (the “TNMP 2025 Bonds”) offered in private placement transactions. TNMP issued all $140.0 million at a 5.19% interest rate, due April 1, 2031. The proceeds were used to repay borrowings under the TNMP Revolving Credit Facility, for funding of capital expenditures, and for other corporate purposes. The TNMP 2025 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indentures governing the TNMP 2025 Bonds. The terms of the supplemental indentures governing the TNMP 2025 Bonds include the customary covenants discussed above. In the event of a change of control, TNMP will be required to offer to prepay the TNMP 2025 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2025 Bonds prior to their maturity, subject to payment of a customary make-whole premium. Interest Rate Hedging Activities TXNM has entered into hedging agreements that establish a fixed rate for the indicated amount of variable rate debt, above which a customary spread is applied, which is subject to change if there is a change in TXNM’s credit rating. As of December 31, 2023, TXNM’s hedging agreements were as follows: Variable Rate Established Effective Date Maturity Date Debt Hedged Fixed Rate (In millions) (Percent) March 17, 2023 September 30, 2023 $ 150.0 4.57 % October 31, 2022 December 31, 2023 100.0 4.65 October 31, 2022 December 31, 2023 100.0 4.66 September 30, 2022 December 31, 2023 100.0 4.17 September 30, 2022 December 31, 2023 100.0 4.18 May 20, 2022 December 31, 2023 100.0 2.52 May 2, 2022 December 31, 2023 150.0 2.65 May 2, 2022 December 31, 2023 200.0 2.65 January 1, 2024 December 31, 2024 100.0 3.32 January 1, 2024 December 31, 2024 100.0 3.32 January 1, 2024 December 31, 2024 100.0 3.38 January 1, 2024 December 31, 2024 150.0 3.62 January 1, 2024 December 31, 2024 150.0 3.57 January 1, 2025 December 31, 2025 100.0 4.18 January 1, 2025 December 31, 2025 100.0 4.18 January 1, 2025 December 31, 2025 100.0 3.99 Throughout 2023 and 2024, these hedging agreements were accounted for as cash flow hedges. At December 31, 2023, the fair value of the active hedging agreements was a gain of $7.2 million that was included in Other current assets and a loss of $2.3 million that was included in Other deferred credits on the Consolidated Balance Sheets. Fair values were determined using Level 2 inputs under GAAP, including using forward SOFR curves under the mid-market convention to discount cash flows over the remaining term of the agreements. In November 2024, TXNM unwound and settled the $300.0 million of hedging agreements that were expected to mature on December 31, 2025, and on December 31, 2024, the remaining $600.0 million of hedging agreements matured. TXNM had no active hedging agreements at December 31, 2024. Borrowing Arrangements Between TXNM and its Subsidiaries TXNM has intercompany loan agreements with its subsidiaries. Individual subsidiary loan agreements vary in amount up to $150.0 million and have either reciprocal or non-reciprocal terms. Interest charged to the subsidiaries is equivalent to interest paid by TXNM on its short-term borrowings or the money-market interest rate if TXNM does not have any short-term borrowings outstanding. All balances outstanding under intercompany loan agreements are eliminated upon consolidation. See Note 1. PNM and TNMP had no borrowings from TXNM at December 31, 2024 and 2023. PNMR Development had zero and $2.3 million in short-term borrowings outstanding from TXNM at December 31, 2024 and 2023. TXNM had $1.5 million and zero in short-term borrowings outstanding from PNMR Development at December 31, 2024 and 2023. Short-term Debt and Liquidity As of December 31, 2024, the TXNM Revolving Credit Facility had a financing capacity of $300.0 million and the PNM Revolving Credit Facility had a financing capacity of $400.0 million. On April 1, 2024, TXNM and PNM amended their respective revolving credit facilities, extending their maturity to March 30, 2029, with two one-year extension options that, if exercised, would extend the maturity to March 2031, subject to approval by a majority of the lenders. PNM also has the $40.0 million PNM New Mexico Credit Facility with a maturity of May 20, 2026. As of December 31, 2023, the TNMP Revolving Credit Facility had a capacity of $100.0 million, secured by $100.0 million aggregate principal amount of TNMP first mortgage bonds. On April 1, 2024, TNMP entered into a new $200.0 million Revolving Credit Facility that replaced the $100.0 million Revolving Credit Facility. The new $200.0 million Revolving Credit Facility is secured by $200.0 million aggregate principal amount of TNMP first mortgage bonds and has a maturity of March 30, 2029, with two one-year extension options that, if exercised, would extend the maturity to March 2031, subject to approval by a majority of the lenders. Variable interest rates under the TXNM, PNM, and TNMP revolving credit facilities are based on SOFR. Short-term debt outstanding consists of: December 31, Short-term Debt 2024 2023 (In thousands) PNM: PNM Revolving Credit Facility $ 323,800 $ 107,500 PNM New Mexico Credit Facility 40,000 30,000 363,800 137,500 TNMP Revolving Credit Facility 151,600 55,100 TXNM: TXNM Revolving Credit Facility 93,900 69,300 $ 609,300 $ 261,900 In addition to the above borrowings, TXNM, PNM, and TNMP had letters of credit outstanding of $3.1 million, zero, and zero at December 31, 2024, that reduce the available capacity under their respective revolving credit facilities. TXNM also has $30.3 million of letters of credit outstanding under the WFB LOC Facility. At December 31, 2024, interest rates on outstanding borrowings were 5.73% for the PNM Revolving Credit Facility, 5.81% for the PNM New Mexico Credit Facility, 5.37% for the TNMP Revolving Credit Facility, and 5.96% for the TXNM Revolving Credit Facility. Long-Term Debt Information concerning long-term debt outstanding and unamortized (premiums), discounts, and debt issuance costs is as follows: December 31, 2024 December 31, 2023 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt ETBC I - Senior Secured Energy Transition Bonds Series A-1, 5.64% $ 172,471 $ 1,025 $ 175,000 $ 1,093 Series A-2, 6.03% 168,200 1,014 168,200 1,057 Senior Unsecured Notes, Pollution Control Revenue Bonds: 2.15% due April 2033 146,000 736 146,000 824 3.00% due June 2040, mandatory tender - June 1, 2024 — — 37,000 88 0.875% mandatory tender - October 1, 2026 100,345 257 100,345 403 3.00% due January 2038, mandatory tender - June 1, 2024 — — 36,000 87 1.15% due June 2040, mandatory tender - June 1, 2024 — — 125,000 132 3.90% due June 2040, mandatory tender - June 1, 2028 130,000 796 130,000 1,029 3.875% due June 2040, mandatory tender - June 1, 2029 162,000 1,158 — — 3.875% due January 2038, mandatory tender - June 1, 2029 36,000 258 — — Senior Unsecured Notes: 3.45% due May 2025 104,000 39 104,000 143 3.85% due August 2025 250,000 174 250,000 477 3.68% due May 2028 88,000 209 88,000 271 3.78% due August 2028 15,000 38 15,000 48 3.93% due May 2033 38,000 149 38,000 167 4.22% due May 2038 45,000 212 45,000 228 4.50% due May 2048 20,000 110 20,000 114 4.60% due August 2048 85,000 470 85,000 490 3.21% due April 2030 150,000 852 150,000 1,011 3.57% due April 2039 50,000 398 50,000 426 2.59% due July 2033 80,000 328 80,000 366 December 31, 2024 December 31, 2023 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt (Continued) 3.14% due July 2041 80,000 381 80,000 404 2.29% due December 2031 50,000 205 50,000 235 2.97% due December 2041 100,000 499 100,000 528 5.51% due April 2035 150,000 779 150,000 854 5.92% due April 2053 50,000 280 50,000 290 PNM 2024 $200.0 Million Term Loan due November 2025 200,000 57 — — 2,470,016 10,424 2,272,545 10,765 Less current maturities 560,907 270 200,529 307 1,909,109 10,154 2,072,016 10,458 TNMP Debt First Mortgage Bonds: 6.95% due April 2043 93,198 (13,056) 93,198 (13,771) 4.03% due July 2024 — — 80,000 53 3.53% due February 2026 60,000 91 60,000 174 3.22% due August 2027 60,000 152 60,000 209 3.85% due June 2028 60,000 219 60,000 281 3.79% due March 2034 75,000 347 75,000 385 3.92% due March 2039 75,000 401 75,000 429 4.06% due March 2044 75,000 433 75,000 456 3.60% due July 2029 80,000 270 80,000 330 2.73% due April 2030 85,000 445 85,000 530 3.36% due April 2050 25,000 210 25,000 218 2.93% due July 2035 25,000 175 25,000 191 3.36% due July 2050 50,000 424 50,000 441 2.44% due August 2035 65,000 382 65,000 418 4.13% due May 2052 65,000 409 65,000 424 3.81% due July 2032 95,000 505 95,000 572 5.01% due April 2033 130,000 610 130,000 682 5.47% due July 2053 55,000 286 55,000 296 5.26% due March 2029 32,000 189 — — 5.55% due March 2036 85,000 538 — — 5.65% due July 2039 40,000 256 — — 5.79% due July 2054 128,000 833 — — 1,458,198 (5,881) 1,253,198 (7,682) Less current maturities — — 80,000 53 1,458,198 (5,881) 1,173,198 (7,735) TXNM Debt TXNM 2021 Delayed-Draw Term Loan due May 2025 51,000 34 500,000 114 TXNM 2023 Term Loan due June 2026 410,000 441 500,000 735 5.75% TXNM Junior Subordinated Convertible Notes due June 2054 550,000 10,828 — — 1,011,000 11,303 1,000,000 849 Less current maturities 51,000 34 — — 960,000 11,269 1,000,000 849 Total Consolidated TXNM Debt 4,939,214 15,846 4,525,743 3,932 Less current

Lease Commitments

Lease Commitments	12 Months Ended
Lease Commitments	Dec. 31, 2024
Leases [Abstract]
Lease Commitments	Lease Commitments The Company enters into various lease agreements to meet its business needs and to satisfy the needs of its customers. The Company accounts for contracts that convey the use and control of identified assets for a period of time as leases. The Company classifies leases as operating or financing by evaluating the terms of the lease agreement. Agreements under which the Company is likely to utilize substantially all of the economic value or life of the asset or that the Company is likely to own at the end of the lease term, either through purchase or transfer of ownership, are classified as financing leases. Leases not meeting these criteria are accounted for as operating leases. Agreements under which the Company is a lessor are insignificant. TXNM, PNM, and TNMP determine present value for their leases using their incremental borrowing rates at the commencement date of the lease or, when readily available, the rate implicit in the agreement. The Company leases office buildings, vehicles, energy storage facilities, and other equipment. In addition, PNM had lease interests in PVNGS and certain rights-of-way agreements that are classified as leases. All of the Company’s leases with fixed-payment terms in excess of one year are recorded on the Consolidated Balance Sheets by recording a present value lease liability and a corresponding right-of-use asset. Operating lease expense is recognized within operating expenses according to the use of the asset on a straight-line basis. Financing lease costs, which are comprised primarily of fleet and office equipment leases commencing after January 1, 2019, are recognized by amortizing the right-of-use asset on a straight-line basis and by recording interest expense on the lease liability. Financing lease right-of-use assets amortization is reflected in depreciation and amortization and interest on financing lease liabilities is reflected as interest charges on the Company’s Consolidated Statements of Earnings. PVNGS In 1985 and 1986, PNM entered into leases for its interest in PVNGS Unit 1 and 2. The leases initially were scheduled to expire in January 2015 for four Unit 1 leases and January 2016 for four Unit 2 leases. Following procedures set forth in the PVNGS leases, PNM notified four of the lessors under the Unit 1 leases and one lessor under the Unit 2 lease that it would elect to renew those leases on the expiration date of the original leases. The four Unit 1 leases expired in January 2023 and the one Unit 2 lease expired in January 2024. PNM has no further lease payments related to PVNGS Unit 1 or 2. On April 5, 2021, PNM and Salt River Project entered into an Asset Purchase and Sale Agreement, pursuant to which PNM agreed to sell to Salt River Project certain PNM-owned assets and nuclear fuel necessary to the ongoing operation and maintenance of leased capacity in PVNGS Unit 1 and Unit 2. In January 2023, the Unit 1 leases expired, and PNM closed on the associated sale to Salt River Project, receiving payments of $33.7 million, of which $28.4 million was recorded as a reduction to Net utility plant on the Consolidated Balance Sheets and is presented as cash flows from investing activities on the Consolidated Statement of Cash Flows. In addition, $5.3 million was recorded as a reduction to materials, supplies, and fuel stock on the Consolidated Balance Sheets and is presented as cash flows from operating activities on the Consolidated Statement of Cash Flows. In January 2024, the Unit 2 leases expired, and PNM closed on the associated sale to Salt River Project, receiving payments of $3.4 million, of which $2.8 million was recorded as a reduction to Net utility plant on the Consolidated Balance Sheets and is presented as cash flows from investing activities on the Consolidated Statement of Cash Flows. In addition, $0.6 million was recorded as a reduction to Materials, supplies and fuel stock on the Consolidated Balance Sheets and is presented as cash flows from operating activities on the Consolidated Statement of Cash Flows. Land Easements and Rights-of-Ways Many of PNM’s electric transmission and distribution facilities are located on lands that require the grant of rights-of-way from governmental entities, Native American tribes, or private parties. PNM has completed several renewals of rights-of-way, the largest of which is a renewal with the Navajo Nation. PNM is obligated to pay the Navajo Nation annual payments of $6.0 million, subject to adjustment each year based on the Consumer Price Index, through 2029. PNM’s April 2024 payment for the amount due under the Navajo Nation right-of-way lease was $8.6 million, which included amounts due under the Consumer Price Index adjustment. Changes in the Consumer Price Index subsequent to January 1, 2019, are considered variable lease payments. PNM has other prepaid rights-of-way agreements that are not accounted for as leases or recognized as a component of plant in service. PNM reflects the unamortized balance of these prepayments in other deferred charges on the Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Consolidated Statement of Earnings over their term. As of December 31, 2024 and 2023, the unamortized balance of these rights-of-ways was $67.1 million and $56.2 million. During the years ended December 31, 2024, 2023, and 2022, PNM recognized amortization expense associated with these agreements of $4.3 million, $3.5 million, and $3.8 million. Fleet Vehicles and Equipment Fleet vehicle and equipment leases commencing on or after January 1, 2019, are classified as financing leases. Fleet vehicle and equipment leases existing as of December 31, 2018, are classified as operating leases. The Company’s fleet vehicle and equipment lease agreements include non-lease components for insignificant administrative and other costs that are billed over the life of the agreement. At December 31, 2024, residual value guarantees on fleet vehicle and equipment leases are $0.7 million, $0.9 million, and $1.6 million for PNM, TNMP, and TXNM Consolidated. Energy Storage Agreements PNM has entered into various ESAs with fixed payments over the life of the agreements. These types of agreements are accounted for as operating leases. In the fourth quarter of 2024, an energy storage facility with an aggregate capacity of 100 MW began commercial operation and PNM recorded lease liabilities with a corresponding right-of-use asset of $101.5 million. PNM has also entered into ESAs with monthly payments that vary depending on the available capacity of the storage facility. These types of ESAs are accounted for as operating leases with variable consideration and do not require a lease liability or right-of-use asset. In the fourth quarter of 2024, a 300MW energy storage agreement with payments that depend on available capacity began commercial operation. The expense for this lease is reflected in variable lease expense in the tables below. In addition, the Company has elected to separate lease components from non-lease components for ESAs and accordingly, does not include non-lease components in the measurement of the lease liability or right-of-use asset. The non-lease components which are not included in the measurement of the lease liability or the corresponding right-of-use asset, comprises of 25.5% of the value of the agreements. Information related to the Company’s operating leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2024 December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 271,433 $ 923 $ 272,894 $ 180,370 $ 1,814 $ 182,201 Current portion of operating lease liabilities 13,542 713 14,293 11,371 895 12,267 Long-term portion of operating lease liabilities 254,702 167 255,376 166,191 809 167,000 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019, as financing leases. Information related to the Company’s financing leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2024 December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated (In thousands) Financing leases: Non-utility property $ 24,548 $ 24,420 $ 50,144 $ 25,425 $ 24,487 $ 49,981 Accumulated depreciation (10,997) (13,411) (24,604) (11,984) (11,869) (23,905) Non-utility property, net $ 13,551 $ 11,009 $ 25,540 $ 13,441 $ 12,618 $ 26,076 Other current liabilities $ 4,311 $ 4,527 $ 9,126 $ 4,146 $ 4,616 $ 8,776 Other deferred credits 9,262 6,504 16,470 9,300 8,023 17,326 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below: December 31, 2024 December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated Weighted average remaining lease term (years): Operating leases 17.52 1.10 17.45 16.79 1.65 16.65 Financing leases 3.51 2.80 3.20 3.81 3.08 3.45 Weighted average discount rate: Operating leases 5.68 % 4.41 % 5.68 % 5.61 % 4.16 % 5.60 % Financing leases 5.08 5.19 5.12 4.54 4.63 4.58 Information for the components of lease expense is as follows: Year Ended December 31, 2024 PNM TNMP TXNM Consolidated (In thousands) Operating lease cost: Energy storage leases $ 13,353 $ — $ 13,353 Other operating leases 7,722 907 8,679 Amounts capitalized (101) (793) (894) Total operating lease expense 20,974 114 21,138 Financing lease cost: Amortization of right-of-use assets 4,554 5,129 9,889 Interest on lease liabilities 603 595 1,229 Amounts capitalized (3,227) (4,648) (7,875) Total financing lease expense 1,930 1,076 3,243 Variable lease expense 3,900 — 3,900 Short-term lease expense 714 23 787 Total lease expense for the period $ 27,518 $ 1,213 $ 29,068 Year Ended December 31, 2023 PNM TNMP TXNM Consolidated (In thousands) Operating lease cost Energy storage leases $ 4,351 $ — $ 4,351 Other operating leases 11,127 1,479 12,606 Amounts capitalized (374) (1,298) (1,672) Total operating lease expense 15,104 181 15,285 Financing lease cost: Amortization of right-of-use assets 4,566 4,634 9,253 Interest on lease liabilities 562 497 1,060 Amounts capitalized (3,190) (4,250) (7,440) Total financing lease expense 1,938 881 2,873 Variable lease expense 1,342 — 1,342 Short-term lease expense 675 29 782 Total lease expense for the period $ 19,059 $ 1,091 $ 20,282 Year Ended December 31, 2022 PNM TNMP TXNM Consolidated (In thousands) Operating lease cost Other operating leases $ 26,764 $ 2,020 $ 28,835 Amounts capitalized (690) (1,728) (2,417) Total operating lease expense 26,074 292 26,418 Financing lease cost: Amortization of right-of-use assets 3,175 3,279 6,529 Interest on lease liabilities 327 330 659 Amounts capitalized (2,264) (3,208) (5,471) Total financing lease expense 1,238 401 1,717 Variable lease expense 890 — 890 Short-term lease expense (1) 3,058 5 3,109 Total lease expense for the period $ 31,260 $ 698 $ 32,134 (1) Includes expense of $2.7 million for the twelve months ended December 31, 2022 for rental of temporary cooling towers associated with the SJGS Unit 1 outage. These amounts are partially offset with insurance reimbursements of $2.7 million for the twelve months ended December 31, 2022. Supplemental cash flow information related to the Company’s leases is as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,277 $ 47 $ 21,368 $ 21,575 $ 110 $ 21,685 Operating cash flows from financing leases 206 102 340 183 73 256 Financing cash flows from financing leases 1,707 971 2,872 1,671 802 2,527 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 101,594 $ 100 $ 102,261 $ 138,204 $ 6 $ 138,210 Financing leases 4,962 3,715 9,850 6,421 5,407 11,828 Capitalized lease costs are reflected as investing activities on the Company’s Consolidated Statements of Cash Flows for the twelve months ended December 31, 2024 and 2023. Future expected lease payments are shown below: As of December 31, 2024 PNM TNMP TXNM Consolidated Operating Operating Financing Energy Storage Other Financing Operating Financing Energy Storage Other (In thousands) 2025 $ 4,879 $ 20,333 $ 7,101 $ 4,971 $ 808 $ 10,181 $ 20,333 $ 7,976 2026 4,300 20,333 7,042 3,635 90 8,258 20,333 7,201 2027 3,019 20,333 7,046 2,186 14 5,507 20,333 7,131 2028 1,640 20,333 7,049 811 11 2,571 20,333 7,133 2029 568 20,333 7,036 258 — 826 20,333 7,111 Later years 230 287,100 3,550 — — 230 287,100 3,902 Total minimum lease payments 14,636 388,765 38,824 11,861 923 27,573 388,765 40,454 Less: Imputed interest 1,063 154,931 4,414 830 43 1,977 154,932 4,618 Lease liabilities $ 13,573 $ 233,834 $ 34,410 $ 11,031 $ 880 $ 25,596 $ 233,833 $ 35,836 The above table includes $12.7 million, $10.4 million, and $23.3 million for PNM, TNMP, and TXNM at December 31, 2024 for expected future payments on fleet vehicle and equipment leases that could be avoided if the leased assets were returned and the lessor is able to recover estimated market value for the equipment from third parties. At December 31, 2024, the Company has various lease arrangements that have been executed but have not yet commenced, which are primarily related to ESAs. The Company currently expects lease commencement dates in 2025 and 2029, with lease terms expiring in 2044 and 2045, and will recognize lease assets and liabilities upon lease commencement. The expected total fixed consideration to be paid for these arrangements, which includes non-lease payments, is approximately $226.3 million over the 20-year terms of the agreements.
Lease Commitments	Lease Commitments The Company enters into various lease agreements to meet its business needs and to satisfy the needs of its customers. The Company accounts for contracts that convey the use and control of identified assets for a period of time as leases. The Company classifies leases as operating or financing by evaluating the terms of the lease agreement. Agreements under which the Company is likely to utilize substantially all of the economic value or life of the asset or that the Company is likely to own at the end of the lease term, either through purchase or transfer of ownership, are classified as financing leases. Leases not meeting these criteria are accounted for as operating leases. Agreements under which the Company is a lessor are insignificant. TXNM, PNM, and TNMP determine present value for their leases using their incremental borrowing rates at the commencement date of the lease or, when readily available, the rate implicit in the agreement. The Company leases office buildings, vehicles, energy storage facilities, and other equipment. In addition, PNM had lease interests in PVNGS and certain rights-of-way agreements that are classified as leases. All of the Company’s leases with fixed-payment terms in excess of one year are recorded on the Consolidated Balance Sheets by recording a present value lease liability and a corresponding right-of-use asset. Operating lease expense is recognized within operating expenses according to the use of the asset on a straight-line basis. Financing lease costs, which are comprised primarily of fleet and office equipment leases commencing after January 1, 2019, are recognized by amortizing the right-of-use asset on a straight-line basis and by recording interest expense on the lease liability. Financing lease right-of-use assets amortization is reflected in depreciation and amortization and interest on financing lease liabilities is reflected as interest charges on the Company’s Consolidated Statements of Earnings. PVNGS In 1985 and 1986, PNM entered into leases for its interest in PVNGS Unit 1 and 2. The leases initially were scheduled to expire in January 2015 for four Unit 1 leases and January 2016 for four Unit 2 leases. Following procedures set forth in the PVNGS leases, PNM notified four of the lessors under the Unit 1 leases and one lessor under the Unit 2 lease that it would elect to renew those leases on the expiration date of the original leases. The four Unit 1 leases expired in January 2023 and the one Unit 2 lease expired in January 2024. PNM has no further lease payments related to PVNGS Unit 1 or 2. On April 5, 2021, PNM and Salt River Project entered into an Asset Purchase and Sale Agreement, pursuant to which PNM agreed to sell to Salt River Project certain PNM-owned assets and nuclear fuel necessary to the ongoing operation and maintenance of leased capacity in PVNGS Unit 1 and Unit 2. In January 2023, the Unit 1 leases expired, and PNM closed on the associated sale to Salt River Project, receiving payments of $33.7 million, of which $28.4 million was recorded as a reduction to Net utility plant on the Consolidated Balance Sheets and is presented as cash flows from investing activities on the Consolidated Statement of Cash Flows. In addition, $5.3 million was recorded as a reduction to materials, supplies, and fuel stock on the Consolidated Balance Sheets and is presented as cash flows from operating activities on the Consolidated Statement of Cash Flows. In January 2024, the Unit 2 leases expired, and PNM closed on the associated sale to Salt River Project, receiving payments of $3.4 million, of which $2.8 million was recorded as a reduction to Net utility plant on the Consolidated Balance Sheets and is presented as cash flows from investing activities on the Consolidated Statement of Cash Flows. In addition, $0.6 million was recorded as a reduction to Materials, supplies and fuel stock on the Consolidated Balance Sheets and is presented as cash flows from operating activities on the Consolidated Statement of Cash Flows. Land Easements and Rights-of-Ways Many of PNM’s electric transmission and distribution facilities are located on lands that require the grant of rights-of-way from governmental entities, Native American tribes, or private parties. PNM has completed several renewals of rights-of-way, the largest of which is a renewal with the Navajo Nation. PNM is obligated to pay the Navajo Nation annual payments of $6.0 million, subject to adjustment each year based on the Consumer Price Index, through 2029. PNM’s April 2024 payment for the amount due under the Navajo Nation right-of-way lease was $8.6 million, which included amounts due under the Consumer Price Index adjustment. Changes in the Consumer Price Index subsequent to January 1, 2019, are considered variable lease payments. PNM has other prepaid rights-of-way agreements that are not accounted for as leases or recognized as a component of plant in service. PNM reflects the unamortized balance of these prepayments in other deferred charges on the Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Consolidated Statement of Earnings over their term. As of December 31, 2024 and 2023, the unamortized balance of these rights-of-ways was $67.1 million and $56.2 million. During the years ended December 31, 2024, 2023, and 2022, PNM recognized amortization expense associated with these agreements of $4.3 million, $3.5 million, and $3.8 million. Fleet Vehicles and Equipment Fleet vehicle and equipment leases commencing on or after January 1, 2019, are classified as financing leases. Fleet vehicle and equipment leases existing as of December 31, 2018, are classified as operating leases. The Company’s fleet vehicle and equipment lease agreements include non-lease components for insignificant administrative and other costs that are billed over the life of the agreement. At December 31, 2024, residual value guarantees on fleet vehicle and equipment leases are $0.7 million, $0.9 million, and $1.6 million for PNM, TNMP, and TXNM Consolidated. Energy Storage Agreements PNM has entered into various ESAs with fixed payments over the life of the agreements. These types of agreements are accounted for as operating leases. In the fourth quarter of 2024, an energy storage facility with an aggregate capacity of 100 MW began commercial operation and PNM recorded lease liabilities with a corresponding right-of-use asset of $101.5 million. PNM has also entered into ESAs with monthly payments that vary depending on the available capacity of the storage facility. These types of ESAs are accounted for as operating leases with variable consideration and do not require a lease liability or right-of-use asset. In the fourth quarter of 2024, a 300MW energy storage agreement with payments that depend on available capacity began commercial operation. The expense for this lease is reflected in variable lease expense in the tables below. In addition, the Company has elected to separate lease components from non-lease components for ESAs and accordingly, does not include non-lease components in the measurement of the lease liability or right-of-use asset. The non-lease components which are not included in the measurement of the lease liability or the corresponding right-of-use asset, comprises of 25.5% of the value of the agreements. Information related to the Company’s operating leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2024 December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 271,433 $ 923 $ 272,894 $ 180,370 $ 1,814 $ 182,201 Current portion of operating lease liabilities 13,542 713 14,293 11,371 895 12,267 Long-term portion of operating lease liabilities 254,702 167 255,376 166,191 809 167,000 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019, as financing leases. Information related to the Company’s financing leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2024 December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated (In thousands) Financing leases: Non-utility property $ 24,548 $ 24,420 $ 50,144 $ 25,425 $ 24,487 $ 49,981 Accumulated depreciation (10,997) (13,411) (24,604) (11,984) (11,869) (23,905) Non-utility property, net $ 13,551 $ 11,009 $ 25,540 $ 13,441 $ 12,618 $ 26,076 Other current liabilities $ 4,311 $ 4,527 $ 9,126 $ 4,146 $ 4,616 $ 8,776 Other deferred credits 9,262 6,504 16,470 9,300 8,023 17,326 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below: December 31, 2024 December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated Weighted average remaining lease term (years): Operating leases 17.52 1.10 17.45 16.79 1.65 16.65 Financing leases 3.51 2.80 3.20 3.81 3.08 3.45 Weighted average discount rate: Operating leases 5.68 % 4.41 % 5.68 % 5.61 % 4.16 % 5.60 % Financing leases 5.08 5.19 5.12 4.54 4.63 4.58 Information for the components of lease expense is as follows: Year Ended December 31, 2024 PNM TNMP TXNM Consolidated (In thousands) Operating lease cost: Energy storage leases $ 13,353 $ — $ 13,353 Other operating leases 7,722 907 8,679 Amounts capitalized (101) (793) (894) Total operating lease expense 20,974 114 21,138 Financing lease cost: Amortization of right-of-use assets 4,554 5,129 9,889 Interest on lease liabilities 603 595 1,229 Amounts capitalized (3,227) (4,648) (7,875) Total financing lease expense 1,930 1,076 3,243 Variable lease expense 3,900 — 3,900 Short-term lease expense 714 23 787 Total lease expense for the period $ 27,518 $ 1,213 $ 29,068 Year Ended December 31, 2023 PNM TNMP TXNM Consolidated (In thousands) Operating lease cost Energy storage leases $ 4,351 $ — $ 4,351 Other operating leases 11,127 1,479 12,606 Amounts capitalized (374) (1,298) (1,672) Total operating lease expense 15,104 181 15,285 Financing lease cost: Amortization of right-of-use assets 4,566 4,634 9,253 Interest on lease liabilities 562 497 1,060 Amounts capitalized (3,190) (4,250) (7,440) Total financing lease expense 1,938 881 2,873 Variable lease expense 1,342 — 1,342 Short-term lease expense 675 29 782 Total lease expense for the period $ 19,059 $ 1,091 $ 20,282 Year Ended December 31, 2022 PNM TNMP TXNM Consolidated (In thousands) Operating lease cost Other operating leases $ 26,764 $ 2,020 $ 28,835 Amounts capitalized (690) (1,728) (2,417) Total operating lease expense 26,074 292 26,418 Financing lease cost: Amortization of right-of-use assets 3,175 3,279 6,529 Interest on lease liabilities 327 330 659 Amounts capitalized (2,264) (3,208) (5,471) Total financing lease expense 1,238 401 1,717 Variable lease expense 890 — 890 Short-term lease expense (1) 3,058 5 3,109 Total lease expense for the period $ 31,260 $ 698 $ 32,134 (1) Includes expense of $2.7 million for the twelve months ended December 31, 2022 for rental of temporary cooling towers associated with the SJGS Unit 1 outage. These amounts are partially offset with insurance reimbursements of $2.7 million for the twelve months ended December 31, 2022. Supplemental cash flow information related to the Company’s leases is as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,277 $ 47 $ 21,368 $ 21,575 $ 110 $ 21,685 Operating cash flows from financing leases 206 102 340 183 73 256 Financing cash flows from financing leases 1,707 971 2,872 1,671 802 2,527 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 101,594 $ 100 $ 102,261 $ 138,204 $ 6 $ 138,210 Financing leases 4,962 3,715 9,850 6,421 5,407 11,828 Capitalized lease costs are reflected as investing activities on the Company’s Consolidated Statements of Cash Flows for the twelve months ended December 31, 2024 and 2023. Future expected lease payments are shown below: As of December 31, 2024 PNM TNMP TXNM Consolidated Operating Operating Financing Energy Storage Other Financing Operating Financing Energy Storage Other (In thousands) 2025 $ 4,879 $ 20,333 $ 7,101 $ 4,971 $ 808 $ 10,181 $ 20,333 $ 7,976 2026 4,300 20,333 7,042 3,635 90 8,258 20,333 7,201 2027 3,019 20,333 7,046 2,186 14 5,507 20,333 7,131 2028 1,640 20,333 7,049 811 11 2,571 20,333 7,133 2029 568 20,333 7,036 258 — 826 20,333 7,111 Later years 230 287,100 3,550 — — 230 287,100 3,902 Total minimum lease payments 14,636 388,765 38,824 11,861 923 27,573 388,765 40,454 Less: Imputed interest 1,063 154,931 4,414 830 43 1,977 154,932 4,618 Lease liabilities $ 13,573 $ 233,834 $ 34,410 $ 11,031 $ 880 $ 25,596 $ 233,833 $ 35,836 The above table includes $12.7 million, $10.4 million, and $23.3 million for PNM, TNMP, and TXNM at December 31, 2024 for expected future payments on fleet vehicle and equipment leases that could be avoided if the leased assets were returned and the lessor is able to recover estimated market value for the equipment from third parties. At December 31, 2024, the Company has various lease arrangements that have been executed but have not yet commenced, which are primarily related to ESAs. The Company currently expects lease commencement dates in 2025 and 2029, with lease terms expiring in 2044 and 2045, and will recognize lease assets and liabilities upon lease commencement. The expected total fixed consideration to be paid for these arrangements, which includes non-lease payments, is approximately $226.3 million over the 20-year terms of the agreements.

Fair Value of Derivative and Ot

Fair Value of Derivative and Other Financial Instruments	12 Months Ended
Fair Value of Derivative and Other Financial Instruments	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Derivative and Other Financial Instruments	Fair Value of Derivative and Other Financial Instruments Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is based on current market quotes as available and is supplemented by modeling techniques and assumptions made by the Company to the extent quoted market prices or volatilities are not available. External pricing input availability varies based on commodity location, market liquidity, and term of the agreement. Valuations of derivative assets and liabilities take into account nonperformance risk, including the effect of counterparties’ and the Company’s credit risk. The Company regularly assesses the validity and availability of pricing data for its derivative transactions. Although the Company uses its best judgment in estimating the fair value of these instruments, there are inherent limitations in any estimation technique. Energy Related Derivative Contracts Overview The primary objective for the use of commodity derivative instruments, including energy contracts, options, swaps, and futures, is to manage price risk associated with forecasted purchases of energy and fuel used to generate electricity, as well as managing anticipated generation capacity in excess of forecasted demand from existing customers. PNM’s energy related derivative contracts manage commodity risk. PNM is required to meet the demand and energy needs of its customers. PNM is exposed to market risk for the needs of its customers not covered under the FPPAC. PNM has entered into agreements for the purchase and sale of power from third parties. In 2024, PNM entered into agreements to purchase a total of 125 MW from July 1, 2025 through August 31, 2025 in order to ensure that customer demand during the 2025 summer peak load period will be met. In addition, PNM entered into agreements to purchase a total of 150 MW from July 1, 2024 through July 31, 2024 and 100 MW from August 1, 2024 through August 30, 2024. These agreements are accounted for as derivative agreements and are considered economic hedges under the NMPRC approved hedging plan covered by its FPPAC. Agreements for the purchase of 85 MW from June through September 2023 as well as agreements for the sale of 50 MW from September 1,2024 through December 31, 2024 were not considered derivatives because they qualified for a normal purchase, normal sale scope exception. PNM’s operations are managed primarily through a net asset-backed strategy, whereby PNM’s aggregate net open forward contract position is covered by its forecasted excess generation capabilities or market purchases. PNM could be exposed to market risk if its generation capabilities were to be disrupted or if its load requirements were to be greater than anticipated. If all or a portion of load requirements were required to be covered as a result of such unexpected situations, commitments would have to be met through market purchases. TNMP does not enter into energy related derivative contracts. Commodity Risk Marketing and procurement of energy often involve market risks associated with managing energy commodities and establishing positions in the energy markets, primarily on a short-term basis. PNM routinely enters into various derivative instruments such as forward contracts, option agreements, and price basis swap agreements to economically hedge price and volume risk on power commitments and fuel requirements and to minimize the effect of market fluctuations. PNM monitors the market risk of its commodity contracts in accordance with approved risk and credit policies. Accounting for Derivatives Under derivative accounting and related rules for energy contracts, PNM accounts for its various instruments for the purchase and sale of energy, which meet the definition of a derivative, based on PNM’s intent. During the years ended December 31, 2024, 2023, and 2022, PNM was not hedging its exposure to the variability in future cash flows from commodity derivatives through designated cash flow hedges. The derivative contracts recorded at fair value that do not qualify or are not designated for cash flow hedge accounting are classified as economic hedges. Economic hedges are defined as derivative instruments, including long-term power agreements, used to economically hedge generation assets, purchased power and fuel costs, and customer load requirements. Changes in the fair value of economic hedges are reflected in results of operations and are classified between operating revenues and cost of energy according to the intent of the hedge. PNM also uses such instruments under an NMPRC approved hedging plan to manage fuel and purchased power costs related to customers covered by its FPPAC. Changes in the fair value of instruments covered by its FPPAC are recorded as regulatory assets and liabilities. PNM has no trading transactions. Commodity Derivatives PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Consolidated Balance Sheets: Economic Hedges December 31, 2024 2023 (In thousands) Other current assets $ — $ 826 Other current liabilities (5,737) — Net $ (5,737) $ 826 Certain of PNM’s commodity derivative instruments in the above table are subject to master netting agreements whereby assets and liabilities could be offset in the settlement process. PNM does not offset fair value and cash collateral for derivative instruments under master netting arrangements and the above table reflects the gross amounts of fair value assets and liabilities for commodity derivatives. As discussed above, PNM has NMPRC-approved guidelines for hedging arrangements to manage fuel and purchased power costs related to customers covered by its FPPAC. The table above includes zero in current assets and $5.7 million of current liabilities related to these arrangements at December 31, 2024 and $0.8 million in current assets and zero of current liabilities at December 31, 2023 with changes in fair value recorded as regulatory assets and regulatory liabilities. See Note 13. At December 31, 2024 and 2023, PNM had no amounts recognized for the legal right to reclaim cash collateral. However, amounts posted as cash collateral under margin arrangements were $0.1 million at December 31, 2024 and $0.2 million at December 31, 2023. These amounts are included in other current assets on the Consolidated Balance Sheets. At December 31, 2024 and December 31, 2023, obligations to return cash collateral were zero and $0.2 million, which is included in other current liabilities on the Consolidated Balance Sheets. The changes in the fair value of commodity derivative instruments that are considered economic hedges had no impact on PNM’s net earnings during the years ended December 31, 2024 and 2023. Commodity derivatives also had no impact on OCI for the periods presented. Commodity contract volume positions are presented in MMBTU for gas related contracts and in MWh for power related contracts. The table below presents PNM’s net buy (sell) volume positions: Economic Hedges MMBTU MWh December 31, 2024 — 89,900 December 31, 2023 — (15,360) PNM has contingent requirements to provide collateral under commodity contracts having an objectively determinable collateral provision that are in net liability positions and are not fully collateralized with cash. In connection with managing its commodity risks, PNM enters into master agreements with certain counterparties. If PNM is in a net liability position under an agreement, some agreements provide that the counterparties can request collateral if PNM’s credit rating is downgraded; other agreements provide that the counterparty may request collateral to provide it with “adequate assurance” that PNM will perform; and others have no provision for collateral. The table below presents information about PNM’s contingent requirement to provide collateral under certain commodity contracts having an objectively determinable collateral position, that are in net liability positions, and that are not fully collateralized with cash. Contractual liability represents those commodity derivative contracts recorded at fair value on the balance sheet, determined on an individual contract basis without offsetting amounts for individual contracts that are in an asset position and could be offset under master netting agreements with the same counterparty. Cash collateral posted under these contracts does not reflect letters of credit under the Company’s revolving credit facilities that may have been issued as collateral. Net exposure is the net contractual liability for all contracts, including those designated as normal purchase and normal sale, offset by existing collateral and by any offsets available under master netting agreements, including both assets and liability positions. Contingent Feature - Credit Rating Contractual Liability Existing Cash Collateral Net Exposure (In thousands) December 31, 2024 $ 5,737 $ — $ 5,737 December 31, 2023 $ — $ — $ — Non-Derivative Financial Instruments The carrying amounts reflected on the Consolidated Balance Sheets approximate fair value for cash, receivables, and payables due to the short period of maturity. Investment securities are carried at fair value. Investment securities consist of PNM assets held in the NDT for its share of decommissioning costs of PVNGS, a trust for PNM’s share of decommissioning costs at SJGS, and trusts for PNM’s share of final reclamation costs related to the coal mines serving SJGS and Four Corners. See Note 16. At December 31, 2024 and 2023, the fair value of investment securities included $384.6 million and $361.0 million for the NDT, $8.2 million and $12.3 million for the SJGS decommissioning trust, and $82.7 million and $71.1 million for the coal mine reclamation trusts. PNM records a realized loss as an impairment for any available-for-sale debt security that has a fair value that is less than its carrying value. As a result, the Company has no available-for-sale debt securities for which carrying value exceeds fair value and there are no impairments considered to be “other than temporary” that are included in AOCI and not recognized in earnings. All gains and losses resulting from sales and changes in the fair value of equity securities are recognized immediately in earnings. Gains and losses recognized on the Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table: Year ended December 31, 2024 2023 2022 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 28,283 $ 1,086 $ (6,940) Net gains (losses) from equity securities still held (10,071) 14,152 (38,025) Total net gains (losses) on equity securities 18,212 15,238 (44,965) Available-for-sale debt securities: Net gains (losses) on debt securities 8,639 4,008 (33,392) Net gains (losses) on investment securities $ 26,851 $ 19,246 $ (78,357) The proceeds and gross realized gains and losses on the disposition of securities held in the NDT and coal mine reclamation trusts are shown in the following table. Realized gains and losses are determined by specific identification of costs of securities sold. Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $17.8 million, $19.1 million, and $(25.8) million for the years ended December 31, 2024, 2023 and 2022. Year Ended December 31, 2024 2023 2022 (In thousands) Proceeds from sales $ 707,338 $ 574,199 $ 526,448 Gross realized gains $ 35,918 $ 18,618 $ 22,071 Gross realized (losses) $ (16,814) $ (32,649) $ (36,623) At December 31, 2024, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 24,446 After 1 year through 5 years 7,898 $ 32,344 Fair Value Disclosures The Company determines the fair values of its derivative and other financial instruments based on the hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. For investment securities, Level 2 fair values are provided by fund managers utilizing a pricing service. For Level 2 fair values, the pricing provider predominantly uses the market approach using bid side market values based upon a hierarchy of information for specific securities or securities with similar characteristics. Fair values of Level 2 investments in mutual funds are equal to net asset value (“NAV”). For commodity derivatives, Level 2 fair values are determined based on market observable inputs, which are validated using multiple broker quotes, including forward price, volatility, and interest rate curves to establish expectations of future prices. Credit valuation adjustments are made for estimated credit losses based on the overall exposure to each counterparty. For the Company’s long-term debt, Level 2 fair values are provided by an external pricing service. The pricing service primarily utilizes quoted prices for similar debt in active markets when determining fair value. Management of the Company independently verifies the information provided by pricing services. Uncategorized investments include common/collective investment trusts, which are measured at NAV at the end of each reporting period. Audited financial statements are received for each fund and reviewed by the Company annually. Fair value for these collective investment trusts is measured using a practical expedient provided under GAAP that allows the NAV per share to be used as fair value for investments in certain entities that do not have readily determinable fair values and are considered to be investment companies. Investments valued using this practical expedient are not required to be presented within the GAAP fair value hierarchy. Items recorded at fair value by PNM on the Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities. GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Unrealized Gains (In thousands) December 31, 2024 Cash and cash equivalents $ 150,745 $ 150,745 $ — Equity securities: Corporate stocks, common 134,553 134,553 — Mutual funds and other 135,779 135,779 — Available-for-sale debt securities: U.S. government 25,148 25,148 — $ 202 Municipals — — — — Corporate and other 7,196 — 7,196 122 Investments categorized within the fair value hierarchy $ 453,421 $ 446,225 $ 7,196 $ 324 Uncategorized Collective Investment Trust 22,103 Total investment securities $ 475,524 GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Unrealized Gains December 31, 2023 (In thousands) Cash and cash equivalents $ 93,873 $ 93,873 $ — Equity securities: Corporate stocks, common 77,422 77,422 — Corporate stocks, preferred 4,323 504 3,819 Mutual funds and other 57,966 57,966 — Available-for-sale debt securities: U.S. government 35,113 34,522 591 $ 2,055 International government 8,735 — 8,735 104 Municipals 53,436 — 53,436 2,872 Corporate and other 113,540 — 113,540 9,285 $ 444,408 $ 264,287 $ 180,121 $ 14,316 The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Consolidated Balance Sheets are presented below: Carrying Fair Value December 31, 2024 (In thousands) TXNM $ 4,923,368 $ 4,706,076 PNM $ 2,459,592 $ 2,284,362 TNMP $ 1,464,079 $ 1,324,194 December 31, 2023 TXNM $ 4,521,811 $ 4,260,509 PNM $ 2,261,780 $ 2,107,588 TNMP $ 1,260,880 $ 1,152,922 The carrying amount and fair value of the Company’s other investments presented on the Consolidated Balance Sheets are not material and not shown in the above table. Investments Held by Employee Benefit Plans As discussed in Note 11, PNM and TNMP have trusts that hold investment assets for their pension and other postretirement benefit plans. The fair value of the assets held by the trusts impacts the determination of the funded status of each plan, but the assets are not reflected on the Company’s Consolidated Balance Sheets. Both the PNM Pension Plan and the TNMP Pension Plan hold units of participation in the PNM Resources, Inc. Master Trust (the “PNMR Master Trust”), which was established for the investment of assets of the pension plans. The PNM Pension Plan’s investment allocation targets in 2024 consist of 35% equities, 15% alternative investments (both of which are considered return generating), and 50% fixed income. The TNMP Pension Plan’s investment allocation targets in 2024 consist of 16% equities, 14% alternative investments (both of which are considered return generating), and 70% fixed income. GAAP provides a practical expedient that allows the net asset value per share to be used as fair value for investments in certain entities that do not have readily determinable fair values and are considered to be investment companies. Fair values for alternative investments held by the PNMR Master Trust and PNM OPEB Plan are valued using this practical expedient. Investments for which fair value is measured using that practical expedient are not required to be categorized within the fair value hierarchy. Level 2 fair values are provided by fund managers utilizing a pricing service. For level 2 fair values, the pricing provider predominately uses the market approach using bid side market value based upon a hierarchy of information for specific securities or securities with similar characteristics. Fair values of Level 2 investments in mutual funds are equal to net asset value as of year-end. Fair value prices for Level 2 corporate term loans predominately use the market approach which uses bid side market values based upon hierarchy information for specific securities or securities with similar characteristics. Alternative investments include private equity funds, hedge funds, real estate funds, and a private collective investment trust. The private equity funds are not voluntarily redeemable. These investments are realized through periodic distributions occurring over a 10 to 15 years term after the initial investment. The real estate funds and hedge funds may be voluntarily redeemed but are subject to redemption provisions that may result in the funds not being redeemable in the near term. The private collective investment trust is a non-unitized fund that does not publish daily prices. Audited financial statements are received for each fund and are reviewed by the Company annually. The valuation of alternative investments requires significant judgment by the pricing provider due to the absence of quoted market values, changes in market conditions, and the long-term nature of the assets. The significant unobservable inputs include estimates of liquidation value, current operating performance, and future expectations of performance. The fair values of investments held by the employee benefit plans are as follows: GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets Significant December 31, 2024 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 319,528 $ 106,220 $ 213,308 Uncategorized investments 59,546 Total Master Trust Investments $ 379,074 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 33,294 $ 7,543 $ 25,751 Uncategorized investments 4,872 Total Master Trust Investments $ 38,166 PNM OPEB Plan Cash and cash equivalents $ 825 $ 825 $ — Equity securities: Mutual funds 38,713 38,713 — Investments categorized within fair value hierarchy $ 39,538 $ 39,538 $ — Uncategorized investments 31,176 $ 70,714 TNMP OPEB Plan Cash and cash equivalents $ 111 $ 111 $ — Equity securities: Mutual funds 6,987 6,987 — Investments categorized within fair value hierarchy $ 7,098 $ 7,098 $ — Uncategorized investments 484 $ 7,582 GAAP Fair Value Hierarchy Total Quoted Prices in Active Significant December 31, 2023 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 342,296 $ 136,474 $ 205,822 Uncategorized investments 65,421 Total Master Trust Investments $ 407,717 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 35,870 $ 12,192 $ 23,678 Uncategorized investments 5,258 Total Master Trust Investments $ 41,128 PNM OPEB Plan Cash and cash equivalents $ 2,419 $ 2,419 $ — Equity securities: Mutual funds 47,674 43,703 3,971 Investments categorized within fair value hierarchy $ 50,093 $ 46,122 $ 3,971 Uncategorized investments 23,290 Total Master Trust Investments $ 73,383 TNMP OPEB Plan Cash and cash equivalents $ 162 $ 162 $ — Equity securities: Mutual funds 8,241 7,806 435 Investments categorized within fair value hierarchy $ 8,403 $ 7,968 $ 435 The fair values of investments in the PNMR Master Trust are as follows: GAAP Fair Value Hierarchy Total Quoted Prices Significant December 31, 2024 (In thousands) PNMR Master Trust Cash and cash equivalents $ 10,981 $ 10,981 $ — Equity securities: Corporate stocks, common 34,418 34,418 — Corporate stocks, preferred — — — Mutual funds and other 146,858 45,333 101,525 Fixed income securities: U.S. government 56,303 23,031 33,272 International government — — — Municipals 4,718 — 4,718 Corporate and other 99,544 — 99,544 Total investments categorized within fair value hierarchy 352,822 $ 113,763 $ 239,059 Uncategorized investments: Private equity funds 2,846 Hedge funds 34,126 Real estate funds 27,446 $ 417,240 December 31, 2023 PNMR Master Trust Cash and cash equivalents $ 13,995 $ 13,995 $ — Equity securities: Corporate stocks, common 27,167 27,167 — Corporate stocks, preferred 741 741 — Mutual funds and other 159,281 49,219 110,062 Fixed income securities: U.S. government 61,684 57,544 4,140 International government 4,713 — 4,713 Municipals 5,071 — 5,071 Corporate and other 105,514 — 105,514 Total investments categorized within fair value hierarchy 378,166 $ 148,666 $ 229,500 Uncategorized investments: Private equity funds 5,617 Hedge funds 35,137 Real estate funds 29,925 $ 448,845

Variable Interest Entities

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities How an enterprise evaluates and accounts for its involvement with variable interest entities, focuses primarily on whether the enterprise has the power to direct the activities that most significantly impact the economic performance of a variable interest entity (“VIE”). This evaluation requires continual reassessment of the primary beneficiary of a VIE. Valencia PNM has a PPA to purchase all of the electric capacity and energy from Valencia, a 155 MW natural gas-fired power plant near Belen, New Mexico, through May 2028. A third party built, owns, and operates the facility while PNM is the sole purchaser of the electricity generated. PNM is obligated to pay fixed operation and maintenance and capacity charges in addition to variable operation and maintenance charges under this PPA. For the years ended December 31, 2024, 2023, and 2022, PNM paid $20.5 million, $20.3 million, and $19.5 million for fixed charges and $2.4 million, $5.2 million, and $1.9 million for variable charges. PNM does not have any other financial obligations related to Valencia. The assets of Valencia can only be used to satisfy its obligations and creditors of Valencia do not have any recourse against PNM’s assets. During the term of the PPA, PNM has the option, under certain conditions, to purchase and own up to 50% of the plant or the VIE. The PPA specifies that the purchase price would be the greater of 50% of book value reduced by related indebtedness or 50% of fair market value. PNM sources fuel for the plant, controls when the facility operates through its dispatch, and receives the entire output of the plant, which factors directly and significantly impact the economic performance of Valencia. Therefore, PNM has concluded that the third-party entity that owns Valencia is a VIE and that PNM is the primary beneficiary of the entity since PNM has the power to direct the activities that most significantly impact the economic performance of Valencia and will absorb the majority of the variability in the cash flows of the plant. As the primary beneficiary, PNM consolidates Valencia in its financial statements. Accordingly, the assets, liabilities, operating expenses, and cash flows of Valencia are included in the Consolidated Financial Statements of PNM although PNM has no legal ownership interest or voting control of the VIE. The assets and liabilities of Valencia are set forth below and are not shown separately on the Consolidated Balance Sheets. The owner’s equity and net income of Valencia are considered attributable to non-controlling interest. Summarized financial information for Valencia is as follows: Results of Operations Year Ended December 31 2024 2023 2022 (In thousands) Operating revenues $ 22,763 $ 25,421 $ 21,403 Operating expenses 6,723 6,896 6,281 Other Misc (Income)/Expense — (8) — Earnings attributable to non-controlling interest $ 16,040 $ 18,533 $ 15,122 Financial Position December 31, 2024 2023 (In thousands) Current assets $ 3,095 $ 3,422 Net property, plant and equipment 44,411 47,253 Total assets 47,506 50,675 Current liabilities 606 717 Owners’ equity – non-controlling interest $ 46,900 $ 49,958 Westmoreland San Juan Mining, LLC As discussed in the subheading Coal Supply in Note 16, PNM and Westmoreland San Juan Mining, LLC (“WSJ LLC”), a subsidiary of Westmoreland Mining Holdings, LLC have an agreement under which mine reclamation services for SJGS will be provided. TXNM issued $30.3 million in letters of credit to facilitate the issuance of reclamation bonds. The letters of credit support results in TXNM having a variable interest in WSJ LLC since TXNM is subject to possible loss in the event performance by TXNM is required under the letters of credit support. TXNM considers the possibility of loss under the letters of credit support to be remote since the purpose of posting the bonds is to provide assurance that WSJ LLC performs the required reclamation of the mine site in accordance with applicable regulations and the reclamation services agreement provides WSJ LLC the ability to recover the cost of reclamation. As discussed in Note 16, each of the SJGS participants has established and actively fund trusts to meet future reclamation obligations. WSJ LLC is considered a VIE. TXNM’s analysis of its arrangements with WSJ LLC concluded that WSJ LLC has the ability to direct its reclamation services, which are the factors that most significantly impact the economic performance of WSJ LLC. Other than PNM being able to monitor reclamation activities, the reclamation services were solely under the control of WSJ LLC, including developing reclamation plans, hiring of personnel, and incurring operating and maintenance expenses. Neither TXNM nor PNM has any ability to direct or influence the reclamation activities. PNM’s involvement through the reclamation services agreement is a protective right rather than a participating right and WSJ LLC still has the power to direct the activities that most significantly impact the economic performance of WSJ LLC. If WSJ LLC performs reclamation services more efficiently than anticipated, its economic performance will improve. Conversely, if WSJ LLC does not perform reclamation services as efficiently as anticipated, its economic performance will be negatively impacted. Accordingly, TXNM believes WSJ LLC is the primary beneficiary and, therefore, WSJ LLC is not consolidated by either TXNM or PNM. The amounts outstanding under the letters of credit support continue to be TXNM’s maximum exposure to loss from the VIE at December 31, 2024. ETBC I ETBC I is a wholly-owned, special purpose, subsidiary of PNM that was formed in August 2023 for the limited purpose of purchasing, owning, and administering energy transition property, issuing Securitized Bonds, and performing related activities authorized by the NMPRC. On November 15, 2023, ETBC I issued the ETBC I Securitized Bonds and used the proceeds to purchase energy transition property from PNM. The energy transition property purchased includes the right to impose, bill, collect, and adjust a non-bypassable energy transition charge from all PNM retail customers until the ETBC I Securitized Bonds are paid in full and all allowed financing costs have been recovered. The ETBC I Securitized bonds are secured by the energy transition property and cash collections from the energy transition charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to PNM. PNM acts as the servicer of the energy transition property on behalf of ETBC I and is responsible for metering, calculating, billing, and collecting the Energy Transition Charges. On behalf of ETBC I, PNM is required to remit all collections of the Energy Transition Charges to the trustee for the ETBC I Securitized Bonds. PNM has the power to direct the activities that most significantly impact the economic performance of ETBC I and will absorb the majority of the variability in the cash flows of the entity. As the primary beneficiary, PNM consolidates ETBC I in its financial statements. Accordingly, the assets, liabilities, operating expenses, and cash flows of ETBC I are included in the Consolidated Financial Statements of PNM. The following tables summarize the impact of ETBC I on PNM’s Consolidated Financial Statements: Results of Operations Year ended December 31, 2024 2023 (In thousands) Electric Operating Revenues $ 24,798 $ 2,914 Depreciation and amortization 4,550 407 Interest Charges 20,073 2,516 Other 175 (9) Net Earnings $ — $ — Financial Position December 31, 2024 2023 (In thousands) Regulatory assets - Current $ — $ 2,724 Restricted cash (included in Other current assets) 15,838 — Restricted cash (included in Other deferred charges) 1,748 1,728 Securitized Cost (included in Regulatory assets - Deferred) 336,079 340,629 Current installments of long-term debt 6,907 2,529 Accrued interest and taxes 7,452 2,502 Regulatory liabilities - Current 6,975 — Long-term Debt 331,726 338,521

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
Pension and Other Postretirement Benefits	Dec. 31, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits TXNM and its subsidiaries maintain qualified defined benefit pension plans, postretirement benefit plans providing medical and dental benefits, and executive retirement programs (collectively, the “PNM Plans” and “TNMP Plans”). TXNM maintains the legal obligation for the benefits owed to participants under these plans. The periodic costs or income of the PNM Plans and TNMP Plans are included in regulated rates to the extent attributable to regulated operations. PNM and TNMP receive a regulated return on the amounts funded for pension and OPEB plans in excess of the periodic cost or income to the extent included in retail rates (a “prepaid pension asset”). Participants in the PNM Plans include eligible employees and retirees of TXNM and PNM. Participants in the TNMP Plans include eligible employees and retirees of TNMP. The PNM pension plan was frozen at the end of 1997 with regard to new participants, salary levels, and benefits. Through December 31, 2007, additional credited service could be accrued under the PNM pension plan up to a limit determined by age and service. The TNMP pension plan was frozen at December 31, 2005 with regard to new participants, salary levels, and benefits. A plan sponsor is required to (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. Unrecognized prior service costs and unrecognized gains or losses are required to be recorded in AOCI and subsequently amortized. To the extent the amortization of these items will ultimately be recovered or returned through future rates, PNM and TNMP record the costs as a regulatory asset or regulatory liability. The amortization of these incurred costs is included as pension and postretirement benefit periodic cost or income in subsequent years. The Company maintains trust funds for the pension and OPEB plans from which benefits are paid to eligible employees and retirees. The Company’s funding policy is to make contributions to the trusts, as determined by an independent actuary, that comply with minimum guidelines of the Employee Retirement Income Security Act and the IRC. Information concerning the fair value of investments is contained in Note 9. The Company has in place a policy that defines the investment objectives, establishes performance goals of asset managers, and provides procedures for the manner in which investments are to be reviewed. The plans implement investment strategies to achieve the following objectives: • Implement investment strategies commensurate with the risk that the Corporate Investment Committee deems appropriate to meet the obligations of the pension plans and OPEB plans, minimize the volatility of expense, and account for contingencies • Transition asset mix over the long-term to a higher proportion of high-quality fixed income investments as the plans’ funded statuses improve Management is responsible for the determination of the asset target mix and the expected rate of return. The target asset allocations are determined based on consultations with external investment advisors. The expected long-term rate of return on pension and postretirement plan assets is calculated on the market-related value of assets. Actual gains and losses on pension and OPEB plan assets are recognized in the market-related value of assets equally over a period of not more than five years, which reduces year-to-year volatility. For the PNM Plans and TNMP Plans, the market-related value of assets is equal to the prior year’s market-related value of assets adjusted for contributions, benefit payments and investment gains and losses that are within a corridor of plus or minus 4.0% around the expected return on market value. Gains and losses that are outside the corridor are amortized over five years. Pension Plans For defined benefit pension plans, including the executive retirement plans, the PBO represents the actuarial present value of all benefits attributed by the pension benefit formula to employee service rendered prior to that date using assumptions regarding future compensation levels. The ABO represents the PBO without considering future compensation levels. Since the pension plans are frozen, the PBO and ABO are equal. The following table presents information about the PBO, fair value of plan assets, and funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) PBO at beginning of year $ 418,657 $ 433,645 $ 42,582 $ 43,961 Service cost — — — — Interest cost 21,709 23,653 2,214 2,402 Actuarial (gain) loss (6,063) 4,290 (2,047) 1,261 Benefits paid (40,942) (42,931) (3,526) (5,042) Settlements — — — — PBO at end of year 393,361 418,657 39,223 42,582 Fair value of plan assets at beginning of year 407,211 410,463 41,353 43,447 Actual return on plan assets 12,884 39,679 247 2,948 Employer contributions 1 — 151 — Benefits paid (40,942) (42,931) (3,526) (5,042) Settlements — — — — Fair value of plan assets at end of year 379,154 407,211 38,225 41,353 Funded status – asset (liability) for pension benefits $ (14,207) $ (11,446) $ (998) $ (1,229) Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands) Discount rates $ (9,376) $ 8,806 $ (961) $ 969 Demographic experience 3,313 (1,777) (1,125) 538 Mortality rate — (2,739) — (239) Other assumptions and experience — — 39 (7) $ (6,063) $ 4,290 $ (2,047) $ 1,261 The following table presents pre-tax information about net actuarial (gain) loss in AOCI as of December 31, 2024. PNM TNMP (In thousands) Amounts in AOCI not yet recognized in net periodic benefit cost at beginning of year $ 104,067 $ — Experience (gain) loss 12,081 456 Regulatory asset (liability) adjustment (8,853) (456) Amortization recognized in net periodic benefit (income) (4,782) — Amounts in AOCI not yet recognized in net periodic benefit cost at end of year $ 102,513 $ — The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2024 2023 2022 (In thousands) PNM Service cost $ — $ — $ — Interest cost 21,709 23,653 16,857 Expected return on plan assets (31,029) (29,196) (28,563) Amortization of net loss 10,646 10,583 15,794 Amortization of prior service cost — — — Net periodic benefit cost $ 1,326 $ 5,040 $ 4,088 TNMP Service cost $ — $ — $ — Interest cost 2,214 2,402 1,720 Expected return on plan assets (2,749) (2,697) (2,472) Amortization of net loss 556 439 932 Amortization of prior service cost — — — Settlement loss — — 1,033 Net periodic benefit cost $ 21 $ 144 $ 1,213 The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost (income). Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost (income) would be affected. Year Ended December 31, PNM 2024 2023 2022 Discount rate for determining December 31 PBO 5.78 % 5.46 % 5.74 % Discount rate for determining net periodic benefit cost 5.46 5.74 3.00 Expected return on plan assets 6.86 6.30 5.50 Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 5.78 % 5.47 % 5.75 % Discount rate for determining net periodic benefit cost 5.47 5.75 3.01 Expected return on plan assets 5.95 5.50 4.40 Rate of compensation increase N/A N/A N/A The assumed discount rate for determining the PBO was determined based on a review of long-term high-grade bonds and management’s expectations. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the PBO. Factors that are considered include, but are not limited to, historic returns on plan assets, current market information on long-term returns (e.g., long-term bond rates) and current and target asset allocations between asset categories. If all other factors were to remain unchanged, a 1% decrease in the expected long-term rate of return would cause PNM’s and TNMP’s 2025 net periodic benefit cost to increase $4.1 million and $0.4 million (analogous changes would result from a 1% increase). The actual rate of return for the PNM and TNMP pension plans was 3.33% and 0.62% for the year ended December 31, 2024. The Company’s long-term pension investment strategy is to invest in assets whose interest rate sensitivity is correlated with the pension liability. The Company uses an investment strategy, known as Liability Driven Investing, that increases the liability matching investments as the funded status of the pension plans improve. The Company’s investment allocation targets consist of 35% equities, 15% alternative investments (both of which are considered return generating), and 50% liability matching securities that are primarily bonds and other fixed income investments. Equity investments are primarily in domestic securities that include large-, mid-, and small-capitalization companies. The pension plans have a 13% targeted allocation to equities of companies domiciled primarily in developed countries outside of the U.S. The equity investments category includes active and passive managed domestic equity securities that are benchmarked against a variety of style indices. Fixed income investments are primarily corporate bonds of companies from diversified industries and government securities. Alternative investments include investments in hedge funds, real estate funds, and private equity funds. The private equity funds are structured as multi-manager multi-strategy fund of funds to achieve a diversified position in these asset classes. The hedge funds use multi-strategies that pursue various absolute return strategies such as relative value, merger arbitrage, event driven equities, and structured credit. The real estate investments are commingled real estate portfolios that invest in a diversified portfolio of assets including commercial property, infrastructure, storage facilities and multi-family housing. See Note 9 for fair value information concerning assets held by the pension plans. The following pension benefit payments are expected to be paid: PNM TNMP (In thousands) 2025 $ 40,927 $ 4,239 2026 39,585 4,188 2027 38,706 4,000 2028 37,373 3,902 2029 36,231 3,759 2030 - 2034 160,876 15,464 Based on current law, funding requirements, and estimates of portfolio performance, the Company does not expect to make any cash contributions to the pension plans in 2025 through 2028. PNM does expect to make a cash contribution of $7.9 million in 2029. TNMP does not expect to make any cash contributions to the pension plans from 2025 through 2029. The funding assumptions were developed using a discount rate of 5.35%. Actual amounts to be funded in the future will be dependent on the actuarial assumptions at that time, including the appropriate discount rates. PNM and TNMP may make additional contributions at their discretion. Other Postretirement Benefit Plans For postretirement benefit plans, the APBO is the actuarial present value of all future benefits attributed under the terms of the postretirement benefit plan to employee service rendered to date. The following table presents information about the APBO, the fair value of plan assets, and the funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) APBO at beginning of year $ 46,217 $ 49,950 $ 7,331 $ 7,705 Service cost — — 21 21 Interest cost 2,387 2,703 385 425 Participant contributions 1,463 1,592 357 359 Actuarial (gain) (2,205) (1,608) (147) (282) Benefits paid (6,261) (6,420) (1,193) (897) Curtailment loss — — — — APBO at end of year 41,601 46,217 6,754 7,331 Fair value of plan assets at beginning of year 73,392 70,301 8,353 8,718 Actual return on plan assets 3,216 7,762 25 173 Employer contributions 193 157 — — Participant contributions 1,463 1,592 357 359 Benefits paid (6,261) (6,420) (1,193) (897) Fair value of plan assets at end of year 72,003 73,392 7,542 8,353 Funded status – asset $ 30,402 $ 27,175 $ 788 $ 1,022 As of December 31, 2024, the fair value of plan assets exceeds the APBO for both PNM’s and TNMP’s OPEB Plans, and the resulting net asset is presented in other deferred charges on the Consolidated Balance Sheets. Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands) Discount rates $ (877) $ 868 $ (179) $ 174 Claims, contributions, and demographic experience (1,425) (2,171) 32 (423) Assumed participation rate 97 — — — Mortality rate — (305) — (33) Dental trend assumption — — — — $ (2,205) $ (1,608) $ (147) $ (282) In the year ended December 31, 2024, actuarial losses of $0.1 million were recorded as adjustments to regulatory assets for the PNM OPEB plan. For the TNMP OPEB plan, actuarial losses of $0.3 million were recorded as adjustments to regulatory liabilities. The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2024 2023 2022 (In thousands) PNM Service cost $ — $ — $ 10 Interest cost 2,387 2,703 1,914 Expected return on plan assets (5,563) (4,969) (4,351) Amortization of net loss — — — Curtailment loss — — 836 Net periodic benefit (income) $ (3,176) $ (2,266) $ (1,591) TNMP Service cost $ 21 $ 21 $ 38 Interest cost 385 425 307 Expected return on plan assets (515) (481) (418) Amortization of net (gain) (642) (760) (520) Net periodic benefit (income) $ (751) $ (795) $ (593) The following significant weighted-average assumptions were used to determine the APBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the APBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2024 2023 2022 Discount rate for determining December 31 APBO 5.78 % 5.48 % 5.75 % Discount rate for determining net periodic benefit cost 5.48 5.75 2.99 Expected return on plan assets 6.60 5.90 4.75 Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 APBO 5.78 % 5.48 % 5.75 % Discount rate for determining net periodic benefit cost 5.48 5.75 2.99 Expected return on plan assets 5.25 4.70 3.80 Rate of compensation increase N/A N/A N/A The assumed discount rate for determining the APBO was determined based on a review of long-term high-grade bonds and management’s expectations. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the APBO. Factors that are considered include, but are not limited to, historic returns on plan assets, current market information on long-term returns (e.g., long-term bond rates), and current and target asset allocations between asset categories. If all other factors were to remain unchanged, a 1% decrease in the expected long-term rate of return would cause PNM’s and TNMP’s 2025 net periodic benefit cost to increase $0.8 million and $0.1 million (analogous changes would result from a 1% increase). The actual rate of return for the PNM and TNMP OPEB plans was 4.5% and 0.3% for the year ended December 31, 2024. The following table shows the assumed health care cost trend rates for the PNM OPEB plan: PNM December 31, 2024 2023 Health care cost trend rate assumed for next year 6.50 % 6.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.75 4.75 Year that the rate reaches the ultimate trend rate 2033 2029 TNMP’s exposure to cost increases in the OPEB plan is minimized by a provision that limits TNMP’s share of costs under the plan. Costs of the plan in excess of the limit, which was reached at the end of 2001, are wholly borne by the participants. As a result, a one-percentage-point change in assumed health care cost trend rates would have no effect on either the net periodic expense or the year-end APBO. Effective January 1, 2018, the PNM OPEB plan was amended to limit the annual increase in the Company’s costs to 5%. Increases in excess of the limit are born by the PNM OPEB plan participants. The Company’s OPEB plans invest in a portfolio that is diversified by asset class and style strategies. The OPEB plans generally use the same pension fixed income and equity investment managers and utilize the same overall investment strategy as described above for the pension plans, except there is no allocation to alternative investments. The OPEB plans have a target asset allocation of 30% equities and 70% fixed income. See Note 9 for fair value information concerning assets held by the other postretirement benefit plans. The following OPEB payments, which reflect expected future service and are net of participant contributions, are expected to be paid: PNM TNMP (In thousands) 2025 $ 4,771 $ 589 2026 4,560 597 2027 4,333 588 2028 4,128 585 2029 3,871 574 2030 - 2034 16,604 2,606 PNM and TNMP made cash contributions to the OPEB trusts in 2024 of less than $0.1 million and $0.2 million and did not make any cash contributions in 2023. PNM and TNMP do not expect to make cash contributions to the OPEB trusts in 2025-2029. However, a portion of the disbursements attributable to the OPEB trust are paid by PNM and are therefore considered to be contributions to the PNM OPEB plan. Payments by PNM on behalf of the PNM OPEB plan are expected to be $2.0 million in 2025 and $11.1 million in 2026-2029. Executive Retirement Programs For the executive retirement programs, the following table presents information about the PBO and funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) PBO at beginning of year $ 9,714 $ 10,042 $ 316 $ 344 Service cost — — — — Interest cost 496 540 15 18 Actuarial (gain) loss (47) 411 (314) 13 Benefits paid (1,132) (1,279) (17) (59) PBO at end of year – funded status 9,031 9,714 — 316 Less current liability 1,171 1,210 — 64 Non-current liability $ 7,860 $ 8,504 $ — $ 252 The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2024. December 31, 2024 PNM TNMP (In thousands) Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year $ 1,104 $ — Experience (gain) (45) (314) Regulatory asset adjustment 26 314 Amortization recognized in net periodic benefit (income) (84) — Amount in AOCI not yet recognized in net periodic benefit cost at end of year $ 1,001 $ — The following table presents the components of net periodic benefit cost: Year Ended December 31, 2024 2023 2022 (In thousands) PNM Service cost $ — $ — $ — Interest cost 496 540 362 Amortization of net loss 200 152 327 Amortization of prior service cost — — — Net periodic benefit cost $ 696 $ 692 $ 689 TNMP Service cost $ — $ — $ — Interest cost 15 18 11 Amortization of net loss — — — Amortization of prior service cost — — — Net periodic benefit cost $ 15 $ 18 $ 11 The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2024 2023 2022 Discount rate for determining December 31 PBO 5.78 % 5.45 % 5.73 % Discount rate for determining net periodic benefit cost 5.45 5.73 3.02 Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO N/A 5.47 % 5.75 % Discount rate for determining net periodic benefit cost 5.47 5.75 3.01 Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A The assumed discount rate for determining the PBO was determined based on a review of long-term high-grade bonds and management’s expectations. The impacts of changes in assumptions or experience were not significant. Disbursements under the executive retirement program, funded by PNM and TNMP, which are considered to be contributions to the plan were $1.3 million and less than $0.1 million in the year ended December 31, 2024 and $1.3 million and $0.1 million for the year ended December 31, 2023. The following executive retirement plan payments, which reflect expected future service, are expected: PNM TNMP (In thousands) 2025 $ 1,205 $ — 2026 1,150 — 2027 1,089 — 2028 1,022 — 2029 952 — 2030 - 2034 3,699 — Other Retirement Plans TXNM sponsors a 401(k) defined contribution plan for eligible employees, including those of its subsidiaries. TXNM’s contributions to the 401(k) plan consist of a discretionary matching contribution equal to 75% of the first 6% of eligible compensation contributed by the employee on a before-tax basis. TXNM also makes a non-matching contribution ranging from 3% to 10% of eligible compensation based on the eligible employee’s age. TXNM also provides executive deferred compensation benefits through an unfunded, non-qualified plan. The purpose of this plan is to permit certain key employees of TXNM who participate in the 401(k) defined contribution plan to defer compensation and receive credits without reference to the certain limitations on contributions. A summary of expenses for these other retirement plans is as follows: Year Ended December 31, 2024 2023 2022 (In thousands) TXNM 401(k) plan $ 17,514 $ 16,118 $ 15,844 Non-qualified plan $ 4,350 $ 1,197 $ (1,027) PNM 401(k) plan $ 11,896 $ 10,839 $ 11,067 Non-qualified plan $ 2,937 $ 825 $ (721) TNMP 401(k) plan $ 5,617 $ 5,279 $ 4,776 Non-qualified plan $ 1,414 $ 372 $ (305)

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation TXNM has various stock-based compensation programs, which provide restricted stock awards, that are performance based and time based, under the Performance Equity Plan (“PEP”). Although certain PNM and TNMP employees are eligible to participate in the TXNM plans, PNM and TNMP do not have separate employee stock-based compensation plans. Performance stock awards awarded under the PEP are awarded for a three-year, overlapping performance period. Performance stock awards with performance periods ending before 2024 or after 2025 are subject to achieving both performance and market targets. Performance stock awards with performance periods ending from 2024 through 2025 do not include market targets. Other awards of restricted stock are only subject to time-based vesting requirements. Performance Equity Plan The PEP provides for the granting of non-qualified stock options, restricted stock rights, performance shares, performance units, and stock appreciation rights to officers, key employees, and non-employee members of the Board. Restricted stock under the PEP refers to awards of stock subject to vesting, performance, or market conditions rather than to shares with contractual post-vesting restrictions. Generally, the awards vest ratably over three years from the grant date of the award. However, awards with performance or market conditions vest upon satisfaction of those conditions. In addition, plan provisions provide that upon retirement, participants become 100% vested in certain stock awards. The vesting period for awards of restricted stock to non-employee members of the Board is one year. The total number of shares of TXNM common stock subject to all awards under the 2014 PEP, as approved by TXNM’s shareholders in May 2014, may not exceed 13.5 million shares, subject to adjustment and certain share counting rules set forth in the PEP. This share pool is charged five shares for each share subject to restricted stock or other full value award. In May 2023, TXNM’s shareholders approved the 2023 PEP which set the maximum number of shares subject to all awards to be 2.5 million shares. The 2023 PEP share pool is charged a single share for each award. Source of Shares The source of shares for exercised stock options and vested restricted stock is currently shares acquired on the open market by an independent agent, rather than newly issued shares. Accounting for Stock Awards The stock-based compensation expense related to restricted stock awards without performance or market conditions to participants that are retirement eligible on the grant date is recognized immediately at the grant date and is not amortized. Compensation expense for other such awards is amortized to compensation expense over the shorter of the requisite vesting period or the period until the participant becomes retirement eligible. Compensation expense for performance-based shares is recognized ratably over the performance period as required service is provided and is adjusted periodically to reflect the level of achievement expected to be attained. Compensation expense related to market-based shares is recognized ratably over the measurement period, regardless of the actual level of achievement, provided the employees meet their service requirements. Total compensation expense for stock-based payment arrangements recognized by TXNM for the years ended December 31, 2024, 2023, and 2022 was $9.5 million, $7.2 million, and $7.9 million. Stock compensation expense of $5.0 million, $4.8 million, and $5.3 million was charged to PNM and $2.7 million, $2.4 million, and $2.6 million was charged to TNMP. At December 31, 2024, TXNM had unrecognized compensation expense related to stock awards of $5.0 million, which is expected to be recognized over an average of 2.26 years. TXNM receives a tax deduction for the value of restricted stock at the vesting date. To the extent the tax deduction exceeds the Company’s cumulative expense related to a stock award, an excess tax benefit is recorded. When the cumulative expense exceeds the tax deduction, a tax deficiency is recorded. All excess tax benefits and deficiencies are recorded to tax expense and classified as operating cash flows when used to reduce taxes payable. Year Ended December 31, Excess Tax Benefits (Deficiencies) 2024 2023 2022 (In thousands) PNM $ 10 $ 185 $ (65) TNMP 4 76 (26) TXNM 17 261 (91) TNMP used excess tax benefits to reduce income taxes payable and the benefit was reflected in cash flows from operating activities. The benefit of excess tax benefits at PNM and TXNM will be reflected in operating cash flows when they reduce income taxes payable. The grant date fair value for restricted stock and stock awards with Company internal performance targets is determined based on the market price of TXNM common stock on the date of the agreements reduced by the present value of future dividends that will not be received prior to vesting. The grant date fair value is applied to the total number of shares that are anticipated to vest, although the number of performance shares that ultimately vest cannot be determined until after the performance periods end. The grant date fair value of stock awards with market targets is determined using Monte Carlo simulation models, which provide grant date fair values that include an expectation of the number of shares to vest at the end of the measurement period. The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Year Ended December 31, Restricted Shares and Performance-Based Shares 2024 2023 2022 Expected quarterly dividends per share $ 0.3875 $ 0.3675 $ 0.3475 Risk-free interest rate 4.27 % 4.46 % 1.46 % Market-Based Shares (1) Dividend yield 4.21 % N/A N/A Expected volatility 13.09 % N/A N/A Risk-free interest rate 4.31 % N/A N/A (1) Restricted stock expected to be awarded under the PEP for performance periods ending in 2022 and 2023 do not have market targets. The following table summarizes activity in restricted stock awards including performance-based and market-based shares: Restricted Stock Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2023 212,080 $ 40.33 Granted 249,282 33.51 Released (218,403) 38.37 Forfeited (1,722) 43.80 Outstanding at December 31, 2024 241,237 $ 37.05 Included as granted and released in the table above are 80,492 previously awarded shares that were earned for the 2021 - 2023 performance measurement period and ratified by the Board in February 2024 (based upon achieving targets at above “target”, below “maximum” levels). Also included, as granted and released, are 8,791 of other RSAs for participants who retired and immediately vested plus a one-time sign-on RSA that immediately vested (discussed below). Excluded from the above table are 49,489 previously awarded shares that were earned for the 2022 - 2024 performance measurement period and ratified by the Board in February 2025 (based upon achieving targets at above “threshold”, below “target” levels). Also excluded from the table above are 150,976 and 227,472 shares for the three-year performance periods ending in 2025 and 2026 that will be awarded if all performance criteria are achieved at maximum levels and all executives remain eligible. On December 4, 2023, the Company entered into retention agreements with its Chairman and Chief Executive Officer and its Senior Vice President and General Counsel under which they would be awarded a total of 26,766 and 8,922 respectively of restricted stock rights if they remained employed through the award’s vesting date which is the earliest of 24 months from the grant date, the closing of the Merger, or six months following the termination of the Merger. As of December 31, 2023, upon the notice from Avangrid regarding the termination of the Merger Agreement, these awards vested on June 30, 2024. On December 4, 2023, the Company entered into a retention agreement with its President and Chief Operating Officer under which he would receive a retention bonus of $1.0 million to be paid in increments beginning in December 2023 and continuing each December until 2025. On April 8, 2024, pursuant to the retention agreement, the Board elected to convert the unvested portion of the retention bonus of $0.8 million into restricted stock rights whereby each share of restricted stock is equal to one share of Company common stock as of the first trading day after expiration of the then current black-out period. On May 3, 2024, subsequent to the expiration of the black-out period, 19,851 restricted stock rights were awarded and 6,617 have vested as of December 31, 2024, in accordance with the original terms of the retention agreement. On September 16, 2024, in connection with a one-time sign-on equity grant, the Company’s newly appointed General Counsel, Senior Vice President Regulatory and Public Policy, and Corporate Secretary was awarded 9,300 shares of restricted stock, of which 50% vested immediately and the remaining 50% will vest on the first anniversary of his start date, subject to continued employment through the vesting date. The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares: Year Ended December 31, Restricted Stock 2024 2023 2022 Weighted-average grant date fair value $ 38.37 $ 41.98 $ 41.04 Total fair value of restricted shares that vested (in thousands) $ 8,380 $ 8,689 $ 7,368

Regulatory Assets and Liabiliti

Regulatory Assets and Liabilities	12 Months Ended
Regulatory Assets and Liabilities	Dec. 31, 2024
Regulated Operations [Abstract]
Regulatory Assets and Liabilities	Regulatory Assets and Liabilities The operations of PNM and TNMP are regulated by the NMPRC, PUCT, and FERC and the provisions of GAAP for rate-regulated enterprises are applied to its regulated operations. Regulatory assets represent probable future recovery of previously incurred costs that will be collected from customers through the ratemaking process. Regulatory liabilities represent probable future reductions in revenues associated with amounts that are to be credited to customers through the ratemaking process. Regulatory assets and liabilities reflected in the Consolidated Balance Sheets are presented below. PNM TNMP December 31, December 31, 2024 2023 2024 2023 Assets: (In thousands) Current: FPPAC $ 30,487 $ 65,251 $ — $ — NMPRC Hedging Plan 5,737 — — — Transmission cost recovery factor — — 5,268 — Energy efficiency costs — — — 50 Renewable energy rider — 5,021 — — SJGS Energy Transition Property — 2,724 — — 36,224 72,996 5,268 50 Non-Current: SJGS Energy Transition Property $ 336,079 $ 340,629 $ — $ — SJGS ETA 24,996 — — — SJGS - non-ETA 114,333 122,246 — — PVNGS leased interest 82,982 80,777 — — EIM 15,189 18,731 — — TEP 4,942 2,644 — — Loss on reacquired debt 12,507 13,806 23,721 25,019 Pension and OPEB 176,171 172,508 21,087 21,854 Deferred income taxes 74,925 71,359 8,570 8,882 Excess ADIT — — 6,542 — AMS retirement and other costs — — 12,851 12,343 Deferred COVID-19 costs 3,328 5,664 — — Hurricane Beryl — — 20,958 — Other 11,858 10,363 10,964 7,556 857,310 838,727 104,693 75,654 Total regulatory assets $ 893,534 $ 911,723 $ 109,961 $ 75,704 PNM TNMP December 31, December 31, 2024 2023 2024 2023 Liabilities: (In thousands) Current: SJGS rate refunds $ (157) $ (113,372) $ — $ — PVNGS rate refunds (19,194) (19,194) — — Renewable energy rider (4,786) — — — Energy efficiency costs (2,459) (1,454) (602) — Transmission Cost Recovery Factor — — — (5,159) SJGS Energy Transition Property (6,975) — NMPRC hedging plan — (826) — — (33,571) (134,846) (602) (5,159) Non-Current: Cost of removal $ (247,280) $ (247,627) $ (147,296) $ (117,759) Deferred income taxes (253,158) (281,588) (80,152) (83,459) Renewable energy tax benefits (13,317) (14,463) — — PVNGS rate refunds (3,277) (19,194) — — Pension and OPEB — — (2,589) (3,644) COVID-19 cost savings (469) (900) — — Other (1,200) (1,249) — (1,434) (518,701) (565,021) (230,037) (206,296) Total regulatory liabilities $ (552,272) $ (699,867) $ (230,639) $ (211,455) The Company’s regulatory assets and regulatory liabilities are reflected in rates charged to customers or have been addressed in a regulatory proceeding. The Company does not receive or pay a rate of return on the following regulatory assets and regulatory liabilities (and their remaining amortization periods): SJGS Energy Transition Property (over the life of the ETBC I Securitized Bonds); portions of PVNGS Leased Interest (through 2044); SJGS rate refunds (through 2024); PVNGS rate refunds (through 2025); deferred income taxes (over the remaining life of the taxable item, up to the remaining life of utility plant); pension and OPEB costs (through 2040). The Company is permitted, under rate regulation, to accrue and record a regulatory liability for the estimated cost of removal and salvage associated with certain of its assets through depreciation expense. Actuarial losses and prior service costs for pension plans are required to be recorded in AOCI; however, to the extent authorized for recovery through the regulatory process these amounts are recorded as regulatory assets or liabilities. Based on prior regulatory approvals, the amortization of these amounts will be included in the Company’s rates. Based on a current evaluation of the various factors and conditions that are expected to impact future cost recovery, the Company believes that future recovery of its regulatory assets is probable.

Construction Program and Jointl

Construction Program and Jointly-Owned Electric Generating Plants	12 Months Ended
	Dec. 31, 2024
Construction Program and Jointly-Owned Electric Generating Plants [Abstract]
Construction Program and Jointly-Owned Electric Generating Plants	Construction Program and Jointly-Owned Electric Generating Plants PNM is a participant in jointly-owned power plant projects. The participation agreement for SJGS expired on September 30, 2022. The primary operating or participation agreements for the other joint projects expire in July 2041 for Four Corners, December 2046 for Luna, and November 2047 for PVNGS. PNM’s expenditures for additions to utility plant were $682.4 million in 2024, including expenditures on jointly-owned projects. TNMP does not participate in the ownership or operation of any generating plants, but incurred expenditures for additions to utility plant of $541.6 million during 2024. On a consolidated basis, TXNM’s expenditures for additions to utility plant were $1,247.0 million in 2024. Joint Projects Under the agreements for the jointly-owned projects, PNM has an undivided interest in each asset and liability of the project and records its pro-rata share of each item in the corresponding asset and liability account on PNM’s Consolidated Balance Sheets. Likewise, PNM records its pro-rata share of each item of operating and maintenance expenses for its jointly-owned plants within the corresponding operating expense account in its Consolidated Statements of Earnings. PNM is responsible for financing its share of the capital and operating costs of the joint projects. At December 31, 2024, PNM’s interests and investments in jointly-owned generating facilities are: Station (Type) Plant in Accumulated Depreciation (1) Construction Composite (In thousands) PVNGS (Nuclear) $ 800,999 $ 415,747 $ 32,650 7.29 % Four Corners Units 4 and 5 (Coal) $ 291,355 $ 98,049 $ 14,579 13.00 % Luna (Gas) $ 99,479 $ 37,448 $ 2,658 33.33 % (1) Includes cost of removal. Palo Verde Nuclear Generating Station PNM is a participant in the three units of PVNGS with APS (the operating agent), SRP, EPE, SCE, SCPPA, and The Department of Water and Power of the City of Los Angeles. PNM has ownership interests of 2.3% in Unit 1, 9.4% in Unit 2, and 10.2% in Unit 3. PNM previously had a 10.2% undivided interest in PVNGS, with portions of its interests in Units 1 and 2 held under leases. In January 2023, leased capacity of 104 MW in PVNGS Unit 1 expired and the rights to the capacity were acquired by SRP from the lessors subsequently, reducing PNM’s interest in PVNGS to 7.6% at December 31, 2023. In January 2024, the leased capacity of 10 MW in PVNGS Unit 2 expired and the rights were also acquired by SRP, further reducing PNM’s interest in PVNGS to 7.3%. See Note 8 for additional information concerning the PVNGS leases. Four Corners Power Plant PNM is a participant in two units of Four Corners with APS (the operating agent), an affiliate of APS, SRP, and Tucson. PNM has a 13.0% undivided interest in Units 4 and 5 of Four Corners. The Four Corners plant site is located on land within the Navajo Nation and is subject to an easement from the federal government. APS, on behalf of the Four Corners participants, negotiated amendments to an existing agreement with the Navajo Nation, which extends the owners’ right to operate the plant on the site to July 2041. See Notes 16 and 17 for additional information about Four Corners. Luna Energy Facility Luna is a combined-cycle power plant near Deming, New Mexico. Luna is owned equally by PNM, Tucson, and Samchully Power & Utilities 1, LLC. The operation and maintenance of the facility has been contracted to North American Energy Services by PNM.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
Asset Retirement Obligations	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations AROs are recorded based on studies to estimate the amount and timing of future ARO expenditures and reflect underlying assumptions, such as discount rates, estimates of the future costs for decommissioning, and the timing of the removal activities to be performed. Approximately 75.7% of PNM’s total ARO liabilities are related to nuclear decommissioning of PVNGS. PNM is responsible for all decommissioning obligations related to its entire interest in PVNGS, including portions both during and after termination of the leases. Studies of the decommissioning costs of PVNGS, SJGS, Four Corners, and other facilities are performed periodically and revisions to the ARO liabilities are recorded. Changes in the assumptions underlying the calculations may also require revisions to the estimated AROs when identified. A reconciliation of the ARO liabilities is as follows: TXNM PNM TNMP (In thousands) Liability at December 31, 2021 $ 234,146 $ 233,383 $ 763 Liabilities incurred — — — Liabilities settled — — — Accretion expense 10,767 10,702 65 Revisions to estimated cash flows (1) (21,536) (21,536) — Liability at December 31, 2022 223,377 222,549 828 Liabilities incurred — — — Liabilities settled (3,482) (3,482) — Accretion expense 10,218 10,148 70 Revisions to estimated cash flows (2) 15,418 15,418 — Liability at December 31, 2023 245,531 244,633 898 Liabilities incurred — — — Liabilities settled (12,451) (12,432) (19) Accretion expense 11,538 11,462 76 Revisions to estimated cash flows — — — Liability at December 31, 2024 $ 244,618 $ 243,663 $ 955 (1) Reflects a decrease of $21.5 million related to an updated SJGS decommissioning study. (2)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Overview There are various claims and lawsuits pending against the Company. In addition, the Company is subject to federal, state, and local environmental laws and regulations and periodically participates in the investigation and remediation of various sites. In addition, the Company periodically enters into financial commitments in connection with its business operations. Also, the Company is involved in various legal and regulatory proceedings in the normal course of its business. See Note 17. It is not possible at this time for the Company to determine fully the effect of all litigation and other legal and regulatory proceedings on its financial position, results of operations, or cash flows. With respect to some of the items listed below, the Company has determined that a loss is not probable or that, to the extent probable, cannot be reasonably estimated. In some cases, the Company is not able to predict with any degree of certainty the range of possible loss that could be incurred. The Company assesses legal and regulatory matters based on current information and makes judgments concerning their potential outcome, giving due consideration to the nature of the claim, the amount and nature of any damages sought, and the probability of success. Such judgments are made with the understanding that the outcome of any litigation, investigation, or other legal proceeding is inherently uncertain. The Company records liabilities for matters where it is probable a loss has been incurred and the amount of loss is reasonably estimatable. The actual outcomes of the items listed below could ultimately differ from the judgments made and the differences could be material. The Company cannot make any assurances that the amount of reserves or potential insurance coverage will be sufficient to cover the cash obligations that might be incurred as a result of litigation or regulatory proceedings. Except as otherwise disclosed, the Company does not expect that any known lawsuits, environmental costs, or commitments will have a material effect on its financial condition, results of operations, or cash flows. Commitments and Contingencies Related to the Environment PVNGS Decommissioning Funding The costs of decommissioning a nuclear power plant are substantial. PNM is responsible for all decommissioning obligations related to its entire interest in PVNGS, including portions under leases both during and after termination of the leases. PNM has a program for funding its share of decommissioning costs for PVNGS, including portions previously held under leases. The nuclear decommissioning funding program is invested in equities and fixed income instruments in qualified and non-qualified trusts. PNM funded $1.3 million for each of the years ended December 31, 2024, 2023 and 2022 into the qualified trust funds. The fair value of the trusts at December 31, 2024 and 2023 was $384.6 and $361.0 million. Nuclear Spent Fuel and Waste Disposal Nuclear power plant operators are required to enter into spent fuel disposal contracts with the DOE that require the DOE to accept and dispose of all spent nuclear fuel and other high-level radioactive wastes generated by domestic power reactors. Although the Nuclear Waste Policy Act required the DOE to develop a permanent repository for the storage and disposal of spent nuclear fuel by 1998, the DOE announced that it would not be able to open the repository by 1998 and sought to excuse its performance of these requirements. In November 1997, the DC Circuit issued a decision preventing the DOE from excusing its own delay but refused to order the DOE to begin accepting spent nuclear fuel. Based on this decision and the DOE’s delay, a number of utilities, including APS (on behalf of itself and the other PVNGS owners, including PNM), filed damages actions against the DOE in the Court of Federal Claims. The lawsuits filed by APS alleged that damages were incurred due to DOE’s continuing failure to remove spent nuclear fuel and high-level waste from PVNGS. APS and the DOE entered into a settlement agreement, subsequently extended, that established a process for the payment of claims for costs incurred through December 31, 2025. Under the settlement agreement, APS must submit claims annually for payment of allowable costs. PNM records estimated claims on a quarterly basis. The benefit from the claims is passed through to customers under the FPPAC. PNM estimates that it will incur approximately $55.6 million (in 2023 dollars) for its share of the costs related to the on-site interim storage of spent nuclear fuel at PVNGS for the remaining term of the operating licenses. PNM accrues these costs as a component of fuel expense as the nuclear fuel is consumed. At December 31, 2024 and 2023, PNM had a liability for interim storage costs of $13.4 million and $11.0 million, which is included in other deferred credits. PVNGS has sufficient capacity at its on-site Independent Spent Fuel Storage Installation (“ISFSI”) to store all of the nuclear fuel that will be irradiated during the initial operating license period, which ends in December 2027. Additionally, PVNGS has sufficient capacity at its on-site ISFSI to store a portion of the fuel that will be irradiated during the period of extended operation, which ends in November 2047. If uncertainties regarding the U.S. government’s obligation to accept and store spent fuel are not favorably resolved, APS will evaluate alternative storage solutions that may obviate the need to expand the ISFSI to accommodate all of the fuel that will be irradiated during the period of extended operation. The Energy Transition Act The Energy Transition Act (“ETA”) sets a statewide standard that requires investor-owned electric utilities to have specified percentages of their electric-generating portfolios be from renewable and zero-carbon generating resources. The ETA requires utilities operating in New Mexico to have renewable portfolios equal to 40% by 2025, 50% by 2030, 80% by 2040, and 100% zero-carbon energy by 2045. The ETA also allows for the recovery of undepreciated investments and decommissioning costs related to qualifying EGUs that the NMPRC has required be removed from retail jurisdictional rates, provided replacement resources to be included in retail rates have lower or zero-carbon emissions. The ETA requires the NMPRC to review and approve utilities’ annual renewable portfolio plans to ensure compliance with the RPS. Also pursuant to the ETA, the New Mexico Environmental Improvement Board adopted standards of performance that limit CO 2 emissions to no more than 1,100 lbs. per MWh beginning January 1, 2023 for new and existing coal-fired EGUs with original installed capacities exceeding 300 MW. The ETA provides for a transition from fossil-fuel generation resources to renewable and other carbon-free resources through certain provisions relating to the abandonment of coal-fired generating facilities. These provisions include the use of energy transition bonds, which are designed to be highly rated bonds that can be issued to finance certain costs of abandoning coal-fired facilities that are retired prior to January 1, 2023 for facilities operated by a “qualifying utility,” or prior to January 1, 2032 for facilities that are not operated by a qualifying utility. The amount of energy transition bonds that can be issued to recover abandonment costs is limited to the lesser of $375.0 million or 150% of the undepreciated investment of the facility as of the abandonment date. Proceeds provided by energy transition bonds must be used only for purposes related to providing utility service to customers and to pay energy transition costs (as defined by the ETA). These costs may include plant decommissioning and coal mine reclamation costs provided those costs have not previously been recovered from customers or disallowed by the NMPRC or by a court order. Proceeds from energy transition bonds may also be used to fund severances for employees of the retired facility and related coal mine and to promote economic development, education and job training in areas impacted by the retirement of the coal-fired facilities. Energy transition bonds must be issued under a NMPRC-approved financing order, are secured by “energy transition property,” are non-recourse to the issuing utility, and are repaid by a non-bypassable charge paid by all customers of the issuing utility. These customer charges are subject to an adjustment mechanism designed to provide for timely and complete payment of principal and interest due under the energy transition bonds. The ETA also provides that utilities must obtain NMPRC approval of competitively procured replacement resources that shall be evaluated based on their cost, economic development opportunity, ability to provide jobs with comparable pay and benefits to those lost upon retirement of the facility, and that do not exceed emissions thresholds specified in the ETA. In determining whether to approve replacement resources, the NMPRC must give preference to resources with the least environmental impacts, those with higher ratios of capital costs to fuel costs, and those located in the school district of the abandoned facility. The ETA also provides for the procurement of energy storage facilities and gives utilities discretion to maintain, control, and operate these systems to ensure reliable and efficient service. The ETA has had and will have a significant impact on PNM’s future generation portfolio, including PNM’s retirement of SJGS in 2022. PNM cannot predict the full impact of the ETA with respect to Four Corners or the outcome of its future generating resource abandonment and replacement resource filings with the NMPRC. See additional discussion in Note 17 of PNM’s SJGS and Four Corners Abandonment Applications. The Clean Air Act Regional Haze Pursuant to the CAA, states are required to establish goals for improving visibility in national parks and wilderness areas (also known as Class I areas) and to develop long-term strategies for reducing emissions of air pollutants that cause visibility impairment in their own states and for preventing degradation in other states. States must establish a series of interim goals to ensure continued progress by adopting a new SIP every ten years. In the first SIP planning period, states were required to conduct BART determinations for certain covered facilities, including utility boilers, built between 1962 and 1977 that have the potential to emit more than 250 tons per year of visibility impairing pollution. For all future SIP planning periods, states must evaluate whether additional emissions reduction measures may be needed to continue making reasonable progress toward natural visibility conditions. SIPs for the second planning period were due in July 2021, which deadline NMED was unable to meet. NMED is currently preparing its SIP for the second compliance period and has notified PNM that it will not be required to submit a regional haze four-factor analysis for SJGS since PNM retired its share of SJGS in 2022. On August 30, 2022, EPA published in the Federal Register an official “Finding of Failure to Submit” for states, including New Mexico, that have not yet submitted a round 2 regional haze SIP. This action by EPA started a 2-year clock for it to issue a Federal Implementation Plan (“FIP”), which deadline has now passed. NMED petitioned the NM Environmental Improvement Board to adopt a proposed SIP. The public hearing that was scheduled for December 18, 2024 was cancelled and a new hearing is scheduled for April 28 to April 30, 2025. PNM submitted comments on the proposed SIP in response to a request for comments by NMED. Carbon Dioxide Emissions In 2015, EPA established standards to limit CO 2 emissions from power plants, including (1) Carbon Pollution Standards for new, modified, and reconstructed power plants; and (2) the Clean Power Plan for existing power plants. Challengers successfully petitioned the US Supreme Court for a stay of the Clean Power Plan. In 2019, EPA repealed the Clean Power Plan, promulgated the ACE Rule, and revised the implementing regulations for all emission guidelines. The ACE Rule was also challenged, and on January 19, 2021, the DC Circuit issued an opinion in American Lung Association and American Public Health Association v. EPA, et al., vacating the ACE Rule. Numerous parties sought review by the US Supreme Court, and on June 30, 2022, the Court held that the “generation shifting” approach in the Clean Power Plan exceeded the powers granted to EPA by Congress. Of broader significance in administrative law, the Court’s opinion expressly invoked the “major question” doctrine, which requires rules involving issues of “vast economic or political significance” to be supported by clear statutory authorization. In cases where there is no clear statement of authority, courts need not defer to the agency’s statutory interpretation on “major questions.” The decision sets legal precedent for future rulemakings by EPA and other federal regulatory agencies whereby the agencies’ authority may be limited based upon similar reasoning. The litigation over the Carbon Pollution Standards remains held in abeyance but could be reactivated by the parties upon a determination by the court that reconsideration of the rule has concluded. In 2024, EPA adopted regulatory actions under CAA sections 111(b) and (d) to replace the Clean Power Plan and the ACE Rule. The final rules include revised new source performance standards under Section 111(b) for all new natural gas-fired combustion turbines and emission guidelines under Section 111(d) requiring states to develop standards of performance for GHG emissions from existing fossil-fuel-fired electric steam generating units. In the final rules, EPA determined that the standards for existing coal- or gas-fired steam generating units must be based on the use of either CCS (long-term), natural gas co-firing (medium-term), or exempt from the rule via early retirement. The standards for new combustion turbines must be based on CCS (base load), efficient simple cycle design (intermediate load), or lower-emitting fuels (low load). Over a dozen states, several industry groups and some power companies and labor unions have filed challenges to the rule at the DC Circuit, which heard oral arguments on December 6, 2024. However, President Trump issued several executive orders on January 20, 2025, directing his administration to review all agency actions and suspend, revise, or rescind those identified as imposing an undue burden on domestic energy resources, which will likely include the rules for greenhouse gas emissions from new combustion turbines and existing steam generation units. Because the CAA 111 rule does not contain provisions for existing natural gas units, on March 26, 2024, EPA announced it was opening a non-regulatory docket and issued framing questions to gather input about ways to design a stronger, more durable approach to GHG regulation of existing gas combustion turbines. The docket was open for public comment from March 26, 2024 to May 28, 2024 and the agency held a policy forum to bring stakeholders together to share ideas with EPA and others. Under the new Trump Administration, EPA is unlikely to propose a rule based on this non-regulatory docket. In 2021, President Biden signed an extensive executive order aimed at addressing climate change concerns domestically and internationally. The order is intended to build on the initial climate-related actions the Biden Administration took on January 20, 2021. It addresses a wide range of issues, including establishing climate change concerns as an essential element of U.S. foreign and security policy, identifying a process to determine the U.S. INDC under the Paris Agreement, and establishing a Special Presidential Envoy for Climate that will sit on the National Security Council. On April 22, 2021, at the Earth Day Summit, as part of the U.S.’s re-entry into the Paris Agreement, President Biden unveiled the goal to cut U.S. emissions by 50% - 52% from 2005 levels by 2030, nearly double the GHG emissions reduction target set by the Obama Administration. The 2030 goal joins President Biden’s other climate goals which include a carbon pollution-free power sector by 2035 and a net-zero emissions economy by no later than 2050. In an executive order issued January 20, 2025, President Trump ordered his administration to withdraw the United States from Paris Agreement and from any agreement, pact, accord, or similar commitment made under the United Nations Framework Convention on Climate Change. PNM’s review of the GHG emission reductions standards that have or may occur as a result of legislation or regulation is ongoing. We are currently determining what impact, if any, the final rules will have on PNM’s business, results of operations, and financial condition. National Ambient Air Quality Standards (“NAAQS”) The CAA requires EPA to set NAAQS for pollutants reasonably anticipated to endanger public health or welfare. EPA has set NAAQS for certain pollutants, including NOx, SO 2 , ozone, and particulate matter. NO X Standard – In 2018, EPA published the final rule to retain the current primary health-based NOx standards of which NO 2 is the constituent of greatest concern and is the indicator for the primary NAAQS. EPA concluded that the current 1-hour and annual primary NO 2 standards are requisite to protect public health with an adequate margin of safety. The rule became effective on May 18, 2018. The State of New Mexico has attained the current NOx NAAQS standards. SO 2 Standard – In 2019, EPA announced its final decision to retain, without changes, the primary health-based NAAQS for SO 2 . Specifically, EPA retained the current 1-hour standard for SO 2 , which is 75 parts per billion, based on the 3-year average of the 99 th percentile of daily maximum 1-hour SO 2 concentrations. In 2021, EPA published in the Federal Register the initial air quality designations for all remaining areas not yet designated under the 2010 SO 2 Primary NAAQS. All areas of New Mexico have been designated attainment/unclassifiable through four rounds of designations by EPA. Ozone Standard – In 2015, EPA finalized the new ozone NAAQS and lowered both the primary and secondary 8-hour standard from 75 to 70 parts per billion. With ozone standards becoming more stringent, fossil-fueled generation units will come under increasing pressure to reduce emissions of NOx and volatile organic compounds since these are the pollutants that form ground-level ozone. During 2017 and 2018, EPA released rules establishing area designations for ozone. In those rules, San Juan County, New Mexico, where Four Corners is located, is designated as attainment/unclassifiable and only a small area in Doña Ana County, New Mexico is designated as marginal non-attainment. Although Afton Generating Station is located in Doña Ana County, it is not located within the small area designated as non-attainment for the 2015 ozone standard. PNM does not believe there will be material impacts to its facilities because of the non-attainment designation of the small area within Doña Ana County. Until EPA approves attainment designations for the Navajo Nation and releases a proposal to implement the revised ozone NAAQS, PNM is unable to predict what impact the adoption of these standards may have on Four Corners. On July 13, 2020, EPA proposed to retain the existing ozone NAAQS based on a review of the full body of currently available scientific evidence and exposure/risk information, but on August 21, 2023, EPA announced an entirely new review of the ozone standard. PNM cannot predict the outcome of this matter. In 2019, EPA issued findings that several states, including New Mexico, had failed to submit interstate transport SIPs for the 2015 8-hour ozone NAAQS, triggering an obligation for EPA to issue a federal implementation plan within two years. In response, NMED submitted a Good Neighbor SIP on July 27, 2021 that demonstrates that there are no significant contributions from New Mexico to downwind problems in meeting the federal ozone standard. On March 15, 2023, EPA Administrator Regan signed a final action imposing a FIP on multiple states but did not include a FIP for New Mexico because the most updated modeling available at the time of the proposal confirmed the state did not contribute to downwind ozone nonattainment or maintenance areas. However, the updated modeling EPA used in the final rule indicated that New Mexico may be significantly contributing to one or more non-attainment or maintenance areas. In light of that modeling result, on February 16, 2024, the EPA published a proposed rule partially disapproving the SIPs for New Mexico and four other states (Arizona, Iowa, Kansas, Tennessee) and expanding the Good Neighbor FIP to apply to these states. The FIP aspect of the proposed rule would have required fossil fuel-fired power plants in these five states to participate in an allowance-based ozone season NOx emissions trading program beginning in 2025, but the outgoing Biden Administration did not finalize the rule, and the new Trump administration is highly unlikely to finalize it. PM Standard – In 2023, EPA published, in the Federal Register, a proposal to lower the annual fine PM standard to between 9-10 µg/m3 but retain the rest of its PM standards, including the current daily fine PM standard, the daily coarse PM standard, and the secondary PM standards. The final rule was published on March 6, 2024, lowering the primary annual PM 2.5 NAAQS to 9 ug/m3. The rule became effective May 6, 2024, and states will have until March 2032 to attain compliance with the new standard. During the multi-year implementation process, EPA will designate attainment/nonattainment areas by March 6, 2026, and states will submit a State Implementation Plan to EPA by September 6, 2027. This implementation process also applies to the Albuquerque-Bernalillo County Environmental Health Department who may combine efforts with NMED. Bernalillo County does not currently meet the 9 ug/m3 standard which may impact future air permitting activities at Rio Bravo and Reeves Generating Stations if the county is designated as nonattainment. However, even before any designations are made, the new standard is effective for conducting required modeling for permit applications and revisions. The lower standard is expected to result in new nonattainment areas throughout the country and could prompt additional PM control requirements, but PNM cannot predict the impacts of the outcome of future rulemaking. Cooling Water Intake Structures In 2014, EPA issued a rule establishing national standards for certain cooling water intake structures at existing power plants and other facilities under the Clean Water Act to protect fish and other aquatic organisms by minimizing impingement mortality (the capture of aquatic wildlife on intake structures or against screens) and entrainment mortality (the capture of fish or shellfish in water flow entering and passing through intake structures). To minimize impingement mortality, the rule provides operators of facilities, such as Four Corners, seven options for meeting Best Technology Available (“BTA”) standards for reducing impingement. The permitting authority must establish the BTA for entrainment on a site-specific basis, taking into consideration an array of factors, including endangered species and social costs and benefits. Affected sources must submit source water baseline characterization data to the permitting authority to assist in the BTA determination. Compliance deadlines under the rule are tied to permit renewal, including any subject to a schedule of compliance established by the permitting authority in the permit. In 2018, several environmental groups sued EPA Region IX in the U.S. Court of Appeals for the Ninth Circuit over EPA’s failure to timely reissue the Four Corners NPDES permit. The petitioners asked the court to issue a writ of mandamus compelling EPA Region IX to take final action on the pending NPDES permit by a reasonable date. EPA subsequently reissued the NPDES permit. The permit did not contain conditions related to the cooling water intake structure rule, because EPA determined that the facility had achieved BTA for both impingement and entrainment by operating a closed-cycle recirculation system. Several environmental groups filed a petition for review with EPA’s Environmental Appeals Board (“EAB”) concerning the reissued permit. The environmental groups alleged that the permit was reissued in contravention of the Clean Water Act and did not contain limits or conditions required by EPA’s Effluent Limitations Guidelines (“ELG”) applicable to Four Corners or EPA’s cooling water intake structures rule, among others. EPA withdrew the Four Corners NPDES permit in order to examine the issues raised by the environmental groups and then issued an updated NPDES permit in 2019. The permit was once again appealed to the EAB and was stayed before the effective date, but the EAB issued an order denying the petition for review on September 30, 2020. Thereafter, the Regional Administrator of the EPA signed a notice of final permit decision, and the NPDES permit was issued on November 9, 2020. The permit became effective December 1, 2020. On January 22, 2021, the environmental groups filed a petition for review of the EAB’s decision with the U.S. Court of Appeals for the Ninth Circuit. The September 2019 permit remained in effect pending the outcome of this appeal. On March 21, 2022, EPA provided notice in the Federal Register of a proposed settlement agreement with the environmental groups. The parties subsequently executed the settlement agreement as of May 2, 2022. Under the settlement, the lawsuit was administratively closed through September 6, 2023, during which time a third-party consultant spent 12 months sampling discharges from Four Corners and EPA spent three months completing an analysis. On December 1, 2023, EPA issued a modification, effective December 31, 2023, to the NPDES permit that had been issued on November 9, 2020. The modification applies to permit elements related to effluent discharge. PNM cannot predict whether the analysis required to be performed by EPA under the settlement agreement will result in further changes to the NPDES permit but does not anticipate that it will have a material impact on PNM’s financial position, results of operations, or cash flows. Effluent Limitation Guidelines In 2013, EPA published proposed revised wastewater ELG establishing technology-based wastewater discharge limitations for fossil fuel-fired electric power plants. EPA signed the final Steam Electric ELG rule in 2015. The final rule, which became effective on January 4, 2016, phased in the new, more stringent requirements in the form of effluent limits for arsenic, mercury, selenium, and nitrogen for wastewater discharged from wet scrubber systems and zero discharge of pollutants in ash transport water that must be incorporated into plants’ NPDES permits. The 2015 rule required each plant to comply between 2018 and 2023 depending on when it needs a new or revised NPDES permit. The Steam Electric ELG rule was challenged in the U.S. Court of Appeals for the Fifth Circuit by numerous parties. In 2017, EPA signed a notice indicating its intent to reconsider portions of the rule, and the Fifth Circuit issued an order severing the issues under reconsideration and holding the case in abeyance as to those issues. However, the court allowed challenges to other portions of the rule to proceed. In 2019, the Fifth Circuit granted those challenges and issued an opinion vacating several portions of the rule, specifically those related to legacy wastewater and leachate, for which the court deemed the standards selected by EPA arbitrary and capricious. In 2017, EPA published a final rule for postponement of certain compliance dates. The rule postponed the earliest date on which compliance with the ELG for these waste streams would be required from November 1, 2018 until November 1, 2020. In 2019, EPA published a proposed rule revising the original ELG while maintaining the compliance dates. In 2020, EPA published in the Federal Register the final Steam Electric ELG and Standards for the Steam Electric Power Generating Point Source Category, revising the final 2015 guidelines for both flue gas desulfurization wastewater and bottom ash transport water. The 2020 rule required compliance with new limits as soon as possible on or after October 13, 2021, but no later than December 31, 2025. In 2021, EPA published notice that it would undertake a supplemental rulemaking to revise the ELG after completing its review of the rules reconsidered in 2020. As part of this process, EPA committed to determine whether more stringent limitations and standards would be appropriate. On March 29, 2023, EPA published the proposed ELG Rule in the Federal Register. The proposed rule included stricter limitations for wastewater discharges for coal-fired facilities, but allowed for flexibilities for those coal-powered facilities that would soon decommission or repower. With this proposed rule EPA extended the date of decommissioning or repowering from December 31, 2028, to December 31, 2032. On May 9, 2024, EPA published a final rule to further revise the ELG. This final supplemental rule updated the technology-based limitations applicable to flue gas desulfurization wastewater, bottom ash transport water, and legacy wastewater at existing sources, as well as combustion residual leachate at new and existing sources. The 2024 rule was challenged in the U.S. Court of Appeals for the Eighth Circuit, but the court denied motions for stay, so the rule remains in effect. Reeves Station discharges cooling tower blowdown to a publicly owned treatment plant and no longer holds an NPDES permit; therefore, it is expected that no ELG requirements will be imposed. See “Cooling Water Intake Structures” above for additional discussion of Four Corners’ current NPDES permit. Four Corners may be required to change equipment and operating practices affecting boilers and ash handling systems, as well as change its waste disposal techniques during the next NPDES permit renewal. PNM is unable to predict the outcome of these matters or a range of the potential costs of compliance. Santa Fe Generating Station PNM and NMED are parties to agreements under which PNM has installed a remediation system to treat water from a City of Santa Fe municipal supply well and an extraction well to address gasoline contamination in the groundwater at the site of PNM’s former Santa Fe Generating Station and service center. A 2008 NMED site inspection report states that neither the source nor extent of contamination at the site has been determined and that the source may not be the former Santa Fe Generating Station. During 2013 and 2014, PNM and NMED collected additional samples that showed elevated concentrations of nitrate and volatile organic compounds in some of the monitoring wells at the site. In addition, one monitoring well contained free-phase hydrocarbon products. PNM collected a sample of the product for “fingerprint” analysis. The results of this analysis indicated the product was a mixture of older and newer fuels. The presence of newer fuels in the sample suggests the hydrocarbon product likely originated from off-site sources. In 2015, PNM and NMED entered into a memorandum of understanding to address changing groundwater conditions at the site under which PNM agreed to continue hydrocarbon investigation under the supervision of NMED. Qualified costs are eligible for payment through the New Mexico Corrective Action Fund (“CAF”), which is administered by the NMED Petroleum Storage Tank Bureau. In 2019, PNM received notice from NMED that an abatement plan for the site is required to address concentrations of previously identified compounds, unrelated to those discussed above, found in the groundwater. NMED approved PNM’s abatement plan proposal, which covers field work and reporting. Field work related to the investigation under both the CAF and abatement plan requirements was completed and activities and findings associated with the field work were presented in two separate reports and released to stakeholders in early 2020. Subsequent field work was completed in July 2020 and two reports were released supporting PNM’s contention that off-site sources have impacted, and are continuing t

Regulatory and Rate Matters

Regulatory and Rate Matters	12 Months Ended
Regulatory and Rate Matters	Dec. 31, 2024
Regulated Operations [Abstract]
Regulatory and Rate Matters	Regulatory and Rate Matters The Company is involved in various regulatory matters, some of which contain contingencies that are subject to the same uncertainties as those described in Note 16. PNM New Mexico General Rate Case 2025 Rate Request On June 14, 2024, PNM filed an application with the NMPRC for a general increase in retail electric rates. The proposed base rate changes would be implemented in two phases, with the first phase effective July 1, 2025 and the second phase effective January 1, 2026. Key aspects of PNM’s request include: • Recovery on total rate base of $3.0 billion, based on a FTY with the 12 months ending June 30, 2026 • An increase of $174.3 million in retail revenues, comprised of a $92.2 million increase in base rates and a $82.1 million increase in revenues collected under PNM’s FPPAC • Drivers of revenue deficiency: ◦ Needed investments across distribution, transmission, and generation facilities to ensure safe, reliable delivery of electricity ◦ Increased operations and maintenance expenses to meet operational needs, including wildfire risk mitigation ◦ Costs associated with ESAs, previously approved by the NMPRC, necessary to serve our customers ◦ ROE of 10.45% ◦ Proposed capital structure of 52.5% equity ◦ An increased cost of borrowing ◦ Adjustments to Four Corners depreciation rates to recover remaining plant investments through July 2031, the expected abandonment date of the facility • Proposed ratemaking treatment of ESAs to be recovered through PNM’s FPPAC beginning July 1, 2025 On November 26, 2024, PNM filed an unopposed comprehensive stipulation with the NMPRC. Key components agreed upon by the signatories are as follows: • Overall revenue requirement increase of $105.0 million with the first phase effective July 1, 2025 and the second phase effective April 1, 2026 • ROE of 9.45% • Capital structure of 51.0% equity • Maintain currently approved depreciation rates for Four Corners as established in PNM’s 2024 Rate Change and PNM’s NM 2015 Rate Case • Modification of PNM’s current amortization period through December 31, 2028 on the unprotected Excess Deferred Federal Income Taxes (“EDFIT”) regulatory liability to reflect amortization of remaining unprotected EDFIT through December 31, 2027 • Costs associated with ESAs shall be recovered through base rates ◦ PNM will establish a regulatory asset or regulatory liability for the difference in actual ESA costs compared to the forecasted $82.1 million included in base rates in the test period and thereafter until new rates are effective from PNM’s next general rate case filing. The regulatory asset or regulatory liability will be subject to NMPRC approval in PNM’s next rate case • PNM will establish a regulatory liability associated with investment tax credits for the Sandia energy storage system as proposed in its application • PNM will establish a regulatory liability equal to the return on legacy meters currently included in rates, as the legacy meters are retired during PNM’s deployment of its grid modernization plan approved in PNM’s Grid Modernization Application A hearing was held on February 17 and 18, 2025. PNM cannot predict the outcome of this matter. 2024 Rate Change On December 5, 2022, PNM filed an application with the NMPRC for a general increase in retail electric rates including recovery on total rate base of $2.7 billion based on a calendar year 2024 FTY, an increase of $63.8 million in retail non-fuel revenues, and an ROE 10.25%. The application also proposed ratemaking treatment of PVNGS Leased Interest and testimony supporting the prudence of PNM’s decisions to renew the five leases and repurchase 64.1 MW of PVNGS Unit 2 capacity. On January 3, 2024, the NMPRC issued a final order authorizing PNM to implement an increase in non-fuel base rates of $15.3 million, effective for service beginning January 15, 2024. Major components of the difference compared to PNM’s application include: • A ROE of 9.26%. • A capital structure of 49.61% equity, 50.10% debt, and 0.29% preferred stock. • Finding of imprudence regarding PNM’s decision to remain in Four Corners and a remedy for the imprudence resulting in a disallowance of $81.0 million to PNM’s total Four Corners net book value. • Approval of $51.3 million of PNM’s requested $96.3 million regulatory asset for PVNGS undepreciated investments, but disallowance of a return on the remaining $45.0 million or any CWIP associated with it. • Requiring that the $38.4 million regulatory liability associated with leased capacity at PVNGS after the Unit 1 lease expired on January 15, 2023, be returned to ratepayers over two years through a separate rate rider. • The approval of new depreciation rates, reflecting shorter useful lives, of PNM’s gas plants with service lives and depreciable lives extending beyond January 1, 2045, which would include PNM’s La Luz and Luna generating stations. • The approval of PNM’s TOD pilot program, with a requirement to make annual compliance filings and to adjust certain rate schedules. As a result of the NMPRC final order in the 2024 Rate Change, during the year ended December 31, 2023, PNM recorded a regulatory disallowance of $55.5 million on the Consolidated Statement of Earnings and a corresponding reduction to Utility Plant, after accounting for previous impairments, to reflect the remedy adopted in the Final Order for Four Corners. In addition, PNM recorded a reduction to electric operating revenues of $38.4 million with a corresponding current regulatory liability of $19.2 million and a deferred regulatory liability of $19.2 million for the PVNGS rate refunds that will be returned to customers over a two-year period. PNM also recorded a regulatory disallowance of $8.2 million on the Consolidated Statement of Earnings and a corresponding reduction to Utility Plant for the disallowance of CWIP from PVNGS. In March 2024, notice of appeals were separately filed with the NM Supreme Court by NEE and PNM, and a joint notice of appeal was filed by the NM Department of Justice, Bernalillo County, and ABCWUA. NEE’s appeal was subsequently consolidated with the joint notice of appeal. In the statements of issues submitted in the parties’ appellate dockets, PNM took issue with the NMPRC’s ruling on capital structure; other appellants primarily challenged the NMPRC rulings related to Four Corners and Palo Verde cost recovery. PNM cannot predict the outcome of this matter. Renewable Energy Portfolio Standard As discussed in Note 16, the ETA amends the REA including removal of diversity requirements and certain customer caps and exemptions relating to the application of the RPS under the REA. The REA provides for streamlined proceedings for approval of utilities’ renewable energy procurement plans, assures that utilities recover costs incurred consistent with approved procurement plans, and requires the NMPRC to establish a Reasonable Cost Threshold (“RCT”) for the procurement of renewable resources to prevent excessive costs being added to rates. The ETA sets a RCT of $60 per MWh, adjusted for inflation, using an average annual levelized resource cost basis. PNM makes renewable procurements consistent with the NMPRC approved plans and recovers certain renewable procurement costs from customers through the renewable energy rider billed on a KWh basis. Included in PNM’s approved procurement plans are the following renewable energy resources: • 158 MW of PNM-owned solar-PV facilities • A PPA through 2044 for the output of New Mexico Wind, having a current aggregate capacity of 200 MW, and a PPA through 2035 for the output of Red Mesa Wind, having an aggregate capacity of 102 MW • A PPA through 2040 for 140 MW of output from La Joya Wind II • A PPA through 2042 for the output of the Lightning Dock Geothermal facility with a capacity of 11 MW • Solar distributed generation, aggregating 308.5 MW at December 31, 2024, owned by customers or third parties from whom PNM purchases any net excess output and RECs The NMPRC has authorized PNM to recover certain renewable procurement costs through a rate rider billed on a per KWh basis. In its 2024 renewable energy procurement plan, which became effective on January 1, 2024, PNM proposed to collect $59.0 million for the year. On June 3, 2024, PNM filed its renewable energy procurement plan for 2025 which proposes to collect $58.7 million for the year. PNM did not propose any new resource procurements, and the plan states that existing projects are anticipated to exceed the applicable RPS standards of 2025, despite the standard doubling. On September 11, 2024, a public hearing was held and on October 11, 2024, the hearing examiners issued a RD recommending approval of all PNM’s requests. On November 14, 2024, the NMPRC issued an order adopting the recommended decision. The 2025 renewable energy procurement plan became effective on January 1, 2025. The following sets forth PNM’s revenues recorded for the renewable energy rider: Year Ended Annual Revenues (In millions) 2022 $60.3 2023 56.9 2024 52.0 Under the renewable rider, if PNM’s earned rate of return on jurisdictional equity in a calendar year, adjusted for items not representative of normal operations, exceeds the NMPRC-approved rate by 0.5%, PNM is required to refund the excess to customers during May through December of the following year. PNM does not expect to exceed the limitation in 2024. Energy Efficiency and Load Management Program Costs and Incentives/Disincentives The New Mexico EUEA requires public utilities to achieve specified levels of energy savings and to obtain NMPRC approval to implement energy efficiency and load management programs. The EUEA requires the NMPRC to remove utility disincentives to implementing energy efficiency and load management programs and to provide incentives for such programs. The NMPRC has adopted a rule to implement this act. PNM’s costs to implement approved programs and incentives are recovered through a rate rider. During the 2019 New Mexico legislative session, the EUEA was amended to, among other things, include a decoupling mechanism for disincentives, preclude a reduction to a utility’s ROE based on approval of disincentive or incentive mechanisms, establish energy savings targets for the period 2021 through 2025, and require that annual program funding be 3% to 5% of an electric utility’s annual customer bills excluding gross receipt taxes, franchise and right-of-way access fees, provided that a customer’s annual cost does not exceed seventy-five thousand dollars. In 2020, PNM received approval for energy efficiency and load management programs to be offered in 2021, 2022, and 2023. The program portfolio consisted of twelve programs with a total annual budget of $31.4 million in 2021, $31.0 million in 2022, and $29.6 million in 2023. The program included an annual base incentive of 7.1% of the portfolio budget if PNM were to achieve energy savings of at least 80 GWh in a year. The incentive increases if PNM is able to achieve savings greater than 94 GWh in a year. In 2023, PNM filed an application for energy efficiency and load management programs to be offered in 2024, 2025, and 2026 (the “2024 Plan”). The 2024 Plan proposed to continue ten existing energy efficiency programs with modification and a total annual budget of $34.5 million in 2024, $35.4 million in 2025, and $36.5 million in 2026. The application also sought approval of an annual base incentive of 7.1% of the portfolio budget and a sliding scale that provides additional incentive for additional energy saved as a percentage of program cost, up to the maximum allowed by the energy efficiency rule which for PNM is 8.82%. On January 26, 2024, the hearing examiners in the case issued a RD. The RD largely approved PNM’s 2024 Plan but with modifications that include the pursuit of demand response resources, additional analysis in future filings, adjustments to certain energy efficiency programs, and modification of the incentive sliding scale cap to reflect a new maximum. On March 7, 2024, the NMPRC approved the RD in its entirety. 2020 Decoupling Petition As discussed above, the legislature amended the EUEA to, among other things, include a decoupling mechanism for disincentives. On May 28, 2020, PNM filed a petition for approval of a rate adjustment mechanism that would decouple the rates of its residential and small power rate classes. Decoupling is a rate design principle that severs the link between the recovery of fixed costs of the utility through volumetric charges. On July 13, 2020, NEE, ABCWUA, the City of Albuquerque, and Bernalillo County filed motions to dismiss the petition on the grounds that approving PNM’s proposed rate adjustment mechanism outside of a general rate case would result in retroactive ratemaking and piecemeal ratemaking. The motions to dismiss also alleged that PNM’s proposed rate adjustment mechanism is inconsistent with the EUEA. On October 2, 2020, PNM requested an order to vacate the public hearing, scheduled to begin October 13, 2020, and staying the proceeding until the NMPRC decides whether to entertain a petition to issue a declaratory order resolving the issues raised in the motions to dismiss. On October 7, 2020, the hearing examiner approved PNM’s request to stay the proceeding and vacate the public hearing and required PNM to file a petition for declaratory order by October 30, 2020. On October 30, 2020, PNM filed a petition for declaratory order asking the NMPRC to issue an order finding that full revenue decoupling is authorized by the EUEA. On November 4, 2020, ABCWUA and Bernalillo County jointly filed a competing petition asking the NMPRC to issue a declaratory order on the EUEA’s requirements related to disincentives. On March 17, 2021, the NMPRC issued an order granting the petitions for declaratory order, commencing a declaratory order proceeding to address the petitions and appointing a hearing examiner to preside over the declaratory order proceeding. On January 14, 2022, the hearing examiner issued a RD recommending the NMPRC find that the EUEA does not mandate the NMPRC to authorize or approve a full decoupling mechanism, defining full decoupling as limited to energy efficiency and load management measures and programs. The RD also states that a utility may request approval of a rate adjustment mechanism to remove regulatory disincentives to energy efficiency and load management measures and programs through a stand-alone petition, as part of the utility’s triennial energy efficiency application or a general rate case and that PNM is not otherwise precluded from petitioning for a rate adjustment mechanism prior to its next general rate case. Finally, the RD stated that the EUEA does not permit the NMPRC to reduce a utility’s ROE based on approval of a disincentive removal mechanism founded on removing regulatory disincentives to energy efficiency and load management measures and programs. The RD does not specifically prohibit a downward adjustment to a utility’s capital structure, based on approval of a disincentive removal mechanism. On April 27, 2022, the NMPRC issued an order adopting the RD in its entirety. On May 24, 2022, PNM filed a notice of appeal with the NM Supreme Court. The NM Supreme Court held oral arguments on November 13, 2023. On May 13, 2024, the NM Supreme Court issued a decision finding that the EUEA allows a utility to propose full decoupling mechanisms. The NM Supreme Court did not address the second issue regarding a downward adjustment to a utility’s capital structure based on approval of disincentive removal mechanism. No declaratory order was issued by the NMPRC. This matter is now concluded. Integrated Resource Plans NMPRC rules require that investor-owned utilities file an IRP every three years. The IRP is required to cover a 20-year planning period and contain an action plan covering the first three years of that period. On September 14, 2022, the NMPRC adopted revisions to the IRP Rule. The new rule revamps and modernizes the planning process to accommodate increased stakeholder involvement. The IRP Rule establishes a collaborative facilitated process for a utility and stakeholders to agree on a statement of need for potential new or additional resources, as well as an action plan to guide procurement or development of resources to meet the stated need. A most-cost-effective portfolio of resources shall be derived from the statement of need analysis. The statement of need and action plan must be accepted before the utility begins the resource solicitation process pursuant to the IRP Rule. Following acceptance of the statement of need and action plan, a utility will provide the NMPRC and intervenors drafts of the RFP and a timeline for issuing, receiving, evaluating, and ranking bids. The NMPRC will then appoint an Independent Monitor (“IM”) to oversee the RFP process, which allows for parties and the IM to comment on the RFP consistency with the IRP, after which the utility issues the RFP. Within 120 days of receiving bids the utility shall provide the IM with results including pricing and non-price evaluation criteria, ranking of bids, chosen portfolio and alternatives that also meet the needs; the IM then rules on the fairness of the RFP execution. Acceptance of the statement of need and action plan will not constitute a finding of prudency or pre-approval of costs associated with the additional resources. Following the RFP and IM processes, the utility may apply for approvals, and any costs incurred to implement the action plan will be considered in a general rate case and/or resource acquisition proceeding. On October 14, 2022, PNM and other investor-owned utilities filed motions for rehearing with the NMPRC. On October 26, 2022, the NMPRC issued an order partially granting and partially denying certain aspects of PNM’s and the other investor-owned utilities’ motions for rehearing. On November 2, 2022, the NMPRC adopted an amended IRP Rule. On December 2, 2022, PNM filed an appeal with the NM Supreme Court. Two other investor-owned utilities also separately filed appeals at the NM Supreme Court. On January 3, 2023, PNM and the two other investor-owned utilities filed statements of issues with the NM Supreme Court. Among other things, the investor-owned utilities question whether the IRP Rule exceeds the NMPRC authority by imposing unauthorized requirements on utilities and extending NMPRC jurisdiction through over-broad interpretation of the statutes and state that the IRP Rule is contrary to law in its provisions for NMPRC regulation of a utility’s resource procurement decision-making. On June 5, 2023, PNM and the other two investor-owned utilities filed their Joint Brief in Chief and request for oral arguments at the NM Supreme Court. The NM Supreme Court held oral arguments on May 13, 2024. On December 6, 2024, the NM Supreme Court issued a decision finding that the amended regulations do not exceed the statutory scope of the EUEA. 2023 IRP On December 15, 2023, PNM filed its 2023 IRP with a continued focus on a carbon-free energy system by 2040. The plan highlights the need for the significant sustained addition of resources over the next two decades, replacing retiring or expiring capacity, meeting concurrent load growth, while reducing the carbon intensity of PNM’s portfolio. On April 4, 2024, the NMPRC accepted PNM’s 2023 IRP. On December 30, 2024, PNM issued its 2029-2032 RFP for at least 900 MW of new energy resources to come online between 2029 and 2032, with at least 500 MW needed by 2030. The RFP is consistent with the needs identified in PNM’s 2023 IRP, which identified a range of 900 to 2,900 MW of new capacity needed by 2032, depending on the type of resources selected. The 2029-2032 RFP is anticipated to identify potential replacement resources for PNM’s current natural gas generation capacity as well as PNM’s ownership interest in Four Corners. Abandonment Applications made under the ETA As discussed in Note 16, the ETA provides for a transition from fossil-fueled generating resources to renewable and carbon-free resources by allowing utilities to issue energy transition bonds related to the retirement of certain coal-fired generating facilities, to qualified investors. SJGS Abandonment Application In 2019, PNM filed a Consolidated Application for the Abandonment and Replacement of SJGS and Related Securitized Financing Pursuant to the ETA. In 2023, PNM, along with intervening parties reached a unanimous settlement which was approved by the NMPRC. As a result, PNM recorded a $128.7 million reduction to electric operating revenues in the Consolidated Statement of Earnings and a corresponding current regulatory liability on the Consolidated Balance Sheets as of and for the year ended December 31, 2023. In addition, PNM recorded a regulatory disallowance of $3.3 million on the Consolidated Statement of Earnings and a corresponding decrease to deferred regulatory assets on the Consolidated Balance Sheets as of and for the year ended December 31, 2023, to reflect PNM’s agreement to withdraw its request for regulatory assets associated with prefunding of ETA state administered funds and legal costs associated with this matter. Four Corners Abandonment Application In 2020, PNM entered into the Four Corners Purchase and Sale Agreement with NTEC, pursuant to which PNM agreed to sell its 13% ownership interest (other than certain transmission assets) in Four Corners to NTEC, contingent upon NMPRC approval. In connection with the sale, PNM would make payments of $75.0 million to NTEC for relief from its obligations under the coal supply agreement for Four Corners after December 31, 2024. PNM made an initial payment to NTEC of $15.0 million in November 2020, subject to refund with interest upon termination of the Four Corners Purchase and Sale Agreement prior to closing. Under the terms of the Four Corners Purchase and Sale Agreement, upon receipt of the NMPRC approval, PNM was expected to make a final payment of $60.0 million. On January 8, 2021, PNM filed the Four Corners Abandonment Application, which sought NMPRC approval to exit PNM’s share of Four Corners as of December 31, 2024, and issuance of approximately $300 million of Securitized Bonds as provided by the ETA. On December 15, 2021, the NMPRC issued a final order denying approval of the Four Corners Abandonment Application and the corresponding request for issuance of securitized financing. On December 22, 2021, PNM filed a Notice of Appeal with the NM Supreme Court of the NMPRC decision to deny the application and on July 6, 2023, the NM Supreme Court affirmed the NMPRC decision concluding that the NMPRC reasonably and lawfully denied PNM’s application for abandonment. As a result of the NM Supreme Court's decision to uphold the NMPRC's denial, the Consolidated Statements of Earnings for the year ended December 31, 2023 reflect a regulatory disallowance of $3.7 million. On April 23, 2024, PNM filed an interim notice informing the NMPRC that PNM’s updated analysis indicates it is in the interest of customers for PNM to remain as a participant in Four Corners until the expiration of the current coal supply agreement in 2031. In August 2024, PNM and NTEC terminated the Four Corners Purchase and Sale Agreement and executed an agreement for the reimbursement of PNM’s initial $15.0 million payment with interest, which was paid in 2024. 2026 Resource Application On October 25, 2023, PNM filed an application with the NMPRC seeking approval of resources to be available for the 2026 summer peak. The application included a request for approval of a 100 MW solar PPA and three ESAs of 100 MW, 100 MW, and 50 MW. In addition, PNM was seeking approval of a CCN for a 60 MW battery to be owned by PNM. The resources were deemed necessary for PNM to safely and reliably meet its projected system load. A hearing was held on March 20 and 21, 2024. On May 3, 2024, the hearing examiner in the case issued a RD approving PNM’s requested resources. On May 30, 2024, the NMPRC approved the RD in its entirety. On July 9, 2024, a group of New Mexico legislators filed a petition with the NM Supreme Court requesting the court grant their motion for rehearing, which was denied on September 3, 2024. This matter is now concluded. 2028 Resource Application On November 22, 2024, PNM filed an application with the NMPRC seeking approval of ESAs, a PPA, and a CCN for system resources in 2028 to be available to meet summer 2028 customer needs. PNM is requesting approval of: • Two 150 MW ESAs • A 167 MW PPA for the Valencia power plant through 2039 • A CCN for a 100 MW solar facility and a 30 MW battery to be PNM-owned and located in San Juan County. The request provides the opportunity to increase the 30 MW battery by an additional 20 MW A hearing will be held beginning April 2, 2025, if needed. Grid Modernization Plan On October 3, 2022, in compliance with New Mexico Grid Modernization Statute, PNM filed its Grid Modernization Application with the NMPRC. The projects included in the Grid Modernization Application improve customers’ ability to customize their use of energy and ensure that customers, including low-income customers, are a top priority and will benefit consistent with the Grid Modernization Statute. PNM’s proposal to modernize its electricity grid through infrastructure and technology improvements also increases the efficiency, reliability, resilience, and security of PNM’s electric system. PNM’s application seeks approval of grid modernization investments of approximately $344 million for the first six years of a broader 11-year strategy. The proposed Grid Modernization Rider would recover capital costs, operating expenses, and taxes associated with the investments included in the Grid Modernization Application. PNM also requested authorization to create related regulatory assets and liabilities, permitting PNM to record costs incurred for the development and implementation of PNM’s plan between the requested approval of the application on July 1, 2023, and the implementation of the Grid Modernization Rider by September 1, 2023; undepreciated investments associated with legacy meters being replaced with AMI meters; and over- or under-collection of costs through the Grid Modernization Rider. In addition, PNM requested approval of the proposed format of an Opt-Out Consent Form and proposed opt-out fees, which includes a one-time fee and a monthly fee. Following a hearing and subsequent briefs, on May 31, 2023, the NMPRC issued an order requiring the hearing examiner to direct PNM to file a cost benefit analysis as a supplement to the application. On November 22, 2023, PNM filed the required cost benefit analysis supporting PNM’s proposed Grid Modernization plan. A hearing was held in April 2024 and post-hearing briefs and response briefs were filed in June 2024. On August 16, 2024, the hearing examiner in the case issued a RD. The RD largely approved PNM’s application with minor modifications, including limiting to a return of its undepreciated costs of legacy meters and conditioned approval upon PNM accelerating the deployment schedule following a final order. On October 17, 2024, the NMPRC issued a final order adopting the RD but removed the accelerated deployment schedule. The Community Solar Act In 2021, the Community Solar Act established a program that allows for the development of community solar facilities and provides customers of a qualifying utility with the option of subscribing to community solar facilities, and in exchange would receive a bill credit from their utility, while the utility received energy from the community solar facility. The NMPRC was charged with administering the Community Solar Act program, establishing a total maximum capacity of 200 MW community solar facilities and allocating proportionally to the New Mexico electric investor-owned utilities and participating cooperatives, of which PNM was allocated 125 MW. On October 3, 2024, the NMPRC issued an order raising the total maximum capacity of community solar facilities by 300 MW, of which PNM was allocated 185 MW. In 2022, PNM filed its initial Community Solar tariff and subsequently filed an updated Community Solar tariff under protest and filed a motion for clarification, suspension, and timely hearing on PNM’s Community Solar tariff. In 2023, the NMPRC suspended PNM’s Community Solar tariff and issued an order opening a new docket for two-phase proceedings. The first phase addressed issues concerning the proposed subscriber organization agreements and the proposed customer data forms. The second phase addressed all issues concerning proposed tariffs, agreements and forms that were not addressed in the first phase. In 2023, the NMPRC issued an order approving an uncontested stipulation on the first phase and PNM’s advice notice conforming to the stipulation became effective. A hearing for the second phase was held from January 17 through January 19, 2024. On August 30, 2024, the hearing examiner issued a RD, that recommended rejecting PNM’s proposed community solar rider and required PNM to refile the rider, approval of an accounting order to track certain costs in a regulatory asset and included recommendations for various issues to be handled in a future rulemaking. On November 26, 2024, the NMPRC issued an order rejecting substantially all tariffs, agreements and forms, requiring PNM to file new proposed tariffs, in addition to adopting a majority of other components proposed in the RD. PNM filed revised tariffs on February 21, 2025. PNM cannot predict the outcome of the pending matters. FERC Compliance PNM conducted a comprehensive internal review of its filings with FERC regarding the potential timely filing of certain agreements that contained deviations from PNM’s standard form of service agreement in its OATT and assessing any applicable FERC waivers or refund requirements. Upon completion of the comprehensive review, PNM identified service agreements containing provisions that do not conform to the standard form of agreement on file with FERC. On March 18 and March 21, 2022, PNM filed applications with FERC requesting acceptance of certain agreements as well as rejection of other service agreements and further requesting that FERC not assess time-value refunds on the accepted agreements. On May 17, 2022, FERC issued two delegated letter orders accepting the service agreements and requiring PNM to pay the time-value refunds on the revenues it received on unaffiliated, late-filed, service agreements which contained language alleged to be non-conforming. On November 21, 2022, FERC issued an order on rehearing that required PNM to pay its customers approximately $8.1 million in time-value refunds. On November 28, 2022, PNM filed an unopposed motion for voluntary dismissal with the United States Court of Appeals for the District of Columbia of its petitions for review, which was granted on December 22, 2022. In the fourth quarter of 2022, PNM made payments totaling $8.1 million to customers which were recorded as a reduction to electric operating revenues on the Consolidated Statements of Earnings. This matter is now concluded. FERC Order 864 In November 2019, FERC issued Order No. 864, which required public utility transmission providers with transmission formula rates to revise those rates to account for changes resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). PNM had already made revisions to its formula rate to account for Tax Act changes, and, as a result of the Order, PNM proposed additional changes to its formula rate to implement the remaining requirements of the Order. In July 2022, FERC issued an order finding that PNM had predominantly complied with the requirements but set aside certain matters for settlement and hearing procedures. On November 22, 2023, PNM, on behalf of the settling parties, filed a settlement agreement with FERC resolving all issues. As a result of the settlement agreement, PNM recorded a decrease of $3.2 million to electric operating revenues and an increase to interest charges of $0.3 million on the Consolidated Statement of Earnings and an increase to other current liabilities of $3.5 million on the Consolidated Balance Sheets as of and for the year ended December 31, 2023. This matter is now concluded. Transportation and Electrification Program (TEP) On June 1, 2023, PNM filed its 2024-2026 TEP with the NMPRC, requesting approval of a $37.1 million total three-year budget and continuation of the current TEP Rider. Approximately 22% of the budget, $8.0 million, will be dedicated to low-income customers. On

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Federal Income Tax Reform In 2017, comprehensive changes in U.S. federal income taxes were enacted through legislation commonly known as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made many significant modifications to the tax laws, including reducing the federal corporate income tax rate from 35% to 21% effective January 1, 2018. The Tax Act also eliminated federal bonus depreciation for utilities, limited interest deductibility for non-utility businesses and limited the deductibility of officer compensation. During 2020, the IRS issued final regulations related to certain officer compensation and, in January 2021, issued final regulations on interest deductibility that provide a 10% “de minimis” exception that allows entities with predominantly regulated activities to fully deduct interest expenses. As a result of the change in the federal income tax rate, the Company re-measured and adjusted its deferred tax assets and liabilities as of December 31, 2017. The portion of that adjustment not related to PNM’s and TNMP’s regulated activities was recorded as a reduction in net deferred tax assets and an increase in income tax expense. The portion related to PNM’s and TNMP’s regulated activities was recorded as a reduction in net deferred tax liabilities and an increase in regulatory liabilities. Beginning February 2018, PNM’s NM 2016 Rate Case reflected the reduction in the federal and state corporate income tax rates, including amortization of excess deferred federal and state income taxes. In accordance with the order in that case and amortization requirements of the tax laws, PNM is returning the protected portion of excess deferred federal income taxes to customers over the average remaining life of plant in service as of December 31, 2017. The remaining balance of the unprotected portion of excess deferred federal income taxes, which was being returned to customers over a period of approximately twenty-three years, will be returned over a five-year period when new rates go into effect from the 2024 Rate Change. Excess deferred state income taxes were returned to customers over a three-year period, which concluded in the first quarter of 2021. The approved settlement in the TNMP 2018 Rate Case includes a reduction in customer rates to reflect the impacts of the Tax Act beginning on January 1, 2019. TXNM, PNM, and TNMP amortized federal excess deferred income taxes of $23.4 million, $20.8 million, and $2.6 million in 2024. TXNM TXNM’s income taxes (benefits) consist of the following components: Year Ended December 31, 2024 2023 2022 (In thousands) Current federal income tax $ — $ — $ — Current state income tax (benefit) (1,984) (2,841) 1,597 Deferred federal income tax (benefit) 13,042 (11,503) 18,413 Deferred state income tax (benefit) 10,630 (825) 7,302 Amortization of accumulated investment tax credits (170) (1,181) (1,182) Total income taxes (benefits) $ 21,518 $ (16,350) $ 26,130 TXNM’s provision for income taxes (benefits) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2024 2023 2022 (In thousands) Federal income tax at statutory rates $ 58,850 $ 19,011 $ 44,375 Amortization of accumulated investment tax credits (170) (1,181) (1,182) Amortization of excess deferred income tax (23,362) (22,859) (23,599) Flow-through of depreciation items 1,003 1,281 2,795 (Earnings) attributable to non-controlling interest in Valencia (3,368) (3,892) (3,176) State income tax (benefit), net of federal (benefit) 6,284 (2,239) 6,826 Allowance for equity funds used during construction (3,756) (3,145) (2,898) Allocation of tax (benefit) related to stock compensation awards (17) (261) 91 Non-deductible compensation 1,332 1,659 1,125 Non-deductible merger related costs — (1,959) 74 Sale of NMRD (15,822) — — R&D credit (1,500) (2,050) (1,320) Other 2,044 (715) 3,019 Total income taxes (benefits) $ 21,518 $ (16,350) $ 26,130 Effective tax rate 7.68 % (18.06) % 12.37 % The components of TXNM’s net accumulated deferred income tax liability were: December 31, 2024 2023 (In thousands) Deferred tax assets: Net operating loss $ 31,592 $ 16,833 Regulatory liabilities related to income taxes 82,702 90,461 Federal tax credit carryforwards 126,770 124,510 Regulatory disallowances 42,330 42,330 Regulatory liability SJGS retirement credits 40 28,797 Other 52,955 35,492 Total deferred tax assets 336,389 338,423 Deferred tax liabilities: Depreciation and plant related (794,203) (738,078) Investment tax credit (81,068) (95,046) Regulatory assets related to income taxes (84,053) (80,643) Pension (41,383) (41,141) Regulatory asset for shutdown of SJGS Units 2 and 3 (20,860) (22,454) Regulatory asset SJGS energy transition property (85,365) (86,521) Regulatory asset PVNGS investment (21,044) (20,503) PVNGS trusts (48,421) (41,767) Other (59,384) (57,550) Total deferred tax liabilities (1,235,781) (1,183,703) Net accumulated deferred income tax liabilities $ (899,392) $ (845,280) The following table reconciles the change in TXNM’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2024 (In thousands) Net change in deferred income tax liability per above table $ 54,112 Change in tax effects of income tax related regulatory assets and liabilities (11,629) Amortization of excess deferred income tax (23,362) Tax effect of mark-to-market adjustments 4,802 Tax effect of excess pension liability (421) Adjustment for uncertain income tax positions (135) Reclassification of unrecognized tax benefits 135 Other — Deferred income tax (benefit) $ 23,502 PNM PNM’s income taxes (benefits) consist of the following components: Year Ended December 31, 2024 2023 2022 (In thousands) Current federal income tax (benefit) $ (7,005) $ 9,518 $ (13,533) Current state income tax (benefit) (5,681) (4,304) 3,244 Deferred federal income tax (benefit) 28,183 (22,951) 25,298 Deferred state income tax 13,890 1,150 4,361 Amortization of accumulated investment tax credits (170) (171) (172) Total income taxes (benefits) $ 29,217 $ (16,758) $ 19,198 PNM’s provision for income taxes (benefits) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2024 2023 2022 (In thousands) Federal income tax at statutory rates $ 49,868 $ 7,972 $ 29,026 Amortization of accumulated investment tax credits (170) (171) (172) Amortization of excess deferred income tax (20,750) (14,252) (14,421) Flow-through of depreciation items 796 1,114 2,641 (Earnings) attributable to non-controlling interest in Valencia (3,368) (3,892) (3,176) State income tax (benefit), net of federal (benefit) 6,594 (2,216) 5,694 Allowance for equity funds used during construction (2,739) (2,065) (1,958) Allocation of tax (benefit) related to stock compensation awards (10) (185) 65 Non-deductible compensation 822 1,015 701 Non-deductible merger costs — (33) 10 R&D credit (1,450) (2,000) (1,300) Other (376) (2,045) 2,088 Total income taxes (benefits) $ 29,217 $ (16,758) $ 19,198 Effective tax rate 12.30 % (44.15) % 13.89 % The components of PNM’s net accumulated deferred income tax liability were: December 31, 2024 2023 (In thousands) Deferred tax assets: Net operating loss $ — $ — Regulatory liabilities related to income taxes 64,481 71,546 Federal tax credit carryforwards 93,481 80,586 Regulatory disallowance 42,330 42,330 Regulatory liability SJGS retirement credits 40 28,797 Other 35,650 35,993 Total deferred tax assets 235,982 259,252 Deferred tax liabilities: Depreciation and plant related (582,089) (545,815) Investment tax credit (81,068) (73,844) Regulatory assets related to income taxes (75,464) (71,742) Pension (36,678) (36,483) Regulatory asset for shutdown of SJGS Units 2 and 3 (20,860) (22,454) Regulatory asset SJGS energy transition property (85,365) (86,521) Regulatory asset PVNGS investment (21,044) (20,503) PVNGS Trusts (48,421) (41,767) Other (41,211) (44,160) Total deferred tax liabilities (992,200) (943,289) Net accumulated deferred income tax liabilities $ (756,218) $ (684,037) The following table reconciles the change in PNM’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2024 (In thousands) Net change in deferred income tax liability per above table $ 72,181 Change in tax effects of income tax related regulatory assets and liabilities (11,246) Amortization of excess deferred income tax (20,750) Tax effect of mark-to-market adjustments 3,554 Tax effect of excess pension liability (421) Adjustment for uncertain income tax positions (161) Reclassification of unrecognized tax benefits (1,254) Deferred income tax (benefit) $ 41,903 TNMP TNMP’s income taxes consist of the following components: Year Ended December 31, 2024 2023 2022 (In thousands) Current federal income tax $ (2,549) $ 11,354 $ 17,055 Current state income tax 3,300 3,055 2,662 Deferred federal income tax (benefit) 26,363 2,917 (4,527) Deferred state income tax (benefit) — (29) (29) Total income taxes $ 27,114 $ 17,297 $ 15,161 TNMP’s provision for income taxes differed from the federal income tax computed at the statutory rate for each of the periods shown. The differences are attributable to the following factors: Year Ended December 31, 2024 2023 2022 (In thousands) Federal income tax at statutory rates $ 27,435 $ 23,569 $ 22,560 Amortization of excess deferred income tax (2,612) (8,607) (9,177) State income tax, net of federal (benefit) 2,606 2,414 2,103 Allocation of tax (benefit) related to stock compensation awards (4) (77) 26 Non-deductible compensation 509 642 422 Transaction costs — 3 1 Other (820) (647) (774) Total income taxes $ 27,114 $ 17,297 $ 15,161 Effective tax rate 20.75 % 15.41 % 14.11 % The components of TNMP’s net accumulated deferred income tax liability were: December 31, 2024 2023 (In thousands) Deferred tax assets: Regulatory liabilities related to income taxes $ 18,221 $ 18,915 Other 4,522 5,534 Total deferred tax assets 22,743 24,449 Deferred tax liabilities: Depreciation and plant related (200,709) (179,483) Regulatory assets related to income taxes (8,589) (8,901) Loss on reacquired debt (4,981) (5,254) Pension (4,706) (4,659) AMS (2,709) (2,613) Other (9,156) (2,287) Total deferred tax liabilities (230,850) (203,197) Net accumulated deferred income tax liabilities $ (208,107) $ (178,748) The following table reconciles the change in TNMP’s net accumulated deferred income tax liability to the deferred income tax included in the Consolidated Statement of Earnings: Year Ended December 31, 2024 (In thousands) Net change in deferred income tax liability per above table $ 29,359 Change in tax effects of income tax related regulatory assets and liabilities (383) Amortization of excess deferred income tax (2,612) Other (1) Deferred income tax $ 26,363 Other Disclosures The Company is required to recognize only the impact of tax positions that, based on their technical merits, are more likely than not to be sustained upon an audit by the taxing authority. A reconciliation of unrecognized tax benefits is as follows: TXNM PNM TNMP (In thousands) Balance at December 31, 2021 $ 13,714 $ 10,771 $ 141 Additions based on tax positions related to 2021 1,444 1,437 7 Additions (reductions) for tax positions of prior years (4) (7) 3 Balance at December 31, 2022 15,154 12,201 151 Additions based on tax positions related to 2022 (277) (294) 17 Additions (reductions) for tax positions of prior years 259 239 20 Balance at December 31, 2023 15,136 12,146 188 Additions (reductions) based on tax positions related to 2023 19 2 17 Additions for tax positions of prior years (154) (163) 9 Balance at December 31, 2024 $ 15,001 $ 11,985 $ 214 Included in the balance of unrecognized tax benefits at December 31, 2024 are $14.9 million, $11.9 million, and $0.2 million that, if recognized, would affect the effective tax rate for TXNM, PNM, and TNMP. The Company does not anticipate that any unrecognized tax expenses or unrecognized tax benefits will be reduced or settled in 2025. TXNM, PNM, and TNMP had no estimated interest income or expense related to income taxes for the years ended December 31, 2024, 2023, and 2022. There was no accumulated accrued interest receivable or payable related to income taxes as of December 31, 2024 and 2023. The Company files a federal consolidated and several consolidated and separate state income tax returns. The tax years prior to 2021 are closed to examination by either federal or state taxing authorities other than Arizona. The tax years prior to 2020 are closed to examination by Arizona taxing authorities. Other tax years are open to examination by federal and state taxing authorities and net operating loss carryforwards are open to examination for the years in which the carryforwards are utilized. At December 31, 2024, the Company has $186.2 million of federal net operating loss carryforwards that expire beginning in 2036 and $129.0 million of federal tax credit carryforwards that expire beginning in 2025. State net operating losses expire beginning in 2037 and vary from federal due to differences between state and federal tax law. In 2008, fifty percent bonus tax depreciation was enacted as a temporary two-year stimulus measure as part of the Economic Stimulus Act of 2008. Bonus tax depreciation in various forms has been extended since that time, including by the Protecting Americans from Tax Hikes Act of 2015. The 2015 act extended and phased-out bonus tax depreciation through 2019. As discussed above, the Tax Act eliminated bonus depreciation for utilities effective September 28, 2017. However, in 2020 the IRS issued regulations interpreting Tax Act amendments to depreciation provisions of the IRC which allowed the Company to claim a bonus depreciation deduction on certain construction projects placed in service after the third quarter of 2017. As a result of the net operating loss carryforwards for income tax purposes created by bonus depreciation, certain tax carryforwards were not expected to be utilized before their expiration. In addition, as a result of Tax Act changes to the deductibility of officer compensation, certain deferred tax benefits related to compensation are not expected to be realized. The Company has impaired the deferred tax assets for tax carryforwards which are not expected to be utilized and for compensation that is not expected to be deductible. The Company earns investment tax credits for construction or purchase of eligible property. The Company uses the deferral method of accounting for these investment tax credits. Impairments of tax attributes after reflecting the expiration of carryforwards under applicable tax laws, net of federal tax benefit, for 2022 through 2024 are as follows: TXNM PNM TNMP (In thousands) December 31, 2024: Federal tax credit carryforwards $ 131 $ — $ — Compensation expense $ (516) $ (335) $ (179) December 31, 2023: Federal tax credit carryforwards $ 839 $ (427) $ — Compensation expense $ 387 $ 246 $ 140 December 31, 2022: Federal tax credit carryforwards $ 187 $ 427 $ — Compensation expense $ 199 $ 140 $ 59 The tax effect of compensation that is not expected to be deductible and impairments of unexpired tax credits are reflected as a valuation allowance against deferred tax assets. The reserve balances, after reflecting expiration of carryforwards under applicable tax laws, at December 31, 2024 and 2023 are as follows: TXNM PNM TNMP (In thousands) December 31, 2024: Federal tax credit carryforwards $ 2,186 $ — $ — Compensation expense $ 596 $ 394 $ 202 December 31, 2023: Federal tax credit carryforwards $ 2,055 $ — $ — Compensation expense $ 1,112 $ 729 $ 381

Goodwill

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The excess purchase price over the fair value of the assets acquired and the liabilities assumed by TXNM for its 2005 acquisition of TNP was recorded as goodwill and was pushed down to the businesses acquired. In 2007, the TNMP assets that were included in its New Mexico operations, including goodwill, were transferred to PNM. TXNM’s reporting units that currently have goodwill are PNM and TNMP. The Company evaluates its goodwill for impairment annually at the reporting unit level or more frequently if circumstances indicate that the goodwill may be impaired. Application of the impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, and determination of the fair value of each reporting unit. In certain circumstances an entity may perform a qualitative analysis to conclude that the goodwill of a reporting unit is not impaired. Under a qualitative assessment an entity considers macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events affecting a reporting unit, as well as whether a sustained decrease (both absolute and relative to its peers) in share price has occurred. An entity considers the extent to which each of the adverse events and circumstances identified could affect the comparison of a reporting unit’s fair value with its carrying amount. An entity places more weight on the events and circumstances that most affect a reporting unit’s fair value or the carrying amount of its net assets. An entity also considers positive and mitigating events and circumstances that may affect its determination of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity evaluates, on the basis of the weight of evidence, the significance of all identified events and circumstances in the context of determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative analysis is not required if, after assessing events and circumstances, an entity determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. In other circumstances, an entity may perform a quantitative analysis to reach the conclusion regarding impairment with respect to a reporting unit. An entity may choose to perform a quantitative analysis without performing a qualitative analysis and may perform a qualitative analysis for certain reporting units, but a quantitative analysis for others. The first step of the quantitative impairment test requires an entity to compare the fair value of the reporting unit with its carrying value, including goodwill. If as a result of this analysis, the entity concludes there is an indication of impairment in a reporting unit having goodwill, the entity is required to perform the second step of the impairment analysis, determining the amount of goodwill impairment to be recorded. The amount is calculated by comparing the implied fair value of the goodwill to its carrying amount. This exercise would require the entity to allocate the fair value determined in step one to the individual assets and liabilities of the reporting unit. Any remaining fair value would be the implied fair value of goodwill on the testing date. To the extent the recorded amount of goodwill of a reporting unit exceeds the implied fair value determined in step two, an impairment loss would be reflected in results of operations. TXNM periodically updates its quantitative analysis for both PNM and TNMP. The use of a quantitative approach in a given period is not necessarily an indication that a potential impairment has been identified under a qualitative approach. When TXNM performs a quantitative analysis for PNM or TNMP, a discounted cash flow methodology is primarily used to estimate the fair value of the reporting unit. This analysis requires significant judgments, including estimations of future cash flows, which is dependent on internal forecasts, estimations of long-term growth rates for the business, and determination of appropriate weighted average cost of capital for the reporting unit. Changes in these estimates and assumptions could materially affect the determination of fair value and the conclusion of impairment. When TXNM performs a qualitative or quantitative analysis for PNM or TNMP, TXNM considers market and macroeconomic factors including changes in growth rates, changes in the WACC, and changes in discount rates. TXNM also evaluates its stock price relative to historical performance, industry peers, and to major market indices, including an evaluation of TXNM’s market capitalization relative to the carrying value of its reporting units. For its annual evaluations performed as of April 1, 2022, TXNM performed a qualitative analysis for both the PNM and TNMP reporting units. In addition to the typical considerations discussed above, the qualitative analysis considered changes in the Company’s expectations of future financial performance since the April 1, 2018 quantitative analysis and the previous qualitative analyses through April 1, 2021 performed for PNM, as well as the April 1, 2020 quantitative analysis and the previous qualitative analyses performed for TNMP. This analysis considered Company specific events such as the Merger, potential impacts of legal and regulatory matters discussed in Notes 16 and 17, including potential outcomes in PNM’s 2024 Rate Change, PNM’s San Juan Abandonment Application, PNM’s Four Corners Abandonment Application, PNM’s PVNGS Leased Interest Abandonment Application and other potential impacts of changes in PNM’s resource needs based on PNM’s 2020 IRP. Based on an evaluation of these and other factors, the Company determined it was not more likely than not that the April 1, 2022 carrying values of PNM and TNMP exceeded their fair value. For its annual evaluations performed as of April 1, 2023, TXNM performed a qualitative analysis for both the PNM and TNMP reporting units. In addition to the typical considerations discussed above, the qualitative analysis considered changes in the Company’s expectations of future financial performance since the April 1, 2018 quantitative analysis and the previous qualitative analyses through April 1, 2022 performed for PNM, as well as the April 1, 2021 quantitative analysis and the previous qualitative analyses performed for TNMP. This analysis considered Company specific events such as the Merger, potential impacts of legal and regulatory matters discussed in Notes 16 and 17, including potential outcomes in PNM’s 2024 Rate Change, PNM’s San Juan Abandonment Application, PNM’s Four Corners Abandonment Application, PNM’s PVNGS Leased Interest Abandonment Application and other potential impacts of changes in PNM’s resource needs based on PNM’s 2020 IRP. Based on an evaluation of these and other factors, the Company determined it was not more likely than not that the April 1, 2023 carrying values of PNM and TNMP exceeded their fair value. For its annual evaluations performed as of April 1, 2024, TXNM performed a quantitative analysis for the PNM reporting unit and a qualitative analysis for the TNMP reporting unit. The quantitative analysis, discussed above, indicated that the fair value of the PNM reporting unit, which has goodwill of $51.6 million, exceeded its carrying value by approximately 54%. The qualitative analysis, in addition to the typical considerations discussed above, considered changes in the Company’s expectations of future financial performance since the April 1, 2020 quantitative analysis and the previous qualitative analyses through April 1, 2023 performed for TNMP. This analysis considered events specific to TNMP such as the potential impacts of legal and regulatory matters discussed in Note 16 and Note 17. Based on an evaluation of these and other factors, the Company determined it was not more likely than not that the April 1, 2024 carrying values of PNM and TNMP exceeded their fair value. Since the April 1, 2024 annual evaluation, there have been no events or indications that the fair values of the reporting units with recorded goodwill have decreased below their carrying values.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions TXNM, PNM, TNMP, and NMRD are considered related parties, as is PNMR Services Company, a wholly-owned subsidiary of TXNM that provides corporate services to TXNM and its subsidiaries in accordance with shared services agreements. These services are billed at cost on a monthly basis to the business units. In addition, PNM purchases renewable energy from certain NMRD-owned facilities at a fixed price per MWh of energy produced. On February 27, 2024, PNMR Development and AEP OnSite Partners sold their respective interests in NMRD, and the table below reflects transactions with NMRD prior to the sale. TXNM files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between TXNM and each of its affiliated companies. These agreements provide that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to TXNM. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from TXNM to the extent that TXNM is able to utilize those benefits. See Note 7 for information on intercompany borrowing arrangements. The table below summarizes the nature and amount of related party transactions of TXNM, PNM and TNMP: Year Ended December 31, 2024 2023 2022 (In thousands) Services billings: TXNM to PNM $ 132,209 $ 124,321 $ 115,415 TXNM to TNMP 53,166 47,470 42,293 PNM to TNMP 440 349 411 TNMP to TXNM 114 141 141 TNMP to PNM 497 — — TXNM to NMRD 66 333 308 Renewable energy purchases: PNM from NMRD 1,523 12,717 11,795 Interest billings: TXNM to PNM 142 23 13 PNM to TXNM 612 582 249 TXNM to TNMP 210 129 166 Income tax sharing payments: TXNM to PNM 2,351 5,338 — PNM to TXNM — — 11,602 TNMP to TXNM 10,312 15,749 8,341

Equity Method Investment

Equity Method Investment	12 Months Ended
Equity Method Investment	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment In September 2017, PNMR Development and AEP OnSite Partners created NMRD to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. PNMR Development and AEP OnSite Partners each had a 50% ownership interest in NMRD. On December 22, 2023, PNMR Development and AEP Onsite reached agreement with Exus New Mexico, LLC, a subsidiary of Exus North America Holdings, LLC, for the sale of NMRD and its subsidiaries, pursuant to a Membership Interest Purchase Agreement, dated December 22, 2023 (“MIPA”). Closing occurred on February 27, 2024, with PNMR Development receiving net proceeds of $117.0 million and recognized an after-tax gain of $4.4 million, which includes the recognition of deferred investment tax credits of $15.7 million. TXNM accounted for its investment in NMRD using the equity method of accounting because TXNM’s ownership interest results in significant influence, but not control, over NMRD and its operations. TXNM recorded as income its percentage share of earnings or loss of NMRD and carried its investment at cost, adjusted for its share of undistributed earnings or losses. During 2024, 2023 and 2022 PNMR Development and AEP OnSite Partners each made cash contributions of $12.6 million, $26.3 million and zero to NMRD. TXNM presented its share of net earnings from NMRD in other income on the Consolidated Statements of Earnings. Summarized financial information for NMRD is as follows: December 31, 2024 2023 2022 (In thousands) Operating revenues $ 3,204 $ 13,629 $ 12,505 Operating expenses 3,378 8,228 9,591 Net earnings $ (174) $ 5,401 $ 2,914 Financial Position December 31, 2024 2023 (In thousands) Current assets $ — $ 2,589 Net property, plant, and equipment — 235,791 Non-current assets — 1,849 Total assets — 240,229 Current liabilities — 730 Non-current liabilities — 358 Owners’ equity $ — $ 239,141

Schedule I - Condensed Financia

Schedule I - Condensed Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule I - Condensed Financial Information of Parent Company	SCHEDULE I TXNM ENERGY, INC. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF EARNINGS Year ended December 31, 2024 2023 2022 (In thousands) Operating Revenues $ — $ — $ — Operating Expenses 9,406 4,972 6,199 Operating (loss) (9,406) (4,972) (6,199) Other Income and Deductions: Equity in earnings of subsidiaries 299,867 133,628 197,860 Other income 1,427 2,245 663 Net other income and (deductions) 301,294 135,873 198,523 Interest Charges 64,916 58,934 30,430 Earnings Before Income Taxes 226,972 71,967 161,894 Income Tax (Benefit) (15,182) (15,851) (7,636) Net Earnings $ 242,154 $ 87,818 $ 169,530 SCHEDULE I TXNM ENERGY, INC. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF CASH FLOWS Year Ended December 31, 2024 2023 2022 (In thousands) Cash Flows From Operating Activities: Net Cash Flows From Operating Activities $ (36,927) $ (31,368) $ (10,261) Cash Flows From Investing Activities: Additions to non-utility plant 839 1,138 1,136 Investments in subsidiaries (112,000) (85,500) (70,200) Cash dividends from subsidiaries 153,000 — 153,500 Net cash flows from investing activities 41,839 (84,362) 84,436 Cash Flows From Financing Activities: Short-term borrowings (repayments) -affiliate, net 21,100 (5,300) (700) Revolving credit facility borrowings 822,000 837,000 640,400 Revolving credit facility repayments (797,400) (777,100) (685,900) Long-term borrowings 550,000 500,000 100,000 Repayment of long-term debt (539,000) (500,000) — Issuance of common stock 98,601 198,177 — Awards of common stock (8,460) (9,646) (7,980) Dividends paid (139,811) (126,177) (119,311) Other, net (11,945) (1,221) (686) Net cash flows from financing activities (4,915) 115,733 (74,177) Change in Cash and Cash Equivalents (3) 3 (2) Cash and Cash Equivalents at Beginning of Period 64 61 63 Cash and Cash Equivalents at End of Period $ 61 $ 64 $ 61 Supplemental Cash Flow Disclosures: Interest paid, net of amounts capitalized $ 71,917 $ 47,122 $ 29,904 Income taxes paid (refunded), net $ (1,707) $ 350 $ (2,500) SCHEDULE I TXNM ENERGY, INC. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS December 31, 2024 2023 (In thousands) Assets Cash and cash equivalents $ 61 $ 64 Intercompany receivables — 55,575 Derivative instruments — 7,172 Income taxes receivable 15,326 8,266 Other current assets 15 133 Total current assets 15,402 71,210 Property, plant and equipment, net of accumulated depreciation of $19,650 and $18,810 19,536 20,374 Investment in subsidiaries 3,625,611 3,345,400 Other long-term assets 48,312 44,628 Total long-term assets 3,693,459 3,410,402 $ 3,708,861 $ 3,481,612 Liabilities and Stockholders’ Equity Short-term debt 93,900 69,300 Short-term debt-affiliate 30,319 9,219 Current installments of long-term debt 50,967 — Intercompany payables 1,999 — Accrued interest and taxes 6,428 14,650 Dividends declared 36,757 34,953 Other current liabilities 571 184 Total current liabilities 220,941 128,306 Long-term debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs 948,731 999,151 Other long-term liabilities 2,803 5,062 Total liabilities 1,172,475 1,132,519 Common stock (no par value; 200,000,000 and $120,000,000 shares authorized; issued and outstanding 92,659,335 and 90,200,384 shares) 1,724,444 1,624,823 Accumulated other comprehensive income (loss), net of income taxes (75,708) (62,840) Retained earnings 887,650 787,110 Total common stockholders’ equity 2,536,386 2,349,093 $ 3,708,861 $ 3,481,612 See Notes 7, 8, 11, and 16 for information regarding commitments, contingencies, and maturities of long-term debt.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
Schedule II - Valuation and Qualifying Accounts	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II TXNM ENERGY, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description Balance at Charged to Charged to Write-offs and other Balance at (In thousands) Allowance for credit losses, year ended December 31: 2022 $ 7,265 $ 3,758 $ — $ 6,098 $ 4,925 2023 $ 4,925 $ 3,585 $ — $ 5,122 $ 3,388 2024 $ 3,388 $ 4,184 $ — $ 6,174 $ 1,398 SCHEDULE II PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES A WHOLLY-OWNED SUBSIDIARY OF TXNM ENERGY, INC. VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description Balance at Charged to Charged to Write-offs and other Balance at (In thousands) Allowance for credit losses, year ended December 31: 2022 $ 7,265 $ 3,758 $ — $ 6,098 $ 4,925 2023 $ 4,925 $ 3,549 $ — $ 5,086 $ 3,388 2024 $ 3,388 $ 4,184 $ — $ 6,174 $ 1,398 SCHEDULE II TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES A WHOLLY-OWNED SUBSIDIARY OF TXNM ENERGY, INC. VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description Balance at Charged to Charged to Write-offs and other Balance at (In thousands) Allowance for credit losses, year ended December 31: 2022 $ — $ — $ — $ — $ — 2023 $ — $ 36 $ — $ 36 $ — 2024 $ — $ — $ — $ — $ —

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy Process for identifying, assessing, and managing cybersecurity risks From an overall enterprise risk management perspective, the Company views cybersecurity as a “tier 1” risk and considers it one of its top priorities. The Company’s cybersecurity program (the “Cybersecurity Program”) includes processes to identify, assess, and manage material risks from cybersecurity threats. The Cybersecurity Program utilizes a risk-based approach and includes written cybersecurity and information technology policies and procedures, including a cybersecurity incident response plan. The Company’s Cybersecurity Program is led by its Vice President and Chief Information Officer (“CIO”), who oversees the management and development of all business technology and cyber and physical security for the Company and its subsidiaries. The CIO is also responsible for federal reliability standards compliance, critical infrastructure protection and crisis management resilience. The Cybersecurity Program is a robust, enterprise-wide, risk-based security program that adheres to the guidelines of the National Institute of Science and Technology (“NIST”) Cybersecurity Framework for Protecting Critical Infrastructure to define material risks and establish controls designed to protect, detect, respond to, and recover from cybersecurity incidents. To protect the most critical systems, the Company also complies with the NERC Critical Infrastructure Protection Standards. The Company regularly assesses control results through third party audits, penetration tests and internal assessments to continuously improve cyber protections and data privacy controls. The Company partners with government and industry peers in several cybersecurity programs to share information and provide mutual assistance in the event of a cyber-attack. Supply chain risk of third-party suppliers is also assessed as part of the procurement process and incorporates cybersecurity contractual stipulations in its supplier contracts. The Company remains focused on increasing cybersecurity awareness and is continuously evaluating and implementing effective, up-to-date technologies and processes to enhance its cybersecurity capabilities. The Company engages in the periodic assessment and testing of the Company’s policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing, and other exercises focused on evaluating the effectiveness of the Company’s cybersecurity measures and planning. The Company regularly engages third parties to perform assessments on the Company’s cybersecurity measures, including information security maturity assessments, audits and independent reviews of the Company’s information security control environment and operating effectiveness. The results of such assessments, audits, and reviews are reported to the Audit and Ethics Committee and the Board, and the Company adjusts its cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits, and reviews. Risks from cybersecurity threats The information set forth under Item 1A, “Risk Factors” — “ TXNM, PNM, and TNMP are subject to information security breaches and risks of unauthorized access to their information and operational technology systems as well as physical threats to assets. ” on page A-14 of this Annual Report on Form 10-K is hereby incorporated by reference. As of December 31, 2024, our financial condition, results of operations or business strategy have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	From an overall enterprise risk management perspective, the Company views cybersecurity as a “tier 1” risk and considers it one of its top priorities. The Company’s cybersecurity program (the “Cybersecurity Program”) includes processes to identify, assess, and manage material risks from cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity risk oversight remains a priority for the Board who is responsible for oversight of the Company’s information security program, including compliance and risk management and the review of cybersecurity risks. The Board has adopted a Cyber Risk Policy which is overseen by the Audit and Ethics Committee. The Audit and Ethics Committee’s oversight of cyber risk management assists in the Board’s assessment of the adequacy of resources, funding, and focus within the Company with respect to cyber risk. Specifically, the Audit and Ethics Committee assists the Board in its oversight responsibilities regarding the company-wide security risk management practices, including overseeing the practices, procedures, and controls that management uses to identify, assess, respond to, remediate, and mitigate risks related to cybersecurity. The Audit and Ethics Committee provides oversight of management’s efforts to identify and mitigate cyber risk. Specifically, senior leadership, including the CIO, regularly briefs the Audit and Ethics Committee and the Board on Company’s cybersecurity posture. In executing its risk oversight duties, the Audit and Ethics Committee and the Board can and does access internal and external expertise regarding the Company’s challenges and opportunities related to cybersecurity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s management is responsible for managing cybersecurity risk and bringing to the Audit and Ethics Committee and Board’s attention the most significant cybersecurity risks facing the Company. The CIO oversees the Company’s Cybersecurity Program and reports to the Company’s President and Chief Operating Officer.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CIO oversees the Company’s Cybersecurity Program and reports to the Company’s President and Chief Operating Officer.
Cybersecurity Risk Role of Management [Text Block]	The Company’s management is responsible for managing cybersecurity risk and bringing to the Audit and Ethics Committee and Board’s attention the most significant cybersecurity risks facing the Company. The CIO oversees the Company’s Cybersecurity Program and reports to the Company’s President and Chief Operating Officer. The CIO leads the development, implementation, and enforcement of security policies and data breach resiliency plans, as well as works with internal and external cybersecurity and IT teams to monitor and maintain the security of the Company’s IT infrastructure. The CIO is supported by a team of enterprise information, system security, and risk professionals. The CIO receives reports on cybersecurity threats on an ongoing basis and regularly reviews risk management measures implemented by the Company to identify and mitigate data security and cybersecurity risks. The CIO updates senior management on these matters and works closely with the General Counsel to oversee compliance with legal, regulatory, and contractual security requirements. The CIO has significant information technology and program management experience and has served many years in the Company’s information security organization. The CIO is a Certified Project Management Professional and Change Management Registered Practitioner. In addition, the CIO has a B.B.A. in business computer systems and an MBA.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CIO is supported by a team of enterprise information, system security, and risk professionals. The CIO receives reports on cybersecurity threats on an ongoing basis and regularly reviews risk management measures implemented by the Company to identify and mitigate data security and cybersecurity risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CIO has significant information technology and program management experience and has served many years in the Company’s information security organization. The CIO is a Certified Project Management Professional and Change Management Registered Practitioner. In addition, the CIO has a B.B.A. in business computer systems and an MBA.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company’s management is responsible for managing cybersecurity risk and bringing to the Audit and Ethics Committee and Board’s attention the most significant cybersecurity risks facing the Company. The CIO oversees the Company’s Cybersecurity Program and reports to the Company’s President and Chief Operating Officer. The CIO leads the development, implementation, and enforcement of security policies and data breach resiliency plans, as well as works with internal and external cybersecurity and IT teams to monitor and maintain the security of the Company’s IT infrastructure. The CIO is supported by a team of enterprise information, system security, and risk professionals. The CIO receives reports on cybersecurity threats on an ongoing basis and regularly reviews risk management measures implemented by the Company to identify and mitigate data security and cybersecurity risks. The CIO updates senior management on these matters and works closely with the General Counsel to oversee compliance with legal, regulatory, and contractual security requirements.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of the Business and S_2

Summary of the Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Financial Statement Preparation and Presentation	Financial Statement Preparation and Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could ultimately differ from those estimated. On August 2, 2024, PNM Resources, Inc. (“PNMR”) amended its Articles of Incorporation to change its name to TXNM Energy, Inc. (“TXNM”) and increased the number of authorized shares of the Company’s common stock from 120,000,000 to 200,000,000. The Notes to Consolidated Financial Statements include disclosures for TXNM, PNM, and TNMP. This report uses the term “Company” when discussing matters of common applicability to TXNM, PNM, and TNMP. Discussions regarding only TXNM, PNM, or TNMP are so indicated. Certain amounts in the 2023 and 2022 Consolidated Financial Statements and Notes thereto have been reclassified to conform to the 2024 financial statement presentation. GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude, and timing, certain subsequent events may be required to be reflected at the balance sheet date and/or required to be disclosed in the financial statements. The Company has evaluated subsequent events accordingly.
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements of each of TXNM, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia and ETBC I (Note 10). PNM owns undivided interests in jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants.
Accounting for the Effects of Certain Types of Regulation	Accounting for the Effects of Certain Types of Regulation The Company maintains its accounting records in accordance with the uniform system of accounts prescribed by FERC and adopted by the NMPRC and PUCT. Certain of the Company’s operations are regulated by the NMPRC, PUCT, and FERC and the provisions of GAAP for rate-regulated enterprises are applied to the regulated operations. Regulators may assign costs to accounting periods that differ from accounting methods applied by non-regulated utilities. When it is probable that regulators will permit recovery of costs through future rates, costs are deferred as regulatory assets that otherwise would be expensed. Likewise, regulatory liabilities are recognized when it is probable that regulators will require refunds through future rates or when revenue is collected for expenditures that have not yet been incurred. GAAP also provides for the recognition of revenue and regulatory assets and liabilities associated with “alternative revenue programs” authorized by regulators. Such programs allow the utility to adjust future rates in response to past activities or completed events, if certain criteria are met. Regulatory assets and liabilities are amortized into earnings over the authorized recovery period. Accordingly, the Company has deferred certain costs and recorded certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. Information on regulatory assets and regulatory liabilities is contained in Note 13. In some circumstances, regulators allow a requested increase in rates to be implemented, subject to refund, before the regulatory process has been completed and a decision rendered by the regulator. When this occurs, the Company assesses the possible outcomes of the rate proceeding. The Company records a provision for refund to the extent the amounts being collected, subject to refund, exceed the amount the Company determines is probable of ultimately being allowed by the regulator.
Cash and Restricted Cash	Cash and Restricted Cash Investments in highly liquid investments with original maturities of three months or less at the date of purchase are considered cash and cash equivalents. Cash deposits received and held for a period of time that are restricted to a specific purpose, under the terms of their effective agreements, are considered restricted cash. PNM and TXNM have restricted cash balances related to the ETBC I Securitized Bonds. Restricted cash amounts are included in Other current assets and Other deferred charges on the Consolidated Balance Sheets as of December 31, 2024 and 2023. See Note 10. At December 31, 2024 and 2023 there was no restricted cash for TNMP. At December 31, 2022 there was no restricted cash for TXNM, PNM, and TNMP.
Cash and Restricted Cash	Cash and Restricted Cash Investments in highly liquid investments with original maturities of three months or less at the date of purchase are considered cash and cash equivalents. Cash deposits received and held for a period of time that are restricted to a specific purpose, under the terms of their effective agreements, are considered restricted cash. PNM and TXNM have restricted cash balances related to the ETBC I Securitized Bonds. Restricted cash amounts are included in Other current assets and Other deferred charges on the Consolidated Balance Sheets as of December 31, 2024 and 2023. See Note 10. At December 31, 2024 and 2023 there was no restricted cash for TNMP. At December 31, 2022 there was no restricted cash for TXNM, PNM, and TNMP.
Utility Plant	Utility Plant Utility plant is stated at original cost and includes capitalized payroll-related costs such as taxes, pension, other fringe benefits, administrative costs, and AFUDC, where authorized by rate regulation, or capitalized interest. Repairs, including major maintenance activities, and minor replacements of property are expensed when incurred, except as required by regulators for ratemaking purposes. Major replacements are charged to utility plant. Gains, losses, and costs to remove resulting from retirements or other dispositions of regulated property in the normal course of business are credited or charged to accumulated depreciation. PNM and TNMP may receive reimbursements, referred to as CIAC, from customers to pay for all or part of certain construction projects to the extent the project does not benefit regulated customers in general. PNM and TNMP account for these reimbursements as offsets to utility plant additions based on the requirements of the NMPRC, FERC, and PUCT. Due to the PUCT’s regulatory treatment of CIAC reimbursements, TNMP also receives a financing component that is recognized as Other income on the Consolidated Statements of Earnings. Under the NMPRC regulatory treatment, PNM typically does not receive a financing component.
Depreciation and Amortization	Depreciation and Amortization
Allowance for Funds Used During Construction	Allowance for Funds Used During Construction As provided by the FERC uniform systems of accounts, AFUDC is charged to regulated utility plant for construction projects. This allowance is designed to enable a utility to capitalize financing costs during periods of construction of property subject to rate regulation. It represents the cost of borrowed funds (allowance for borrowed funds used during construction or “debt AFUDC”) and a return on other funds (allowance for equity funds used during construction or “equity AFUDC”). The debt AFUDC is recorded in interest charges and the equity AFUDC is recorded in other income on the Consolidated Statements of Earnings.
Materials, Supplies, and Fuel Stock	Materials, Supplies, and Fuel Stock
Investments	Investments PNM holds investment securities in the NDT for the purpose of funding its share of the decommissioning costs of PVNGS, a trust for PNM’s share of decommissioning costs at SJGS, and trusts for PNM’s share of final reclamation costs related to the coal mines that served SJGS and continue to serve Four Corners (Note 16). Investments (both equity and available-for-sale debt securities) are measured at fair value on a quarterly basis with changes in fair value for equity securities recognized in earnings for that period. Since third party investment managers have sole discretion over the purchase and sale of the securities (under general guidelines and targets provided by management), PNM records an impairment, as a realized loss, for any available-for-sale debt security that has a fair value which is less than cost at the end of each quarter. For the years ended December 31, 2024, 2023 and 2022, PNM recorded impairment losses on the available-for-sale debt securities of $17.8 million, $(19.1) million and $25.8 million. No gains or losses are deferred as regulatory assets or liabilities. See Notes 3 and 9. All investments are held in PNM’s name and are in the custody of major financial institutions. The specific identification method is used to determine the cost of securities disposed of, with realized gains and losses reflected in other income and deductions. As discussed above, PNM immediately records an impairment loss for any available-for-sale debt security that has a fair value that is less than its carrying value. As a result, the Company has no available-for-sale debt securities for which carrying value exceeds fair value and there are no impairments considered to be “other than temporary” that are included in AOCI and not recognized in earnings. All gains and losses resulting from sales and changes in the fair value of equity securities are recognized immediately in earnings.
Equity Method Investment	Equity Method Investment
Goodwill	Goodwill
Asset Impairment	Asset Impairment Tangible long-lived assets and right-of-use assets associated with leases are evaluated in relation to the estimated future undiscounted cash flows to assess recoverability when events and circumstances indicate that the assets might be impaired.
Amortization of Debt Acquisition Costs	Amortization of Debt Acquisition Costs Discount, premium, and expense related to the issuance of long-term debt are amortized over the lives of the respective issues. Gains and losses incurred upon the early retirement of long-term debt are recognized in other income or other deductions, except for amounts recoverable through NMPRC, FERC, or PUCT regulation, which are recorded as regulatory assets or liabilities and amortized over the lives of the respective issues. Unamortized premium, discount, and expense related to long-term debt are reflected as part of the related liability on the Consolidated Balance Sheets.
Derivatives	Derivatives The Company records derivative instruments, including energy contracts, on the balance sheet as either an asset or liability measured at their fair value. Changes in the derivatives’ fair value are recognized in earnings unless specific hedge accounting criteria are met. PNM also records certain commodity derivative transactions recoverable through NMPRC regulation as regulatory assets or liabilities. See Note 9. Accounting for Derivatives Under derivative accounting and related rules for energy contracts, PNM accounts for its various instruments for the purchase and sale of energy, which meet the definition of a derivative, based on PNM’s intent. During the years ended December 31, 2024, 2023, and 2022, PNM was not hedging its exposure to the variability in future cash flows from commodity derivatives through designated cash flow hedges. The derivative contracts recorded at fair value that do not qualify or are not designated for cash flow hedge accounting are classified as economic hedges. Economic hedges are defined as derivative instruments, including long-term power agreements, used to economically hedge generation assets, purchased power and fuel costs, and customer load requirements. Changes in the fair value of economic hedges are reflected in results of operations and are classified between operating revenues and cost of energy according to the intent of the hedge. PNM also uses such instruments under an NMPRC approved hedging plan to manage fuel and purchased power costs related to customers covered by its FPPAC. Changes in the fair value of instruments covered by its FPPAC are recorded as regulatory assets and liabilities. PNM has no trading transactions.
Decommissioning and Reclamation Costs	Decommissioning and Reclamation Costs PNM is only required to recognize and measure decommissioning liabilities for tangible long-lived assets for which a legal obligation exists. Nuclear decommissioning costs and related accruals are based on periodic site-specific estimates of the costs for removing all radioactive and other structures at PVNGS and are dependent upon numerous assumptions, including estimates of future decommissioning costs at current price levels, inflation rates, and discount rates. PNM’s accruals for PVNGS Units 1, 2, and 3, including portions previously held under leases, have been made based on such estimates, the guidelines of the NRC, and the PVNGS license periods. PNM records its share of the SJGS decommissioning obligation as an ARO on its Consolidated Balance Sheets. Studies on the decommissioning costs of SJGS are performed periodically and revisions to the ARO liability are recorded. See Note 16.
Environmental Costs	Environmental Costs The normal operations of the Company involve activities and substances that expose the Company to potential liabilities under laws and regulations protecting the environment. Liabilities under these laws and regulations can be material and may be imposed without regard to fault, or may be imposed for past acts, even though the past acts may have been lawful at the time they occurred.
Income Taxes	Income Taxes Income taxes are recognized using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax basis. All deferred taxes are reflected as non-current on the Consolidated Balance Sheets. Current NMPRC, FERC, and PUCT approved rates include the tax effects of the majority of these differences. Rate-regulated enterprises are required to record deferred income taxes for temporary differences accorded flow-through treatment at the direction of a regulatory commission. The resulting deferred tax assets and liabilities are recorded based on the expected cash flow to be reflected in future rates. Because the NMPRC, FERC, and the PUCT have consistently permitted the recovery of tax effects previously flowed-through earnings, the Company has established regulatory assets and liabilities offsetting such deferred tax assets and liabilities. The Company recognizes only the impact of tax positions that, based on their merits, are more likely than not to be sustained upon an IRS audit. The Company defers investment tax credits and amortizes them over the estimated useful lives of the assets. See Note 18 for additional information, including a discussion of the impacts of the Tax Act. The Company makes an estimate of its anticipated effective tax rate for the year as of the end of each quarterly period within its fiscal year. In interim periods, income tax expense is calculated by applying the anticipated annual effective tax rate to year-to-date earnings before taxes. Certain unusual or infrequently occurring items, as well as adjustments due to enactment of new tax laws, have been excluded from the estimated annual effective tax rate calculation.
New Accounting Pronouncements	New Accounting Pronouncements Information concerning recently issued accounting pronouncements that have not yet been adopted by the Company is presented below. The Company does not expect difficulty in adopting these standards by their required effective dates. Accounting Standards Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 enhancing the transparency and decision usefulness of income tax disclosures. Disclosure requirements of this update include (on an annual basis) the disclosure of specific categories in the rate reconciliation and the inclusion of additional information for reconciling items that meet a quantitative threshold (if the effect of the reconciling item is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income by the applicable statutory rate). The amendment also requires the disclosure (on an annual basis) of information about income taxes paid (net of refunds) including, the disaggregation by federal, state, and foreign taxes as well as by individual jurisdiction. Additional requirements include the disclosure of income (loss) from continuing operations before income tax expense (benefit) disaggregated between foreign and domestic as well as income tax expense (benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for the Company beginning January 1, 2025 with early adoption being permitted. ASU 2023-09 is to be applied on a prospective basis with retrospective application permitted. Accounting Standards Update 2024-03 - Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03 that will require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses at each interim and annual period. Disclosures should include amounts for purchases of inventory, employee compensation, depreciation and, intangible asset amortization; certain amounts that are already required to be disclosed under GAAP in the same disclosure as other disaggregation requirements; qualitative descriptions of the amounts remaining in relevant expense categories that are not disaggregated; the total amount of selling expenses including the entity’s definition of selling expenses. In January 2025, ASU 2025-01 was issued to clarify that the amendments of ASU 2024-03 are effective for public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027.
Segment Information	TXNM has three reportable segments including PNM, TNMP, and Corporate and other. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The measure of profitability used by the CODM is Segment earnings (loss) attributable to TXNM, as presented below. The CODM uses this measure of profitability to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget to actual variances on a regular basis when making decisions about allocating capital and operational expense funding to the segments. TXNM’s CODM is its President and COO who is also the CEO of the PNM and TNMP segments. PNM PNM includes the retail electric utility operations of PNM that are subject to traditional rate regulation by the NMPRC. PNM provides integrated electricity services that include the generation, transmission, and distribution of electricity for retail electric customers in New Mexico. PNM also includes the generation and sale of electricity into the wholesale market, which includes the asset optimization of PNM’s jurisdictional capacity as well as providing transmission services to third parties. FERC has jurisdiction over wholesale power and transmission rates. PNM includes the results of ETBC I upon its formation in 2023. TNMP TNMP is an electric utility providing services in Texas under the TECA. TNMP’s operations are subject to traditional rate regulation by the PUCT. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service area. TNMP also provides transmission services at regulated rates to other utilities that interconnect with TNMP’s facilities. Corporate and Other The Corporate and Other segment includes TXNM holding company activities, primarily related to corporate level debt and PNMR Services Company. The activities of PNMR Development and the equity method investment in NMRD are also included in Corporate and Other until the close of the sale of NMRD on February 27, 2024 (Note 21). Eliminations of intercompany transactions are reflected in the Corporate and Other segment.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses
Revenue Recognition	Revenue Recognition Retail electric operating revenues are recorded in the period of energy delivery, which includes estimated amounts for service rendered but unbilled at the end of each accounting period. The determination of the energy sales billed to individual retail customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading and the corresponding unbilled revenue are estimated. Unbilled electric revenue is estimated based on daily generation volumes, estimated customer usage by class, line losses, historical trends and experience, applicable customer rates or by using AMS data where available. Amounts billed are generally due within the next month. The Company does not incur incremental costs to obtain contracts for its energy services. PNM’s wholesale electricity sales are recorded as electric operating revenues and wholesale electricity purchases are recorded as costs of energy sold. Derivative contracts that are subject to unplanned netting are recorded net in earnings. A “book-out” is the planned or unplanned netting of off-setting purchase and sale transactions. A book-out is a transmission mechanism to reduce congestion on the transmission system or administrative burden. For accounting purposes, a book-out is the recording of net revenues upon the settlement of a derivative contract. Unrealized gains and losses on derivative contracts that are not designated for hedge accounting are classified as economic hedges. Economic hedges are defined as derivative instruments, including long-term power and fuel supply agreements, used to hedge generation assets and purchased power costs. Changes in the fair value of economic hedges are reflected in results of operations, with changes related to economic hedges on sales included in operating revenues and changes related to economic hedges on purchases included in cost of energy sold. See Note 9. The Company has collaborative arrangements related to its interest in SJGS, Four Corners, PVNGS, and Luna. The Company has determined that during the years ended December 31, 2024, 2023, and 2022 none of the joint owners in its collaborative arrangements were customers under Topic 606. The Company will continue to evaluate transactions between collaborative arrangement participants in future periods under the revenue recognition standard. PNM and TNMP recognize revenue as they satisfy performance obligations, which typically occurs as the customer or end-user consumes the electric service provided. Electric services are typically for a bundle of services that are distinct and transferred to the end-user in one performance obligation measured by KWh or KW. Electric operating revenues are recorded in the period of energy delivery, including estimated unbilled amounts. The Company has elected to exclude all sales and similar taxes from revenue. Revenue from contracts with customers is recorded based upon the total authorized tariff or market price at the time electric service is rendered, including amounts billed under arrangements qualifying as an Alternative Revenue Program (“ARP”). ARP arrangements are agreements between PNM or TNMP and its regulator that allow PNM or TNMP to adjust future rates in response to past activities or completed events, if certain criteria are met. ARP revenues are required to be reported separately from contracts with customers. ARP revenues in a given period include the recognition of “originating” ARP revenues (i.e. when the regulator-specific conditions are met) in the period, offset by the reversal of ARP revenues currently approved for recovery by the governing bodies. Sources of Revenue Additional information about the nature of revenues is provided below. Additional information about matters affecting PNM’s and TNMP’s regulated revenues is provided in Note 17. Revenue from Contracts with Customers PNM NMPRC Regulated Retail Electric Service – PNM provides electric generation, transmission, and distribution service to its rate-regulated customers in New Mexico. PNM’s retail electric service territory covers a large area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. Customer rates for retail electric service are set by the NMPRC and revenue is recognized as energy is delivered to the customer. PNM invoices customers on a monthly basis for electric service and generally collects billed amounts within one month. Transmission Service to Third Parties – PNM owns transmission lines that are interconnected with other utilities in New Mexico, Texas, Arizona, Colorado, and Utah. Transmission customers receive service for the transmission of energy owned by the customer utilizing PNM’s transmission facilities. Customers generally receive transmission services, which are regulated by FERC, from PNM through PNM’s Open Access Transmission Tariff (“OATT”) or a specific contract. Customers are billed based on capacity and energy components on a monthly basis. PNM owns the Western Spirit Line and services under related transmission agreements use an incremental rate, approved by FERC, that is separate from the formula rate mechanism. Wholesale Energy Sales – PNM engages in activities to optimize its existing jurisdictional assets and long-term power agreements through spot market, hour-ahead, day-ahead, week-ahead, month-ahead, and other sales of excess generation not required to fulfill retail load and contractual commitments. PNM participates in the EIM (a real-time wholesale energy trading market operated by the CAISO) that enables participating electric utilities to buy and sell energy. The NMPRC granted PNM authority to seek recovery of costs associated with joining the EIM, which have been included in the 2024 Rate Change and to pass the benefits of participating in EIM to customers through the FPPAC. PNM’s participation in EIM has significantly increased Electric operating revenues which are passed on to customers under PNM’s FPPAC with no impact to net earnings. TNMP PUCT Regulated Retail Electric Service – TNMP provides transmission and distribution services in Texas under the provisions of TECA and the Texas Public Utility Regulatory Act. TNMP is subject to traditional cost-of-service regulation with respect to rates and service under the jurisdiction of the PUCT and certain municipalities. TNMP’s transmission and distribution activities are solely within ERCOT and not subject to traditional rate regulation by FERC. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service territory. Revenue is recognized as energy is delivered to the consumer. TNMP invoices REPs on a monthly basis and is generally paid within a month. TCOS – TNMP is a transmission service provider that is allowed to recover its TCOS through a network transmission rate that is approved by the PUCT. TCOS customers are other utilities that receive service for the transmission of energy owned by the customer utilizing TNMP’s transmission facilities. Alternative Revenue Programs The Company defers certain costs and records certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. ARP revenues, which are discussed above, include recovery or refund provisions under PNM’s renewable energy rider and true-ups to PNM’s formula transmission rates; transmission cost recovery factor, and the impacts of the PUCT’s January 25, 2018 order regarding the change in the federal corporate income tax rate; the energy efficiency incentive bonus at both PNM and TNMP; and PNM’s TOD rate pilot program. Regulatory assets and liabilities are recognized for the difference between ARP revenues and amounts currently approved for recovery by the governing bodies. Regulatory assets and liabilities are amortized into earnings as amounts are billed. TNMP’s 2018 Rate Case integrated AMS costs into base rates beginning January 1, 2019. These costs are being amortized into earnings as alternative revenues over a period of five years. Other Electric Operating Revenues Other electric operating revenues consist primarily of PNM’s economic hedges that meet the definition of a derivative and are therefore not considered revenue from contracts with customers. Derivative revenues include gains and losses representing changes in fair value (Note 9) and settlements from sales of electricity under forward sales contracts.
Fair Value of Derivatives	Fair Value Disclosures The Company determines the fair values of its derivative and other financial instruments based on the hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Variable Interest Entities	How an enterprise evaluates and accounts for its involvement with variable interest entities, focuses primarily on whether the enterprise has the power to direct the activities that most significantly impact the economic performance of a variable interest entity (“VIE”). This evaluation requires continual reassessment of the primary beneficiary of a VIE.
Pension and Other Postretirement Benefits	TXNM and its subsidiaries maintain qualified defined benefit pension plans, postretirement benefit plans providing medical and dental benefits, and executive retirement programs (collectively, the “PNM Plans” and “TNMP Plans”). TXNM maintains the legal obligation for the benefits owed to participants under these plans. The periodic costs or income of the PNM Plans and TNMP Plans are included in regulated rates to the extent attributable to regulated operations. PNM and TNMP receive a regulated return on the amounts funded for pension and OPEB plans in excess of the periodic cost or income to the extent included in retail rates (a “prepaid pension asset”). Participants in the PNM Plans include eligible employees and retirees of TXNM and PNM. Participants in the TNMP Plans include eligible employees and retirees of TNMP. The PNM pension plan was frozen at the end of 1997 with regard to new participants, salary levels, and benefits. Through December 31, 2007, additional credited service could be accrued under the PNM pension plan up to a limit determined by age and service. The TNMP pension plan was frozen at December 31, 2005 with regard to new participants, salary levels, and benefits. A plan sponsor is required to (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. Unrecognized prior service costs and unrecognized gains or losses are required to be recorded in AOCI and subsequently amortized. To the extent the amortization of these items will ultimately be recovered or returned through future rates, PNM and TNMP record the costs as a regulatory asset or regulatory liability. The amortization of these incurred costs is included as pension and postretirement benefit periodic cost or income in subsequent years. The Company maintains trust funds for the pension and OPEB plans from which benefits are paid to eligible employees and retirees. The Company’s funding policy is to make contributions to the trusts, as determined by an independent actuary, that comply with minimum guidelines of the Employee Retirement Income Security Act and the IRC. Information concerning the fair value of investments is contained in Note 9. The Company has in place a policy that defines the investment objectives, establishes performance goals of asset managers, and provides procedures for the manner in which investments are to be reviewed. The plans implement investment strategies to achieve the following objectives: • Implement investment strategies commensurate with the risk that the Corporate Investment Committee deems appropriate to meet the obligations of the pension plans and OPEB plans, minimize the volatility of expense, and account for contingencies • Transition asset mix over the long-term to a higher proportion of high-quality fixed income investments as the plans’ funded statuses improve
Commitments and Contingencies	There are various claims and lawsuits pending against the Company. In addition, the Company is subject to federal, state, and local environmental laws and regulations and periodically participates in the investigation and remediation of various sites. In addition, the Company periodically enters into financial commitments in connection with its business operations. Also, the Company is involved in various legal and regulatory proceedings in the normal course of its business. See Note 17. It is not possible at this time for the Company to determine fully the effect of all litigation and other legal and regulatory proceedings on its financial position, results of operations, or cash flows. With respect to some of the items listed below, the Company has determined that a loss is not probable or that, to the extent probable, cannot be reasonably estimated. In some cases, the Company is not able to predict with any degree of certainty the range of possible loss that could be incurred. The Company assesses legal and regulatory matters based on current information and makes judgments concerning their potential outcome, giving due consideration to the nature of the claim, the amount and nature of any damages sought, and the probability of success. Such judgments are made with the understanding that the outcome of any litigation, investigation, or other legal proceeding is inherently uncertain. The Company records liabilities for matters where it is probable a loss has been incurred and the amount of loss is reasonably estimatable. The actual outcomes of the items listed below could ultimately differ from the judgments made and the differences could be material. The Company cannot make any assurances that the amount of reserves or potential insurance coverage will be sufficient to cover the cash obligations that might be incurred as a result of litigation or regulatory proceedings. Except as otherwise disclosed, the Company does not expect that any known lawsuits, environmental costs, or commitments will have a material effect on its financial condition, results of operations, or cash flows.

Summary of the Business and S_3

Summary of the Business and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Average Straight-Line Rates and Depreciation on Electric, Common, Intangible, and General Plant	Average straight-line rates used were as follows: Year ended December 31, 2024 2023 2022 PNM Electric plant 2.87 % 2.67 % 2.55 % Common, intangible, and general plant 14.06 7.64 7.83 TNMP 3.74 3.77 3.72 Depreciation expense on electric, common, intangible, and general plant is as follows: Year ended December 31, 2024 2023 2022 (In thousands) PNM $ 188,035 $ 158,956 $ 163,162 TNMP 124,976 110,675 96,131
Schedule of Inventory	Inventories consisted of the following at December 31: TXNM PNM TNMP 2024 2023 2024 2023 2024 2023 (In thousands) Fuel Oil $ 1,095 $ 896 $ 1,095 $ 896 $ — $ — Materials and supplies 165,766 97,138 141,415 80,676 24,351 16,462 $ 166,861 $ 98,034 $ 142,510 $ 81,572 $ 24,351 $ 16,462

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Segment	The following tables present summarized financial information for TXNM by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. 2024 PNM TNMP Corporate TXNM Consolidated (In thousands) Electric operating revenues $ 1,379,088 $ 592,111 $ — $ 1,971,199 Cost of energy Fuel burn 130,380 — — 130,380 Purchases for resale 286,399 — — 286,399 Transmission by others 18,139 149,066 — 167,205 Significant segment expenses Administrative and general - direct 63,105 (1,452) 151,089 212,742 Administrative and general - corporate allocation 132,209 53,166 (185,375) — Customer related expenses 31,246 2,997 131 34,374 Energy production costs 93,748 — — 93,748 Regulatory disallowances 8,980 — — 8,980 Depreciation and amortization 221,780 125,915 37,230 384,925 Transmission and distribution costs 61,302 37,078 — 98,380 Taxes other than income taxes 49,807 44,441 6,332 100,580 Total operating expenses 1,097,095 411,211 9,407 1,517,713 Net other income and (deductions) 61,494 8,725 (15,399) 54,820 Interest charges (106,018) (58,983) (63,065) (228,066) Income taxes (benefit) 29,217 27,114 (34,813) 21,518 Valencia non-controlling interest (16,040) — — (16,040) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to TXNM $ 191,684 $ 103,528 $ (53,058) $ 242,154 At December 31, 2024: Total Assets $ 7,407,279 $ 3,649,125 $ 155,329 $ 11,211,733 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2023 PNM TNMP Corporate TXNM Consolidated (In thousands) Electric operating revenues $ 1,403,948 $ 535,250 $ — $ 1,939,198 Cost of energy Fuel burn 138,538 — — 138,538 Purchases for resale 499,921 — — 499,921 Transmission by others 25,155 138,647 — 163,802 Significant segment expenses Administrative and general - direct 52,554 2,710 139,010 194,274 Administrative and general - corporate allocation 124,321 47,470 (171,791) — Customer related expenses 29,775 3,783 68 33,626 Energy production costs 91,610 — — 91,610 Regulatory disallowances 70,750 1,173 — 71,923 Depreciation and amortization 177,633 113,142 28,728 319,503 Transmission and distribution costs 61,725 36,996 — 98,721 Taxes other than income taxes 48,790 41,311 5,839 95,940 Total operating expenses 1,320,772 385,232 1,854 1,707,858 Net other income and (deductions) 41,358 8,368 (182) 49,544 Interest charges (86,574) (46,152) (57,629) (190,355) Income taxes (benefit) (16,758) 17,297 (16,889) (16,350) Valencia non-controlling interest (18,533) — — (18,533) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to TXNM $ 35,657 $ 94,937 $ (42,776) $ 87,818 At December 31, 2023: Total Assets $ 6,813,065 $ 3,145,031 $ 294,509 $ 10,252,605 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2022 PNM TNMP Corporate TXNM Consolidated (In thousands) Electric operating revenues $ 1,766,825 $ 482,730 $ — $ 2,249,555 Cost of energy Fuel burn 299,411 — — 299,411 Purchases for resale 541,828 — — 541,828 Trading mark-to-market (456) — — (456) Transmission by others 23,230 123,928 — 147,158 Significant segment expenses Administrative and general - direct 62,505 3,607 130,336 196,448 Administrative and general - corporate allocation 115,416 42,293 (157,709) — Customer related expenses 26,925 3,692 84 30,701 Energy production costs 147,347 — — 147,347 Regulatory disallowances 832 — — 832 Depreciation and amortization 180,812 98,316 25,725 304,853 Transmission and distribution costs 58,278 36,406 — 94,684 Taxes other than income taxes 49,210 38,521 5,258 92,989 Total operating expenses 1,505,338 346,763 3,694 1,855,795 Net other income and (deductions) (62,196) 8,653 (999) (54,542) Interest charges (61,073) (37,192) (29,643) (127,908) Income taxes (benefit) 19,198 15,161 (8,229) 26,130 Valencia non-controlling interest (15,122) — — (15,122) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to TXNM $ 103,370 $ 92,267 $ (26,107) $ 169,530 At December 31, 2022: Total Assets $ 6,272,166 $ 2,746,601 $ 238,610 $ 9,257,377 Goodwill $ 51,632 $ 226,665 $ — $ 278,297
Schedule of Concentration Risk of Major Customers	Two REPs during the years ended December 31, 2024, 2023, and 2022 accounted for more than 10% of the electric operating revenues of TNMP as follows: Year Ended December 31, 2024 2023 2022 REP A 26 % 25 % 27 % REP B 20 19 20

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Rollforward of AOCI	Information regarding AOCI is as follows: Accumulated Other Comprehensive Income (Loss) PNM TXNM Unrealized Gains on Available-for-Sale Securities Pension Total Fair Value Adjustment for Cash Flow Hedges Total (In thousands) Balance at December 31, 2021 $ 11,715 $ (83,651) $ (71,936) $ — $ (71,936) Amounts reclassified from AOCI (pre-tax) (3,827) 7,104 3,277 (1,176) 2,101 Income tax impact of amounts reclassified 972 (1,804) (832) 299 (533) Other OCI changes (pre-tax) (1,928) (4,565) (6,493) 12,285 5,792 Income tax impact of other OCI changes 490 1,159 1,649 (3,121) (1,472) Net after-tax change (4,293) 1,894 (2,399) 8,287 5,888 Balance at December 31, 2022 7,422 (81,757) (74,335) 8,287 (66,048) Amounts reclassified from AOCI (pre-tax) (7,199) 4,776 (2,423) 9,287 6,864 Income tax impact of amounts reclassified 1,828 (1,212) 616 (2,359) (1,743) Other OCI changes (pre-tax) 11,529 1,389 12,918 (15,483) (2,565) Income tax impact of other OCI changes (2,928) (353) (3,281) 3,933 652 Net after-tax change 3,230 4,600 7,830 (4,622) 3,208 Balance at December 31, 2023 10,652 (77,157) (66,505) 3,665 (62,840) Amounts reclassified from AOCI (pre-tax) (13,108) 4,866 (8,242) 10,348 2,106 Income tax impact of amounts reclassified 3,330 (1,236) 2,094 (2,629) (535) Other OCI changes (pre-tax) (885) (3,210) (4,095) (15,260) (19,355) Income tax impact of other OCI changes 225 815 1,040 3,876 4,916 Net after-tax change (10,438) 1,235 (9,203) (3,665) (12,868) Balance at December 31, 2024 $ 214 $ (75,922) $ (75,708) $ — $ (75,708)

Electric Operating Revenues (Ta

Electric Operating Revenues (Tables)	12 Months Ended
Electric Operating Revenues (Tables)	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. The table also reflects ARP revenues and other revenues. PNM TNMP TXNM Consolidated Year Ended December 31, 2024 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 541,581 $ 203,227 $ 744,808 Commercial 460,311 166,858 627,169 Industrial 123,754 35,300 159,054 Public authority 23,161 7,329 30,490 Economy energy service 25,481 — 25,481 Transmission 141,058 157,049 298,107 Wholesale energy sales 64,903 — 64,903 Miscellaneous 5,776 3,813 9,589 Total revenues from contracts with customers 1,386,025 573,576 1,959,601 Alternative revenue programs (9,720) 18,535 8,815 Other electric operating revenues 2,783 — 2,783 Total Electric Operating Revenues $ 1,379,088 $ 592,111 $ 1,971,199 PNM TNMP TXNM Consolidated Year Ended December 31, 2023 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 425,448 $ 190,953 $ 616,401 Commercial 391,964 155,254 547,218 Industrial 90,084 45,508 135,592 Public authority 21,018 6,777 27,795 Economy energy service 34,340 — 34,340 Transmission 159,475 135,831 295,306 Wholesale energy sales 248,801 — 248,801 Miscellaneous 5,676 3,739 9,415 Total revenues from contracts with customers 1,376,806 1 538,062 1,914,868 1 Alternative revenue programs 9,419 (2,812) 6,607 Other electric operating revenues 17,723 — 17,723 Total Electric Operating Revenues $ 1,403,948 $ 535,250 $ 1,939,198 1 Included in revenue from contracts with customers at PNM and TXNM is a $128.7 million reduction associated with the SJGS abandonment settlement and a $38.4 million reduction associated with PVNGS leased capacity as a result of the NMPRC final order in the 2024 Rate Change. PNM TNMP TXNM Consolidated Year Ended December 31, 2022 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 484,699 $ 187,951 $ 672,650 Commercial 422,163 154,059 576,222 Industrial 85,102 36,919 122,021 Public authority 21,330 6,379 27,709 Economy energy service 45,009 — 45,009 Transmission 149,421 113,782 263,203 Wholesale energy sales 534,196 — 534,196 Miscellaneous 5,390 3,817 9,207 Total revenues from contracts with customers 1,747,310 502,907 2,250,217 Alternative revenue programs 692 (20,177) (19,485) Other electric operating revenues 18,823 — 18,823 Total Electric Operating Revenues $ 1,766,825 $ 482,730 $ 2,249,555

Earnings and Dividends Per Sh_2

Earnings and Dividends Per Share (Tables)	12 Months Ended
Earnings and Dividends Per Share (Tables)	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Earnings Per Share and Dividends Per Share	Information regarding the computation of earnings per share and dividends per share is as follows: Year Ended December 31, 2024 2023 2022 (In thousands, except per share amounts) Net Earnings Attributable to TXNM $ 242,154 $ 87,818 $ 169,530 Average Number of Common Shares: Outstanding during year 90,214 86,038 85,835 Vested awards of restricted stock 320 258 287 Average Shares – Basic 90,534 86,296 86,122 Dilutive Effect of Common Stock Equivalents: TXNM ATM Programs 12 38 — Restricted stock 45 35 47 Average Shares – Diluted 90,591 86,369 86,169 Net Earnings Attributable to TXNM Per Share of Common Stock: Basic $ 2.67 $ 1.02 $ 1.97 Diluted $ 2.67 $ 1.02 $ 1.97 Dividends Declared per Common Share $ 1.57 $ 1.49 $ 1.41

Financing (Tables)

Financing (Tables)	12 Months Ended
Financing (Tables)	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Forward Contracts Indexed to Issuer's Equity	Cash proceeds shown below were reduced by $1.0 million in issuance costs resulting in net cash proceeds of $198.2 million. Forward completion Initial forward price Shares Settlement price Settlement amount (in thousands) March 15, 2023 $ 48.49 504,452 $ 49.00 $ 24,720 March 20, 2023 48.30 528,082 48.78 25,758 May 30, 2023 47.56 244,639 47.99 11,741 June 30, 2023 44.87 804,477 45.07 36,257 September 26, 2023 44.03 2,283,860 44.11 100,734 4,365,510 $ 199,210 Forward completion Initial forward price Shares Settlement price Settlement amount (in thousands) May 13, 2024 $ 37.76 262,025 $ 38.01 $ 9,960 August 13, 2024 39.98 113,014 40.21 4,545 August 16, 2024 40.26 261,066 40.48 10,568 August 23, 2024 40.36 284,952 40.56 11,558 August 30, 2024 40.47 311,583 40.64 12,661 September 16, 2024 40.77 1,226,311 40.85 50,093 2,458,951 $ 99,385
Schedule of Interest Rate Hedging Activities of Hedging Agreements	TXNM has entered into hedging agreements that establish a fixed rate for the indicated amount of variable rate debt, above which a customary spread is applied, which is subject to change if there is a change in TXNM’s credit rating. As of December 31, 2023, TXNM’s hedging agreements were as follows: Variable Rate Established Effective Date Maturity Date Debt Hedged Fixed Rate (In millions) (Percent) March 17, 2023 September 30, 2023 $ 150.0 4.57 % October 31, 2022 December 31, 2023 100.0 4.65 October 31, 2022 December 31, 2023 100.0 4.66 September 30, 2022 December 31, 2023 100.0 4.17 September 30, 2022 December 31, 2023 100.0 4.18 May 20, 2022 December 31, 2023 100.0 2.52 May 2, 2022 December 31, 2023 150.0 2.65 May 2, 2022 December 31, 2023 200.0 2.65 January 1, 2024 December 31, 2024 100.0 3.32 January 1, 2024 December 31, 2024 100.0 3.32 January 1, 2024 December 31, 2024 100.0 3.38 January 1, 2024 December 31, 2024 150.0 3.62 January 1, 2024 December 31, 2024 150.0 3.57 January 1, 2025 December 31, 2025 100.0 4.18 January 1, 2025 December 31, 2025 100.0 4.18 January 1, 2025 December 31, 2025 100.0 3.99
Schedule of Short-Term Debt Outstanding	Short-term debt outstanding consists of: December 31, Short-term Debt 2024 2023 (In thousands) PNM: PNM Revolving Credit Facility $ 323,800 $ 107,500 PNM New Mexico Credit Facility 40,000 30,000 363,800 137,500 TNMP Revolving Credit Facility 151,600 55,100 TXNM: TXNM Revolving Credit Facility 93,900 69,300 $ 609,300 $ 261,900
Schedule of Long-Term Debt Outstanding and Unamortized (Premiums), Discounts, and Debt Issuance Costs	Information concerning long-term debt outstanding and unamortized (premiums), discounts, and debt issuance costs is as follows: December 31, 2024 December 31, 2023 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt ETBC I - Senior Secured Energy Transition Bonds Series A-1, 5.64% $ 172,471 $ 1,025 $ 175,000 $ 1,093 Series A-2, 6.03% 168,200 1,014 168,200 1,057 Senior Unsecured Notes, Pollution Control Revenue Bonds: 2.15% due April 2033 146,000 736 146,000 824 3.00% due June 2040, mandatory tender - June 1, 2024 — — 37,000 88 0.875% mandatory tender - October 1, 2026 100,345 257 100,345 403 3.00% due January 2038, mandatory tender - June 1, 2024 — — 36,000 87 1.15% due June 2040, mandatory tender - June 1, 2024 — — 125,000 132 3.90% due June 2040, mandatory tender - June 1, 2028 130,000 796 130,000 1,029 3.875% due June 2040, mandatory tender - June 1, 2029 162,000 1,158 — — 3.875% due January 2038, mandatory tender - June 1, 2029 36,000 258 — — Senior Unsecured Notes: 3.45% due May 2025 104,000 39 104,000 143 3.85% due August 2025 250,000 174 250,000 477 3.68% due May 2028 88,000 209 88,000 271 3.78% due August 2028 15,000 38 15,000 48 3.93% due May 2033 38,000 149 38,000 167 4.22% due May 2038 45,000 212 45,000 228 4.50% due May 2048 20,000 110 20,000 114 4.60% due August 2048 85,000 470 85,000 490 3.21% due April 2030 150,000 852 150,000 1,011 3.57% due April 2039 50,000 398 50,000 426 2.59% due July 2033 80,000 328 80,000 366 December 31, 2024 December 31, 2023 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt (Continued) 3.14% due July 2041 80,000 381 80,000 404 2.29% due December 2031 50,000 205 50,000 235 2.97% due December 2041 100,000 499 100,000 528 5.51% due April 2035 150,000 779 150,000 854 5.92% due April 2053 50,000 280 50,000 290 PNM 2024 $200.0 Million Term Loan due November 2025 200,000 57 — — 2,470,016 10,424 2,272,545 10,765 Less current maturities 560,907 270 200,529 307 1,909,109 10,154 2,072,016 10,458 TNMP Debt First Mortgage Bonds: 6.95% due April 2043 93,198 (13,056) 93,198 (13,771) 4.03% due July 2024 — — 80,000 53 3.53% due February 2026 60,000 91 60,000 174 3.22% due August 2027 60,000 152 60,000 209 3.85% due June 2028 60,000 219 60,000 281 3.79% due March 2034 75,000 347 75,000 385 3.92% due March 2039 75,000 401 75,000 429 4.06% due March 2044 75,000 433 75,000 456 3.60% due July 2029 80,000 270 80,000 330 2.73% due April 2030 85,000 445 85,000 530 3.36% due April 2050 25,000 210 25,000 218 2.93% due July 2035 25,000 175 25,000 191 3.36% due July 2050 50,000 424 50,000 441 2.44% due August 2035 65,000 382 65,000 418 4.13% due May 2052 65,000 409 65,000 424 3.81% due July 2032 95,000 505 95,000 572 5.01% due April 2033 130,000 610 130,000 682 5.47% due July 2053 55,000 286 55,000 296 5.26% due March 2029 32,000 189 — — 5.55% due March 2036 85,000 538 — — 5.65% due July 2039 40,000 256 — — 5.79% due July 2054 128,000 833 — — 1,458,198 (5,881) 1,253,198 (7,682) Less current maturities — — 80,000 53 1,458,198 (5,881) 1,173,198 (7,735) TXNM Debt TXNM 2021 Delayed-Draw Term Loan due May 2025 51,000 34 500,000 114 TXNM 2023 Term Loan due June 2026 410,000 441 500,000 735 5.75% TXNM Junior Subordinated Convertible Notes due June 2054 550,000 10,828 — — 1,011,000 11,303 1,000,000 849 Less current maturities 51,000 34 — — 960,000 11,269 1,000,000 849 Total Consolidated TXNM Debt 4,939,214 15,846 4,525,743 3,932 Less current maturities 611,907 304 280,529 360 $ 4,327,307 $ 15,542 $ 4,245,214 $ 3,572
Schedule of Long-Term Debt Maturities	Reflecting mandatory tender dates, long-term debt maturities as of December 31, 2024, are follows: TXNM PNM TNMP TXNM Consolidated (In thousands) 2025 $ 51,000 $ 560,907 $ — $ 611,907 2026 410,000 107,648 60,000 577,648 2027 — 7,721 60,000 67,721 2028 — 241,162 60,000 301,162 2029 — 206,629 112,000 318,629 Thereafter 550,000 1,345,949 1,166,198 3,062,147 Total $ 1,011,000 $ 2,470,016 $ 1,458,198 $ 4,939,214

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
Lease Commitments (Tables)	Dec. 31, 2024
Leases [Abstract]
Scheule of Information Related to Operating Leases and Finance Leases Recorded on the Consolidated Balance Sheets and Weighted Average Remaining Lease Terms and Weighted Average Discount Rates	Information related to the Company’s operating leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2024 December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 271,433 $ 923 $ 272,894 $ 180,370 $ 1,814 $ 182,201 Current portion of operating lease liabilities 13,542 713 14,293 11,371 895 12,267 Long-term portion of operating lease liabilities 254,702 167 255,376 166,191 809 167,000 December 31, 2024 December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated (In thousands) Financing leases: Non-utility property $ 24,548 $ 24,420 $ 50,144 $ 25,425 $ 24,487 $ 49,981 Accumulated depreciation (10,997) (13,411) (24,604) (11,984) (11,869) (23,905) Non-utility property, net $ 13,551 $ 11,009 $ 25,540 $ 13,441 $ 12,618 $ 26,076 Other current liabilities $ 4,311 $ 4,527 $ 9,126 $ 4,146 $ 4,616 $ 8,776 Other deferred credits 9,262 6,504 16,470 9,300 8,023 17,326 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below: December 31, 2024 December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated Weighted average remaining lease term (years): Operating leases 17.52 1.10 17.45 16.79 1.65 16.65 Financing leases 3.51 2.80 3.20 3.81 3.08 3.45 Weighted average discount rate: Operating leases 5.68 % 4.41 % 5.68 % 5.61 % 4.16 % 5.60 % Financing leases 5.08 5.19 5.12 4.54 4.63 4.58
Schedule of Components of Lease Expense	Information for the components of lease expense is as follows: Year Ended December 31, 2024 PNM TNMP TXNM Consolidated (In thousands) Operating lease cost: Energy storage leases $ 13,353 $ — $ 13,353 Other operating leases 7,722 907 8,679 Amounts capitalized (101) (793) (894) Total operating lease expense 20,974 114 21,138 Financing lease cost: Amortization of right-of-use assets 4,554 5,129 9,889 Interest on lease liabilities 603 595 1,229 Amounts capitalized (3,227) (4,648) (7,875) Total financing lease expense 1,930 1,076 3,243 Variable lease expense 3,900 — 3,900 Short-term lease expense 714 23 787 Total lease expense for the period $ 27,518 $ 1,213 $ 29,068 Year Ended December 31, 2023 PNM TNMP TXNM Consolidated (In thousands) Operating lease cost Energy storage leases $ 4,351 $ — $ 4,351 Other operating leases 11,127 1,479 12,606 Amounts capitalized (374) (1,298) (1,672) Total operating lease expense 15,104 181 15,285 Financing lease cost: Amortization of right-of-use assets 4,566 4,634 9,253 Interest on lease liabilities 562 497 1,060 Amounts capitalized (3,190) (4,250) (7,440) Total financing lease expense 1,938 881 2,873 Variable lease expense 1,342 — 1,342 Short-term lease expense 675 29 782 Total lease expense for the period $ 19,059 $ 1,091 $ 20,282 Year Ended December 31, 2022 PNM TNMP TXNM Consolidated (In thousands) Operating lease cost Other operating leases $ 26,764 $ 2,020 $ 28,835 Amounts capitalized (690) (1,728) (2,417) Total operating lease expense 26,074 292 26,418 Financing lease cost: Amortization of right-of-use assets 3,175 3,279 6,529 Interest on lease liabilities 327 330 659 Amounts capitalized (2,264) (3,208) (5,471) Total financing lease expense 1,238 401 1,717 Variable lease expense 890 — 890 Short-term lease expense (1) 3,058 5 3,109 Total lease expense for the period $ 31,260 $ 698 $ 32,134 (1) Includes expense of $2.7 million for the twelve months ended December 31, 2022 for rental of temporary cooling towers associated with the SJGS Unit 1 outage. These amounts are partially offset with insurance reimbursements of $2.7 million for the twelve months ended December 31, 2022.
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to the Company’s leases is as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 PNM TNMP TXNM Consolidated PNM TNMP TXNM Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,277 $ 47 $ 21,368 $ 21,575 $ 110 $ 21,685 Operating cash flows from financing leases 206 102 340 183 73 256 Financing cash flows from financing leases 1,707 971 2,872 1,671 802 2,527 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 101,594 $ 100 $ 102,261 $ 138,204 $ 6 $ 138,210 Financing leases 4,962 3,715 9,850 6,421 5,407 11,828
Schedule of Future Expected Finance Lease Payments	Future expected lease payments are shown below: As of December 31, 2024 PNM TNMP TXNM Consolidated Operating Operating Financing Energy Storage Other Financing Operating Financing Energy Storage Other (In thousands) 2025 $ 4,879 $ 20,333 $ 7,101 $ 4,971 $ 808 $ 10,181 $ 20,333 $ 7,976 2026 4,300 20,333 7,042 3,635 90 8,258 20,333 7,201 2027 3,019 20,333 7,046 2,186 14 5,507 20,333 7,131 2028 1,640 20,333 7,049 811 11 2,571 20,333 7,133 2029 568 20,333 7,036 258 — 826 20,333 7,111 Later years 230 287,100 3,550 — — 230 287,100 3,902 Total minimum lease payments 14,636 388,765 38,824 11,861 923 27,573 388,765 40,454 Less: Imputed interest 1,063 154,931 4,414 830 43 1,977 154,932 4,618 Lease liabilities $ 13,573 $ 233,834 $ 34,410 $ 11,031 $ 880 $ 25,596 $ 233,833 $ 35,836
Schedule of Future Expected Operating Lease Payments	Future expected lease payments are shown below: As of December 31, 2024 PNM TNMP TXNM Consolidated Operating Operating Financing Energy Storage Other Financing Operating Financing Energy Storage Other (In thousands) 2025 $ 4,879 $ 20,333 $ 7,101 $ 4,971 $ 808 $ 10,181 $ 20,333 $ 7,976 2026 4,300 20,333 7,042 3,635 90 8,258 20,333 7,201 2027 3,019 20,333 7,046 2,186 14 5,507 20,333 7,131 2028 1,640 20,333 7,049 811 11 2,571 20,333 7,133 2029 568 20,333 7,036 258 — 826 20,333 7,111 Later years 230 287,100 3,550 — — 230 287,100 3,902 Total minimum lease payments 14,636 388,765 38,824 11,861 923 27,573 388,765 40,454 Less: Imputed interest 1,063 154,931 4,414 830 43 1,977 154,932 4,618 Lease liabilities $ 13,573 $ 233,834 $ 34,410 $ 11,031 $ 880 $ 25,596 $ 233,833 $ 35,836

Fair Value of Derivative and _2

Fair Value of Derivative and Other Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Commodity Derivatives	PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Consolidated Balance Sheets: Economic Hedges December 31, 2024 2023 (In thousands) Other current assets $ — $ 826 Other current liabilities (5,737) — Net $ (5,737) $ 826
Schedule of Net Buy (Sell) Volume Positions	The table below presents PNM’s net buy (sell) volume positions: Economic Hedges MMBTU MWh December 31, 2024 — 89,900 December 31, 2023 — (15,360)
Schedule of Contingent Requirement for Commodity Contracts	The table below presents information about PNM’s contingent requirement to provide collateral under certain commodity contracts having an objectively determinable collateral position, that are in net liability positions, and that are not fully collateralized with cash. Contractual liability represents those commodity derivative contracts recorded at fair value on the balance sheet, determined on an individual contract basis without offsetting amounts for individual contracts that are in an asset position and could be offset under master netting agreements with the same counterparty. Cash collateral posted under these contracts does not reflect letters of credit under the Company’s revolving credit facilities that may have been issued as collateral. Net exposure is the net contractual liability for all contracts, including those designated as normal purchase and normal sale, offset by existing collateral and by any offsets available under master netting agreements, including both assets and liability positions. Contingent Feature - Credit Rating Contractual Liability Existing Cash Collateral Net Exposure (In thousands) December 31, 2024 $ 5,737 $ — $ 5,737 December 31, 2023 $ — $ — $ —
Schedule of Gains and Losses Recognized on the Consolidated Statements of Earnings Related to Investment Securities in the NDT and Reclamation Trusts and Gross Realized Losses	Gains and losses recognized on the Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table: Year ended December 31, 2024 2023 2022 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 28,283 $ 1,086 $ (6,940) Net gains (losses) from equity securities still held (10,071) 14,152 (38,025) Total net gains (losses) on equity securities 18,212 15,238 (44,965) Available-for-sale debt securities: Net gains (losses) on debt securities 8,639 4,008 (33,392) Net gains (losses) on investment securities $ 26,851 $ 19,246 $ (78,357) Year Ended December 31, 2024 2023 2022 (In thousands) Proceeds from sales $ 707,338 $ 574,199 $ 526,448 Gross realized gains $ 35,918 $ 18,618 $ 22,071 Gross realized (losses) $ (16,814) $ (32,649) $ (36,623)
Schedule of Available-for-Sale Debt Securities Held By PNM	At December 31, 2024, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 24,446 After 1 year through 5 years 7,898 $ 32,344
Schedule of Items Recorded at Fair Value By PNM on the Consolidated Balance Sheets by Level of the Fair Value Hierarchy Along with Gross Unrealized Gains on Investments in Available-for-Sale Securities	Items recorded at fair value by PNM on the Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities. GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Unrealized Gains (In thousands) December 31, 2024 Cash and cash equivalents $ 150,745 $ 150,745 $ — Equity securities: Corporate stocks, common 134,553 134,553 — Mutual funds and other 135,779 135,779 — Available-for-sale debt securities: U.S. government 25,148 25,148 — $ 202 Municipals — — — — Corporate and other 7,196 — 7,196 122 Investments categorized within the fair value hierarchy $ 453,421 $ 446,225 $ 7,196 $ 324 Uncategorized Collective Investment Trust 22,103 Total investment securities $ 475,524 GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Unrealized Gains December 31, 2023 (In thousands) Cash and cash equivalents $ 93,873 $ 93,873 $ — Equity securities: Corporate stocks, common 77,422 77,422 — Corporate stocks, preferred 4,323 504 3,819 Mutual funds and other 57,966 57,966 — Available-for-sale debt securities: U.S. government 35,113 34,522 591 $ 2,055 International government 8,735 — 8,735 104 Municipals 53,436 — 53,436 2,872 Corporate and other 113,540 — 113,540 9,285 $ 444,408 $ 264,287 $ 180,121 $ 14,316
Schedule of Carrying Amounts and Fair Values of Long-Term Debt, Considered Level 2 Fair Value Measurements and are Not Recorded at Fair Value on the Consolidated Balance Sheets	The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Consolidated Balance Sheets are presented below: Carrying Fair Value December 31, 2024 (In thousands) TXNM $ 4,923,368 $ 4,706,076 PNM $ 2,459,592 $ 2,284,362 TNMP $ 1,464,079 $ 1,324,194 December 31, 2023 TXNM $ 4,521,811 $ 4,260,509 PNM $ 2,261,780 $ 2,107,588 TNMP $ 1,260,880 $ 1,152,922
Schedule of Fair Values of Investments Held by the Employee Benefit Plans and PNMR Master Trust	The fair values of investments held by the employee benefit plans are as follows: GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets Significant December 31, 2024 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 319,528 $ 106,220 $ 213,308 Uncategorized investments 59,546 Total Master Trust Investments $ 379,074 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 33,294 $ 7,543 $ 25,751 Uncategorized investments 4,872 Total Master Trust Investments $ 38,166 PNM OPEB Plan Cash and cash equivalents $ 825 $ 825 $ — Equity securities: Mutual funds 38,713 38,713 — Investments categorized within fair value hierarchy $ 39,538 $ 39,538 $ — Uncategorized investments 31,176 $ 70,714 TNMP OPEB Plan Cash and cash equivalents $ 111 $ 111 $ — Equity securities: Mutual funds 6,987 6,987 — Investments categorized within fair value hierarchy $ 7,098 $ 7,098 $ — Uncategorized investments 484 $ 7,582 GAAP Fair Value Hierarchy Total Quoted Prices in Active Significant December 31, 2023 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 342,296 $ 136,474 $ 205,822 Uncategorized investments 65,421 Total Master Trust Investments $ 407,717 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 35,870 $ 12,192 $ 23,678 Uncategorized investments 5,258 Total Master Trust Investments $ 41,128 PNM OPEB Plan Cash and cash equivalents $ 2,419 $ 2,419 $ — Equity securities: Mutual funds 47,674 43,703 3,971 Investments categorized within fair value hierarchy $ 50,093 $ 46,122 $ 3,971 Uncategorized investments 23,290 Total Master Trust Investments $ 73,383 TNMP OPEB Plan Cash and cash equivalents $ 162 $ 162 $ — Equity securities: Mutual funds 8,241 7,806 435 Investments categorized within fair value hierarchy $ 8,403 $ 7,968 $ 435 The fair values of investments in the PNMR Master Trust are as follows: GAAP Fair Value Hierarchy Total Quoted Prices Significant December 31, 2024 (In thousands) PNMR Master Trust Cash and cash equivalents $ 10,981 $ 10,981 $ — Equity securities: Corporate stocks, common 34,418 34,418 — Corporate stocks, preferred — — — Mutual funds and other 146,858 45,333 101,525 Fixed income securities: U.S. government 56,303 23,031 33,272 International government — — — Municipals 4,718 — 4,718 Corporate and other 99,544 — 99,544 Total investments categorized within fair value hierarchy 352,822 $ 113,763 $ 239,059 Uncategorized investments: Private equity funds 2,846 Hedge funds 34,126 Real estate funds 27,446 $ 417,240 December 31, 2023 PNMR Master Trust Cash and cash equivalents $ 13,995 $ 13,995 $ — Equity securities: Corporate stocks, common 27,167 27,167 — Corporate stocks, preferred 741 741 — Mutual funds and other 159,281 49,219 110,062 Fixed income securities: U.S. government 61,684 57,544 4,140 International government 4,713 — 4,713 Municipals 5,071 — 5,071 Corporate and other 105,514 — 105,514 Total investments categorized within fair value hierarchy 378,166 $ 148,666 $ 229,500 Uncategorized investments: Private equity funds 5,617 Hedge funds 35,137 Real estate funds 29,925 $ 448,845

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
Variable Interest Entities (Tables)	Dec. 31, 2024
Variable Interest Entities [Abstract]
Schedule of Financial Information for Valencia and Impact of ETBC I on PNM’s Consolidated Balance Sheets	Summarized financial information for Valencia is as follows: Results of Operations Year Ended December 31 2024 2023 2022 (In thousands) Operating revenues $ 22,763 $ 25,421 $ 21,403 Operating expenses 6,723 6,896 6,281 Other Misc (Income)/Expense — (8) — Earnings attributable to non-controlling interest $ 16,040 $ 18,533 $ 15,122 Financial Position December 31, 2024 2023 (In thousands) Current assets $ 3,095 $ 3,422 Net property, plant and equipment 44,411 47,253 Total assets 47,506 50,675 Current liabilities 606 717 Owners’ equity – non-controlling interest $ 46,900 $ 49,958 The following tables summarize the impact of ETBC I on PNM’s Consolidated Financial Statements: Results of Operations Year ended December 31, 2024 2023 (In thousands) Electric Operating Revenues $ 24,798 $ 2,914 Depreciation and amortization 4,550 407 Interest Charges 20,073 2,516 Other 175 (9) Net Earnings $ — $ — Financial Position December 31, 2024 2023 (In thousands) Regulatory assets - Current $ — $ 2,724 Restricted cash (included in Other current assets) 15,838 — Restricted cash (included in Other deferred charges) 1,748 1,728 Securitized Cost (included in Regulatory assets - Deferred) 336,079 340,629 Current installments of long-term debt 6,907 2,529 Accrued interest and taxes 7,452 2,502 Regulatory liabilities - Current 6,975 — Long-term Debt 331,726 338,521

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
Pension and Other Postretirement Benefits (Tables)	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of Fair Value of Plan Assets, and Funded Status of the Plans of PBO, APBO and Executive Retirement Programs	The following table presents information about the PBO, fair value of plan assets, and funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) PBO at beginning of year $ 418,657 $ 433,645 $ 42,582 $ 43,961 Service cost — — — — Interest cost 21,709 23,653 2,214 2,402 Actuarial (gain) loss (6,063) 4,290 (2,047) 1,261 Benefits paid (40,942) (42,931) (3,526) (5,042) Settlements — — — — PBO at end of year 393,361 418,657 39,223 42,582 Fair value of plan assets at beginning of year 407,211 410,463 41,353 43,447 Actual return on plan assets 12,884 39,679 247 2,948 Employer contributions 1 — 151 — Benefits paid (40,942) (42,931) (3,526) (5,042) Settlements — — — — Fair value of plan assets at end of year 379,154 407,211 38,225 41,353 Funded status – asset (liability) for pension benefits $ (14,207) $ (11,446) $ (998) $ (1,229) PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) APBO at beginning of year $ 46,217 $ 49,950 $ 7,331 $ 7,705 Service cost — — 21 21 Interest cost 2,387 2,703 385 425 Participant contributions 1,463 1,592 357 359 Actuarial (gain) (2,205) (1,608) (147) (282) Benefits paid (6,261) (6,420) (1,193) (897) Curtailment loss — — — — APBO at end of year 41,601 46,217 6,754 7,331 Fair value of plan assets at beginning of year 73,392 70,301 8,353 8,718 Actual return on plan assets 3,216 7,762 25 173 Employer contributions 193 157 — — Participant contributions 1,463 1,592 357 359 Benefits paid (6,261) (6,420) (1,193) (897) Fair value of plan assets at end of year 72,003 73,392 7,542 8,353 Funded status – asset $ 30,402 $ 27,175 $ 788 $ 1,022
Schedule of Actuarial (Gain) Loss Results and Weighted-Average Assumptions of PBO, APBO and Executive Retirement Programs	Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands) Discount rates $ (9,376) $ 8,806 $ (961) $ 969 Demographic experience 3,313 (1,777) (1,125) 538 Mortality rate — (2,739) — (239) Other assumptions and experience — — 39 (7) $ (6,063) $ 4,290 $ (2,047) $ 1,261 The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost (income). Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost (income) would be affected. Year Ended December 31, PNM 2024 2023 2022 Discount rate for determining December 31 PBO 5.78 % 5.46 % 5.74 % Discount rate for determining net periodic benefit cost 5.46 5.74 3.00 Expected return on plan assets 6.86 6.30 5.50 Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 5.78 % 5.47 % 5.75 % Discount rate for determining net periodic benefit cost 5.47 5.75 3.01 Expected return on plan assets 5.95 5.50 4.40 Rate of compensation increase N/A N/A N/A Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands) Discount rates $ (877) $ 868 $ (179) $ 174 Claims, contributions, and demographic experience (1,425) (2,171) 32 (423) Assumed participation rate 97 — — — Mortality rate — (305) — (33) Dental trend assumption — — — — $ (2,205) $ (1,608) $ (147) $ (282) The following significant weighted-average assumptions were used to determine the APBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the APBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2024 2023 2022 Discount rate for determining December 31 APBO 5.78 % 5.48 % 5.75 % Discount rate for determining net periodic benefit cost 5.48 5.75 2.99 Expected return on plan assets 6.60 5.90 4.75 Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 APBO 5.78 % 5.48 % 5.75 % Discount rate for determining net periodic benefit cost 5.48 5.75 2.99 Expected return on plan assets 5.25 4.70 3.80 Rate of compensation increase N/A N/A N/A The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2024 2023 2022 Discount rate for determining December 31 PBO 5.78 % 5.45 % 5.73 % Discount rate for determining net periodic benefit cost 5.45 5.73 3.02 Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO N/A 5.47 % 5.75 % Discount rate for determining net periodic benefit cost 5.47 5.75 3.01 Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A
Schedule of Pre-Tax Information About Net Actuarial (Gain) Loss in AOCI	The following table presents pre-tax information about net actuarial (gain) loss in AOCI as of December 31, 2024. PNM TNMP (In thousands) Amounts in AOCI not yet recognized in net periodic benefit cost at beginning of year $ 104,067 $ — Experience (gain) loss 12,081 456 Regulatory asset (liability) adjustment (8,853) (456) Amortization recognized in net periodic benefit (income) (4,782) — Amounts in AOCI not yet recognized in net periodic benefit cost at end of year $ 102,513 $ — The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2024. December 31, 2024 PNM TNMP (In thousands) Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year $ 1,104 $ — Experience (gain) (45) (314) Regulatory asset adjustment 26 314 Amortization recognized in net periodic benefit (income) (84) — Amount in AOCI not yet recognized in net periodic benefit cost at end of year $ 1,001 $ —
Schedule of Components of Net Periodic Benefit Cost (Income)	The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2024 2023 2022 (In thousands) PNM Service cost $ — $ — $ — Interest cost 21,709 23,653 16,857 Expected return on plan assets (31,029) (29,196) (28,563) Amortization of net loss 10,646 10,583 15,794 Amortization of prior service cost — — — Net periodic benefit cost $ 1,326 $ 5,040 $ 4,088 TNMP Service cost $ — $ — $ — Interest cost 2,214 2,402 1,720 Expected return on plan assets (2,749) (2,697) (2,472) Amortization of net loss 556 439 932 Amortization of prior service cost — — — Settlement loss — — 1,033 Net periodic benefit cost $ 21 $ 144 $ 1,213 The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2024 2023 2022 (In thousands) PNM Service cost $ — $ — $ 10 Interest cost 2,387 2,703 1,914 Expected return on plan assets (5,563) (4,969) (4,351) Amortization of net loss — — — Curtailment loss — — 836 Net periodic benefit (income) $ (3,176) $ (2,266) $ (1,591) TNMP Service cost $ 21 $ 21 $ 38 Interest cost 385 425 307 Expected return on plan assets (515) (481) (418) Amortization of net (gain) (642) (760) (520) Net periodic benefit (income) $ (751) $ (795) $ (593) The following table presents the components of net periodic benefit cost: Year Ended December 31, 2024 2023 2022 (In thousands) PNM Service cost $ — $ — $ — Interest cost 496 540 362 Amortization of net loss 200 152 327 Amortization of prior service cost — — — Net periodic benefit cost $ 696 $ 692 $ 689 TNMP Service cost $ — $ — $ — Interest cost 15 18 11 Amortization of net loss — — — Amortization of prior service cost — — — Net periodic benefit cost $ 15 $ 18 $ 11
Schedule of Benefit Payments are Expected to be Paid	The following pension benefit payments are expected to be paid: PNM TNMP (In thousands) 2025 $ 40,927 $ 4,239 2026 39,585 4,188 2027 38,706 4,000 2028 37,373 3,902 2029 36,231 3,759 2030 - 2034 160,876 15,464 PNM TNMP (In thousands) 2025 $ 4,771 $ 589 2026 4,560 597 2027 4,333 588 2028 4,128 585 2029 3,871 574 2030 - 2034 16,604 2,606 The following executive retirement plan payments, which reflect expected future service, are expected: PNM TNMP (In thousands) 2025 $ 1,205 $ — 2026 1,150 — 2027 1,089 — 2028 1,022 — 2029 952 — 2030 - 2034 3,699 —
Schedule of Assumed Health Care Cost Trend Rates for the PNM OPEB Plan	The following table shows the assumed health care cost trend rates for the PNM OPEB plan: PNM December 31, 2024 2023 Health care cost trend rate assumed for next year 6.50 % 6.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.75 4.75 Year that the rate reaches the ultimate trend rate 2033 2029
Schedule of Rollforward of Information about the Executive Retirement Programs	For the executive retirement programs, the following table presents information about the PBO and funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) PBO at beginning of year $ 9,714 $ 10,042 $ 316 $ 344 Service cost — — — — Interest cost 496 540 15 18 Actuarial (gain) loss (47) 411 (314) 13 Benefits paid (1,132) (1,279) (17) (59) PBO at end of year – funded status 9,031 9,714 — 316 Less current liability 1,171 1,210 — 64 Non-current liability $ 7,860 $ 8,504 $ — $ 252
Schedule of Expenses for Other Retirement Plans	A summary of expenses for these other retirement plans is as follows: Year Ended December 31, 2024 2023 2022 (In thousands) TXNM 401(k) plan $ 17,514 $ 16,118 $ 15,844 Non-qualified plan $ 4,350 $ 1,197 $ (1,027) PNM 401(k) plan $ 11,896 $ 10,839 $ 11,067 Non-qualified plan $ 2,937 $ 825 $ (721) TNMP 401(k) plan $ 5,617 $ 5,279 $ 4,776 Non-qualified plan $ 1,414 $ 372 $ (305)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of All Excess Tax Benefits and Deficiencies are Recorded to Tax Expense and Classified as Operating Cash Flows to Reduce Taxes Payable	All excess tax benefits and deficiencies are recorded to tax expense and classified as operating cash flows when used to reduce taxes payable. Year Ended December 31, Excess Tax Benefits (Deficiencies) 2024 2023 2022 (In thousands) PNM $ 10 $ 185 $ (65) TNMP 4 76 (26) TXNM 17 261 (91)
Schedule of Weighted-Average Assumptions and Activity in Restricted Stock Awards Including Performance-Based and Market-Based Shares and Additional Information of Restricted Stock Activity, Including Performance-Based and Market-Based Shares	The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Year Ended December 31, Restricted Shares and Performance-Based Shares 2024 2023 2022 Expected quarterly dividends per share $ 0.3875 $ 0.3675 $ 0.3475 Risk-free interest rate 4.27 % 4.46 % 1.46 % Market-Based Shares (1) Dividend yield 4.21 % N/A N/A Expected volatility 13.09 % N/A N/A Risk-free interest rate 4.31 % N/A N/A (1) Restricted stock expected to be awarded under the PEP for performance periods ending in 2022 and 2023 do not have market targets. The following table summarizes activity in restricted stock awards including performance-based and market-based shares: Restricted Stock Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2023 212,080 $ 40.33 Granted 249,282 33.51 Released (218,403) 38.37 Forfeited (1,722) 43.80 Outstanding at December 31, 2024 241,237 $ 37.05 The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares: Year Ended December 31, Restricted Stock 2024 2023 2022 Weighted-average grant date fair value $ 38.37 $ 41.98 $ 41.04 Total fair value of restricted shares that vested (in thousands) $ 8,380 $ 8,689 $ 7,368

Regulatory Assets and Liabili_2

Regulatory Assets and Liabilities (Tables)	12 Months Ended
Regulatory Assets and Liabilities (Tables)	Dec. 31, 2024
Regulated Operations [Abstract]
Schedule of Regulatory Assets and Liabilities	Regulatory assets and liabilities reflected in the Consolidated Balance Sheets are presented below. PNM TNMP December 31, December 31, 2024 2023 2024 2023 Assets: (In thousands) Current: FPPAC $ 30,487 $ 65,251 $ — $ — NMPRC Hedging Plan 5,737 — — — Transmission cost recovery factor — — 5,268 — Energy efficiency costs — — — 50 Renewable energy rider — 5,021 — — SJGS Energy Transition Property — 2,724 — — 36,224 72,996 5,268 50 Non-Current: SJGS Energy Transition Property $ 336,079 $ 340,629 $ — $ — SJGS ETA 24,996 — — — SJGS - non-ETA 114,333 122,246 — — PVNGS leased interest 82,982 80,777 — — EIM 15,189 18,731 — — TEP 4,942 2,644 — — Loss on reacquired debt 12,507 13,806 23,721 25,019 Pension and OPEB 176,171 172,508 21,087 21,854 Deferred income taxes 74,925 71,359 8,570 8,882 Excess ADIT — — 6,542 — AMS retirement and other costs — — 12,851 12,343 Deferred COVID-19 costs 3,328 5,664 — — Hurricane Beryl — — 20,958 — Other 11,858 10,363 10,964 7,556 857,310 838,727 104,693 75,654 Total regulatory assets $ 893,534 $ 911,723 $ 109,961 $ 75,704 PNM TNMP December 31, December 31, 2024 2023 2024 2023 Liabilities: (In thousands) Current: SJGS rate refunds $ (157) $ (113,372) $ — $ — PVNGS rate refunds (19,194) (19,194) — — Renewable energy rider (4,786) — — — Energy efficiency costs (2,459) (1,454) (602) — Transmission Cost Recovery Factor — — — (5,159) SJGS Energy Transition Property (6,975) — NMPRC hedging plan — (826) — — (33,571) (134,846) (602) (5,159) Non-Current: Cost of removal $ (247,280) $ (247,627) $ (147,296) $ (117,759) Deferred income taxes (253,158) (281,588) (80,152) (83,459) Renewable energy tax benefits (13,317) (14,463) — — PVNGS rate refunds (3,277) (19,194) — — Pension and OPEB — — (2,589) (3,644) COVID-19 cost savings (469) (900) — — Other (1,200) (1,249) — (1,434) (518,701) (565,021) (230,037) (206,296) Total regulatory liabilities $ (552,272) $ (699,867) $ (230,639) $ (211,455)

Construction Program and Join_2

Construction Program and Jointly-Owned Electric Generating Plants (Tables)	12 Months Ended
	Dec. 31, 2024
Construction Program and Jointly-Owned Electric Generating Plants [Abstract]
Schedule of Interests and Investments in Jointly-Owned Generating Facilities	At December 31, 2024, PNM’s interests and investments in jointly-owned generating facilities are: Station (Type) Plant in Accumulated Depreciation (1) Construction Composite (In thousands) PVNGS (Nuclear) $ 800,999 $ 415,747 $ 32,650 7.29 % Four Corners Units 4 and 5 (Coal) $ 291,355 $ 98,049 $ 14,579 13.00 % Luna (Gas) $ 99,479 $ 37,448 $ 2,658 33.33 % (1) Includes cost of removal.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
Asset Retirement Obligations (Tables)	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Reconciliation of Asset Retirement Obligations Liabilities	A reconciliation of the ARO liabilities is as follows: TXNM PNM TNMP (In thousands) Liability at December 31, 2021 $ 234,146 $ 233,383 $ 763 Liabilities incurred — — — Liabilities settled — — — Accretion expense 10,767 10,702 65 Revisions to estimated cash flows (1) (21,536) (21,536) — Liability at December 31, 2022 223,377 222,549 828 Liabilities incurred — — — Liabilities settled (3,482) (3,482) — Accretion expense 10,218 10,148 70 Revisions to estimated cash flows (2) 15,418 15,418 — Liability at December 31, 2023 245,531 244,633 898 Liabilities incurred — — — Liabilities settled (12,451) (12,432) (19) Accretion expense 11,538 11,462 76 Revisions to estimated cash flows — — — Liability at December 31, 2024 $ 244,618 $ 243,663 $ 955 (1) Reflects a decrease of $21.5 million related to an updated SJGS decommissioning study. (2)

Regulatory and Rate Matters (Ta

Regulatory and Rate Matters (Tables)	12 Months Ended
Regulatory and Rate Matters (Tables)	Dec. 31, 2024
Regulated Operations [Abstract]
Schedule of PNM’s Revenues Recorded for the Renewable Energy Rider	The following sets forth PNM’s revenues recorded for the renewable energy rider: Year Ended Annual Revenues (In millions) 2022 $60.3 2023 56.9 2024 52.0
Schedule of Rate Increases for Transmission Costs	The following sets forth TNMP’s EECRF increases: Effective Date Aggregate Collection Amount Performance Bonus (In millions) March 1, 2022 $ 7.2 $ 2.3 March 1, 2023 7.3 1.9 March 1, 2024 6.6 1.2 The following sets forth TNMP’s recent interim transmission cost rate increases: Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) March 25, 2022 $ 95.6 $ 14.2 September 22, 2022 36.0 5.3 May 12, 2023 150.5 19.4 September 6, 2023 21.4 4.2 March 15, 2024 97.4 13.1 September 20, 2024 20.6 3.9 Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) September 1, 2022 $ 95.7 $ 6.8 September 1, 2023 157.0 14.5 July 28, 2024 205.9 15.6 November 17, 2024 43.7 7.7

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	TXNM’s income taxes (benefits) consist of the following components: Year Ended December 31, 2024 2023 2022 (In thousands) Current federal income tax $ — $ — $ — Current state income tax (benefit) (1,984) (2,841) 1,597 Deferred federal income tax (benefit) 13,042 (11,503) 18,413 Deferred state income tax (benefit) 10,630 (825) 7,302 Amortization of accumulated investment tax credits (170) (1,181) (1,182) Total income taxes (benefits) $ 21,518 $ (16,350) $ 26,130 PNM’s income taxes (benefits) consist of the following components: Year Ended December 31, 2024 2023 2022 (In thousands) Current federal income tax (benefit) $ (7,005) $ 9,518 $ (13,533) Current state income tax (benefit) (5,681) (4,304) 3,244 Deferred federal income tax (benefit) 28,183 (22,951) 25,298 Deferred state income tax 13,890 1,150 4,361 Amortization of accumulated investment tax credits (170) (171) (172) Total income taxes (benefits) $ 29,217 $ (16,758) $ 19,198 TNMP’s income taxes consist of the following components: Year Ended December 31, 2024 2023 2022 (In thousands) Current federal income tax $ (2,549) $ 11,354 $ 17,055 Current state income tax 3,300 3,055 2,662 Deferred federal income tax (benefit) 26,363 2,917 (4,527) Deferred state income tax (benefit) — (29) (29) Total income taxes $ 27,114 $ 17,297 $ 15,161
Schedule of Effective Income Tax Rate Reconciliation	TXNM’s provision for income taxes (benefits) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2024 2023 2022 (In thousands) Federal income tax at statutory rates $ 58,850 $ 19,011 $ 44,375 Amortization of accumulated investment tax credits (170) (1,181) (1,182) Amortization of excess deferred income tax (23,362) (22,859) (23,599) Flow-through of depreciation items 1,003 1,281 2,795 (Earnings) attributable to non-controlling interest in Valencia (3,368) (3,892) (3,176) State income tax (benefit), net of federal (benefit) 6,284 (2,239) 6,826 Allowance for equity funds used during construction (3,756) (3,145) (2,898) Allocation of tax (benefit) related to stock compensation awards (17) (261) 91 Non-deductible compensation 1,332 1,659 1,125 Non-deductible merger related costs — (1,959) 74 Sale of NMRD (15,822) — — R&D credit (1,500) (2,050) (1,320) Other 2,044 (715) 3,019 Total income taxes (benefits) $ 21,518 $ (16,350) $ 26,130 Effective tax rate 7.68 % (18.06) % 12.37 % PNM’s provision for income taxes (benefits) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2024 2023 2022 (In thousands) Federal income tax at statutory rates $ 49,868 $ 7,972 $ 29,026 Amortization of accumulated investment tax credits (170) (171) (172) Amortization of excess deferred income tax (20,750) (14,252) (14,421) Flow-through of depreciation items 796 1,114 2,641 (Earnings) attributable to non-controlling interest in Valencia (3,368) (3,892) (3,176) State income tax (benefit), net of federal (benefit) 6,594 (2,216) 5,694 Allowance for equity funds used during construction (2,739) (2,065) (1,958) Allocation of tax (benefit) related to stock compensation awards (10) (185) 65 Non-deductible compensation 822 1,015 701 Non-deductible merger costs — (33) 10 R&D credit (1,450) (2,000) (1,300) Other (376) (2,045) 2,088 Total income taxes (benefits) $ 29,217 $ (16,758) $ 19,198 Effective tax rate 12.30 % (44.15) % 13.89 % TNMP’s provision for income taxes differed from the federal income tax computed at the statutory rate for each of the periods shown. The differences are attributable to the following factors: Year Ended December 31, 2024 2023 2022 (In thousands) Federal income tax at statutory rates $ 27,435 $ 23,569 $ 22,560 Amortization of excess deferred income tax (2,612) (8,607) (9,177) State income tax, net of federal (benefit) 2,606 2,414 2,103 Allocation of tax (benefit) related to stock compensation awards (4) (77) 26 Non-deductible compensation 509 642 422 Transaction costs — 3 1 Other (820) (647) (774) Total income taxes $ 27,114 $ 17,297 $ 15,161 Effective tax rate 20.75 % 15.41 % 14.11 %
Schedule of Components of Net Accumulated Deferred Income Tax Liability	The components of TXNM’s net accumulated deferred income tax liability were: December 31, 2024 2023 (In thousands) Deferred tax assets: Net operating loss $ 31,592 $ 16,833 Regulatory liabilities related to income taxes 82,702 90,461 Federal tax credit carryforwards 126,770 124,510 Regulatory disallowances 42,330 42,330 Regulatory liability SJGS retirement credits 40 28,797 Other 52,955 35,492 Total deferred tax assets 336,389 338,423 Deferred tax liabilities: Depreciation and plant related (794,203) (738,078) Investment tax credit (81,068) (95,046) Regulatory assets related to income taxes (84,053) (80,643) Pension (41,383) (41,141) Regulatory asset for shutdown of SJGS Units 2 and 3 (20,860) (22,454) Regulatory asset SJGS energy transition property (85,365) (86,521) Regulatory asset PVNGS investment (21,044) (20,503) PVNGS trusts (48,421) (41,767) Other (59,384) (57,550) Total deferred tax liabilities (1,235,781) (1,183,703) Net accumulated deferred income tax liabilities $ (899,392) $ (845,280) The components of PNM’s net accumulated deferred income tax liability were: December 31, 2024 2023 (In thousands) Deferred tax assets: Net operating loss $ — $ — Regulatory liabilities related to income taxes 64,481 71,546 Federal tax credit carryforwards 93,481 80,586 Regulatory disallowance 42,330 42,330 Regulatory liability SJGS retirement credits 40 28,797 Other 35,650 35,993 Total deferred tax assets 235,982 259,252 Deferred tax liabilities: Depreciation and plant related (582,089) (545,815) Investment tax credit (81,068) (73,844) Regulatory assets related to income taxes (75,464) (71,742) Pension (36,678) (36,483) Regulatory asset for shutdown of SJGS Units 2 and 3 (20,860) (22,454) Regulatory asset SJGS energy transition property (85,365) (86,521) Regulatory asset PVNGS investment (21,044) (20,503) PVNGS Trusts (48,421) (41,767) Other (41,211) (44,160) Total deferred tax liabilities (992,200) (943,289) Net accumulated deferred income tax liabilities $ (756,218) $ (684,037) The components of TNMP’s net accumulated deferred income tax liability were: December 31, 2024 2023 (In thousands) Deferred tax assets: Regulatory liabilities related to income taxes $ 18,221 $ 18,915 Other 4,522 5,534 Total deferred tax assets 22,743 24,449 Deferred tax liabilities: Depreciation and plant related (200,709) (179,483) Regulatory assets related to income taxes (8,589) (8,901) Loss on reacquired debt (4,981) (5,254) Pension (4,706) (4,659) AMS (2,709) (2,613) Other (9,156) (2,287) Total deferred tax liabilities (230,850) (203,197) Net accumulated deferred income tax liabilities $ (208,107) $ (178,748)
Schedule of Change in Net Accumulated Deferred Income Tax Liability to the Deferred Income Tax	The following table reconciles the change in TXNM’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2024 (In thousands) Net change in deferred income tax liability per above table $ 54,112 Change in tax effects of income tax related regulatory assets and liabilities (11,629) Amortization of excess deferred income tax (23,362) Tax effect of mark-to-market adjustments 4,802 Tax effect of excess pension liability (421) Adjustment for uncertain income tax positions (135) Reclassification of unrecognized tax benefits 135 Other — Deferred income tax (benefit) $ 23,502 The following table reconciles the change in PNM’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2024 (In thousands) Net change in deferred income tax liability per above table $ 72,181 Change in tax effects of income tax related regulatory assets and liabilities (11,246) Amortization of excess deferred income tax (20,750) Tax effect of mark-to-market adjustments 3,554 Tax effect of excess pension liability (421) Adjustment for uncertain income tax positions (161) Reclassification of unrecognized tax benefits (1,254) Deferred income tax (benefit) $ 41,903 The following table reconciles the change in TNMP’s net accumulated deferred income tax liability to the deferred income tax included in the Consolidated Statement of Earnings: Year Ended December 31, 2024 (In thousands) Net change in deferred income tax liability per above table $ 29,359 Change in tax effects of income tax related regulatory assets and liabilities (383) Amortization of excess deferred income tax (2,612) Other (1) Deferred income tax $ 26,363
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of unrecognized tax benefits is as follows: TXNM PNM TNMP (In thousands) Balance at December 31, 2021 $ 13,714 $ 10,771 $ 141 Additions based on tax positions related to 2021 1,444 1,437 7 Additions (reductions) for tax positions of prior years (4) (7) 3 Balance at December 31, 2022 15,154 12,201 151 Additions based on tax positions related to 2022 (277) (294) 17 Additions (reductions) for tax positions of prior years 259 239 20 Balance at December 31, 2023 15,136 12,146 188 Additions (reductions) based on tax positions related to 2023 19 2 17 Additions for tax positions of prior years (154) (163) 9 Balance at December 31, 2024 $ 15,001 $ 11,985 $ 214
Schedule of Impairments of Tax Attributes After Reflecting the Expiration of Carryforwards Under Applicable Tax Laws, Net of Federal Tax Benefit	Impairments of tax attributes after reflecting the expiration of carryforwards under applicable tax laws, net of federal tax benefit, for 2022 through 2024 are as follows: TXNM PNM TNMP (In thousands) December 31, 2024: Federal tax credit carryforwards $ 131 $ — $ — Compensation expense $ (516) $ (335) $ (179) December 31, 2023: Federal tax credit carryforwards $ 839 $ (427) $ — Compensation expense $ 387 $ 246 $ 140 December 31, 2022: Federal tax credit carryforwards $ 187 $ 427 $ — Compensation expense $ 199 $ 140 $ 59
Schedule of Reserve Balances, After Reflecting Expiration of Carryforwards Under Applicable Tax Laws	The reserve balances, after reflecting expiration of carryforwards under applicable tax laws, at December 31, 2024 and 2023 are as follows: TXNM PNM TNMP (In thousands) December 31, 2024: Federal tax credit carryforwards $ 2,186 $ — $ — Compensation expense $ 596 $ 394 $ 202 December 31, 2023: Federal tax credit carryforwards $ 2,055 $ — $ — Compensation expense $ 1,112 $ 729 $ 381

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below summarizes the nature and amount of related party transactions of TXNM, PNM and TNMP: Year Ended December 31, 2024 2023 2022 (In thousands) Services billings: TXNM to PNM $ 132,209 $ 124,321 $ 115,415 TXNM to TNMP 53,166 47,470 42,293 PNM to TNMP 440 349 411 TNMP to TXNM 114 141 141 TNMP to PNM 497 — — TXNM to NMRD 66 333 308 Renewable energy purchases: PNM from NMRD 1,523 12,717 11,795 Interest billings: TXNM to PNM 142 23 13 PNM to TXNM 612 582 249 TXNM to TNMP 210 129 166 Income tax sharing payments: TXNM to PNM 2,351 5,338 — PNM to TXNM — — 11,602 TNMP to TXNM 10,312 15,749 8,341

Equity Method Investment (Table

Equity Method Investment (Tables)	12 Months Ended
Equity Method Investment (Tables)	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Net Earnings and Financial Information	TXNM presented its share of net earnings from NMRD in other income on the Consolidated Statements of Earnings. Summarized financial information for NMRD is as follows: December 31, 2024 2023 2022 (In thousands) Operating revenues $ 3,204 $ 13,629 $ 12,505 Operating expenses 3,378 8,228 9,591 Net earnings $ (174) $ 5,401 $ 2,914 Financial Position December 31, 2024 2023 (In thousands) Current assets $ — $ 2,589 Net property, plant, and equipment — 235,791 Non-current assets — 1,849 Total assets — 240,229 Current liabilities — 730 Non-current liabilities — 358 Owners’ equity $ — $ 239,141

Summary of the Business and S_4

Summary of the Business and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) utility shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Aug. 02, 2024 shares	Aug. 01, 2024 shares
Accounting Policies Disclosures [Line Items]
Common stock, shares authorized (in shares) \| shares	200,000,000	120,000,000
Payment defaults	$ 0
Net gains (losses) on debt securities	$ 8,639,000	$ 4,008,000	$ (33,392,000)
TXNM
Accounting Policies Disclosures [Line Items]
Number of regulated utilities \| utility	2
Common stock, shares authorized (in shares) \| shares				200,000,000	120,000,000
Restricted cash			0
PNM
Accounting Policies Disclosures [Line Items]
Common stock, shares authorized (in shares) \| shares	40,000,000	40,000,000
Restricted cash			0
Allowance for funds used during construction, capitalized interest	$ 12,900,000	$ 9,500,000	$ 3,700,000
Allowance for funds used during construction, capitalized interest rate (as a percent)	3.19%	2.99%	1.70%
Allowance for equity funds used during construction	$ 13,000,000	$ 9,800,000	$ 9,300,000
Allowance for funds used during construction, capitalized cost of equity rate (as a percent)	3.30%	3.24%	4.26%
Net gains (losses) on debt securities	$ 17,800,000	$ (19,100,000)	$ 25,800,000
TNMP
Accounting Policies Disclosures [Line Items]
Common stock, shares authorized (in shares) \| shares	12,000,000	12,000,000
Restricted cash	$ 0	$ 0	0
Allowance for funds used during construction, capitalized interest	$ 8,000,000	$ 5,700,000	$ 3,400,000
Allowance for funds used during construction, capitalized interest rate (as a percent)	4.14%	3.49%	2.25%
Allowance for equity funds used during construction	$ 4,800,000	$ 5,100,000	$ 4,500,000
Allowance for funds used during construction, capitalized cost of equity rate (as a percent)	2.48%	3.17%	2.99%

Summary of the Business and S_5

Summary of the Business and Significant Accounting Policies - Schedule of Average Straight-Line Rates and Depreciation on Electric, Common, Intangible, and General Plant (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PNM
Public Utilities, General Disclosures [Line Items]
Depreciation	$ 188,035	$ 158,956	$ 163,162
TNMP
Public Utilities, General Disclosures [Line Items]
Average straight-line rate (as a percent)	3.74%	3.77%	3.72%
Depreciation	$ 124,976	$ 110,675	$ 96,131
Electric plant \| PNM
Public Utilities, General Disclosures [Line Items]
Average straight-line rate (as a percent)	2.87%	2.67%	2.55%
Common, intangible, and general plant \| PNM
Public Utilities, General Disclosures [Line Items]
Average straight-line rate (as a percent)	14.06%	7.64%	7.83%

Summary of the Business and S_6

Summary of the Business and Significant Accounting Policies - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Public Utilities, Inventory [Line Items]
Inventory	$ 166,861	$ 98,034
Fuel Oil
Public Utilities, Inventory [Line Items]
Inventory	1,095	896
Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	165,766	97,138
PNM
Public Utilities, Inventory [Line Items]
Inventory	142,510	81,572
PNM \| Fuel Oil
Public Utilities, Inventory [Line Items]
Inventory	1,095	896
PNM \| Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	141,415	80,676
TNMP
Public Utilities, Inventory [Line Items]
Inventory	24,351	16,462
TNMP \| Fuel Oil
Public Utilities, Inventory [Line Items]
Inventory	0	0
TNMP \| Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	$ 24,351	$ 16,462

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Schedule

Segment Information - Schedule of Financial Information by Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information, Profit (Loss) [Abstract]
Electric Operating Revenues	$ 1,971,199	$ 1,939,198	$ 2,249,555
Administrative and general	212,742	194,274	196,448
Administrative and general - corporate allocation	0	0	0
Customer related expenses	34,374	33,626	30,701
Regulatory disallowances	8,980	71,923	832
Depreciation and amortization	384,925	319,503	304,853
Transmission and distribution costs	98,380	98,721	94,684
Taxes other than income taxes	100,580	95,940	92,989
Total operating expenses	1,517,713	1,707,858	1,855,795
Net other income and (deductions)	54,820	49,544	(54,542)
Interest charges	(228,066)	(190,355)	(127,908)
Income Taxes (Benefits)	21,518	(16,350)	26,130
Valencia non-controlling interest	(16,040)	(18,533)	(15,122)
Preferred Stock Dividend Requirements of Subsidiary	(528)	(528)	(528)
Net earnings attributable to TXNM, basic	242,154	87,818	169,530
Total Assets	11,211,733	10,252,605	9,257,377
Goodwill	$ 278,297	278,297	278,297
PNM
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Segment Reporting Information, Profit (Loss) [Abstract]
Administrative and general	$ 63,105	52,554	62,505
Administrative and general - corporate allocation	132,209	124,321	115,416
Customer related expenses	31,246	29,775	26,925
Regulatory disallowances	8,980	70,750	832
Depreciation and amortization	221,780	177,633	180,812
Transmission and distribution costs	61,302	61,725	58,278
Taxes other than income taxes	49,807	48,790	49,210
Total operating expenses	1,097,095	1,320,772	1,505,338
Net other income and (deductions)	61,494	41,358	(62,196)
Interest charges	(106,018)	(86,574)	(61,073)
Income Taxes (Benefits)	29,217	(16,758)	19,198
Valencia non-controlling interest	(16,040)	(18,533)	(15,122)
Preferred Stock Dividend Requirements of Subsidiary	(528)	(528)	(528)
Net earnings attributable to TXNM, basic	191,684	35,657	103,370
Total Assets	7,407,279	6,813,065	6,272,166
Goodwill	$ 51,632	51,632	51,632
TNMP
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Segment Reporting Information, Profit (Loss) [Abstract]
Administrative and general	$ (1,452)	2,710	3,607
Administrative and general - corporate allocation	53,166	47,470	42,293
Customer related expenses	2,997	3,783	3,692
Regulatory disallowances	0	1,173	0
Depreciation and amortization	125,915	113,142	98,316
Transmission and distribution costs	37,078	36,996	36,406
Taxes other than income taxes	44,441	41,311	38,521
Total operating expenses	411,211	385,232	346,763
Net other income and (deductions)	8,725	8,368	8,653
Interest charges	(58,983)	(46,152)	(37,192)
Income Taxes (Benefits)	27,114	17,297	15,161
Valencia non-controlling interest	0	0	0
Preferred Stock Dividend Requirements of Subsidiary	0	0	0
Net earnings attributable to TXNM, basic	103,528	94,937	92,267
Total Assets	3,649,125	3,145,031	2,746,601
Goodwill	226,665	226,665	226,665
Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Administrative and general	151,089	139,010	130,336
Administrative and general - corporate allocation	(185,375)	(171,791)	(157,709)
Customer related expenses	131	68	84
Regulatory disallowances	0	0	0
Depreciation and amortization	37,230	28,728	25,725
Transmission and distribution costs	0	0	0
Taxes other than income taxes	6,332	5,839	5,258
Total operating expenses	9,407	1,854	3,694
Net other income and (deductions)	(15,399)	(182)	(999)
Interest charges	(63,065)	(57,629)	(29,643)
Income Taxes (Benefits)	(34,813)	(16,889)	(8,229)
Valencia non-controlling interest	0	0	0
Preferred Stock Dividend Requirements of Subsidiary	0	0	0
Net earnings attributable to TXNM, basic	(53,058)	(42,776)	(26,107)
Total Assets	155,329	294,509	238,610
Goodwill	0	0	0
Electricity
Segment Reporting Information, Profit (Loss) [Abstract]
Electric Operating Revenues	1,971,199	1,939,198	2,249,555
Cost of Goods and Services Sold	583,984	802,261	987,941
Electricity \| PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Electric Operating Revenues	1,379,088	1,403,948	1,766,825
Electricity \| TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Electric Operating Revenues	592,111	535,250	482,730
Electricity \| Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Electric Operating Revenues	0	0	0
Fuel burn
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	130,380	138,538	299,411
Fuel burn \| PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	130,380	138,538	299,411
Fuel burn \| TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	0	0	0
Fuel burn \| Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	0	0	0
Purchases for resale
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	286,399	499,921	541,828
Purchases for resale \| PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	286,399	499,921	541,828
Purchases for resale \| TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	0	0	0
Purchases for resale \| Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	0	0	0
Transmission by others
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	167,205	163,802	147,158
Transmission by others \| PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	18,139	25,155	23,230
Transmission by others \| TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	149,066	138,647	123,928
Transmission by others \| Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	0	0	0
Trading mark-to-market
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold			(456)
Trading mark-to-market \| PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold			(456)
Trading mark-to-market \| TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold			0
Trading mark-to-market \| Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold			0
Energy production costs
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	93,748	91,610	147,347
Energy production costs \| PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	93,748	91,610	147,347
Energy production costs \| TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	0	0	0
Energy production costs \| Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of Goods and Services Sold	$ 0	$ 0	$ 0

Segment Information - Schedul_2

Segment Information - Schedule of Concentration Risk of Major Customers (Details) - Customer Concentration Risk - Revenue Benchmark	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Customer One
Concentration Risk [Line Items]
Concentration risk (as a percent)	4%	15%	24%
TNMP \| REP A
Concentration Risk [Line Items]
Concentration risk (as a percent)	26%	25%	27%
TNMP \| REP B
Concentration Risk [Line Items]
Concentration risk (as a percent)	20%	19%	20%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,399,051	$ 2,244,926	$ 2,222,929
Total Other Comprehensive Income (Loss)	(12,868)	3,208	5,888
Ending balance	2,583,285	2,399,051	2,244,926
PNM
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2,000,775	1,960,324	2,015,264
Total Other Comprehensive Income (Loss)	(9,203)	7,830	(2,399)
Ending balance	2,184,198	2,000,775	1,960,324
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(62,840)	(66,048)	(71,936)
Amounts reclassified from AOCI (pre-tax)	2,106	6,864	2,101
Income tax impact of amounts reclassified	(535)	(1,743)	(533)
Other OCI changes (pre-tax)	(19,355)	(2,565)	5,792
Income tax impact of other OCI changes	4,916	652	(1,472)
Total Other Comprehensive Income (Loss)	(12,868)	3,208	5,888
Ending balance	(75,708)	(62,840)	(66,048)
Total \| PNM
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(66,505)	(74,335)	(71,936)
Amounts reclassified from AOCI (pre-tax)	(8,242)	(2,423)	3,277
Income tax impact of amounts reclassified	2,094	616	(832)
Other OCI changes (pre-tax)	(4,095)	12,918	(6,493)
Income tax impact of other OCI changes	1,040	(3,281)	1,649
Total Other Comprehensive Income (Loss)	(9,203)	7,830	(2,399)
Ending balance	(75,708)	(66,505)	(74,335)
Unrealized Gains on Available-for-Sale Securities \| PNM
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	10,652	7,422	11,715
Amounts reclassified from AOCI (pre-tax)	(13,108)	(7,199)	(3,827)
Income tax impact of amounts reclassified	3,330	1,828	972
Other OCI changes (pre-tax)	(885)	11,529	(1,928)
Income tax impact of other OCI changes	225	(2,928)	490
Total Other Comprehensive Income (Loss)	(10,438)	3,230	(4,293)
Ending balance	214	10,652	7,422
Pension Liability Adjustment \| PNM
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(77,157)	(81,757)	(83,651)
Amounts reclassified from AOCI (pre-tax)	4,866	4,776	7,104
Income tax impact of amounts reclassified	(1,236)	(1,212)	(1,804)
Other OCI changes (pre-tax)	(3,210)	1,389	(4,565)
Income tax impact of other OCI changes	815	(353)	1,159
Total Other Comprehensive Income (Loss)	1,235	4,600	1,894
Ending balance	(75,922)	(77,157)	(81,757)
Fair Value Adjustment for Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3,665	8,287	0
Amounts reclassified from AOCI (pre-tax)	10,348	9,287	(1,176)
Income tax impact of amounts reclassified	(2,629)	(2,359)	299
Other OCI changes (pre-tax)	(15,260)	(15,483)	12,285
Income tax impact of other OCI changes	3,876	3,933	(3,121)
Total Other Comprehensive Income (Loss)	(3,665)	(4,622)	8,287
Ending balance	$ 0	$ 3,665	$ 8,287

Electric Operating Revenues - N

Electric Operating Revenues - Narrative (Details) - USD ($)	12 Months Ended
Electric Operating Revenues - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2019
Disaggregation of Revenue [Line Items]
Other receivables, allowance for credit loss	$ 0	$ 0
Capitalized contract cost, amortization period			5 years
Contract assets	32,000,000	22,100,000
PNM
Disaggregation of Revenue [Line Items]
Contract with customers, net	$ 94,300,000	$ 93,600,000

Electric Operating Revenues - S

Electric Operating Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 21, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 03, 2024
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		$ 1,959,601	$ 1,914,868	$ 2,250,217
Alternative revenue programs		8,815	6,607	(19,485)
Other electric operating revenue		2,783	17,723	18,823
Total Electric Operating Revenues		1,971,199	1,939,198	2,249,555
PVNGS leased interest
Disaggregation of Revenue [Line Items]
Regulatory liabilities					$ 38,400
Electricity
Disaggregation of Revenue [Line Items]
Total Electric Operating Revenues		1,971,199	1,939,198	2,249,555
Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		298,107	295,306	263,203
Wholesale energy sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		64,903	248,801	534,196
Miscellaneous
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		9,589	9,415	9,207
PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		1,386,025	1,376,806	1,747,310
Alternative revenue programs		(9,720)	9,419	692
Other electric operating revenue		2,783	17,723	18,823
Total Electric Operating Revenues		1,379,088	1,403,948	1,766,825
Regulatory liabilities		552,272	699,867
PNM \| Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		141,058	159,475	149,421
PNM \| Wholesale energy sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		64,903	248,801	534,196
PNM \| Miscellaneous
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		5,776	5,676	5,390
TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		573,576	538,062	502,907
Alternative revenue programs		18,535	(2,812)	(20,177)
Other electric operating revenue		0	0	0
Total Electric Operating Revenues		592,111	535,250	482,730
Regulatory liabilities		230,639	211,455
TNMP \| Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		157,049	135,831	113,782
TNMP \| Wholesale energy sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0	0
TNMP \| Miscellaneous
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		3,813	3,739	3,817
PNMR and PNM \| San Juan Generating Station \| New Mexico Public Regulation Commission
Disaggregation of Revenue [Line Items]
Total Electric Operating Revenues	$ (128,700)
Regulatory liabilities	$ 128,700
Residential \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		744,808	616,401	672,650
Residential \| PNM \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		541,581	425,448	484,699
Residential \| TNMP \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		203,227	190,953	187,951
Commercial \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		627,169	547,218	576,222
Commercial \| PNM \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		460,311	391,964	422,163
Commercial \| TNMP \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		166,858	155,254	154,059
Industrial \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		159,054	135,592	122,021
Industrial \| PNM \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		123,754	90,084	85,102
Industrial \| TNMP \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		35,300	45,508	36,919
Public authority \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		30,490	27,795	27,709
Public authority \| PNM \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		23,161	21,018	21,330
Public authority \| TNMP \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		7,329	6,777	6,379
Economy energy service \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		25,481	34,340	45,009
Economy energy service \| PNM \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		25,481	34,340	45,009
Economy energy service \| TNMP \| Electricity
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		$ 0	$ 0	$ 0

Earnings and Dividends Per Sh_3

Earnings and Dividends Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net earnings attributable to TXNM, basic	$ 242,154	$ 87,818	$ 169,530
Net earnings attributable to TXNM, diluted	$ 242,154	$ 87,818	$ 169,530
Average Number of Common Shares:
Outstanding during year (in shares)	90,214	86,038	85,835
Vested awards of restricted stock (in shares)	320	258	287
Average shares – basic (in shares)	90,534	86,296	86,122
Dilutive Effect of Common Stock Equivalents:
Average shares – diluted (in shares)	90,591	86,369	86,169
Net Earnings Attributable to TXNM Per Share of Common Stock:
Basic (in dollars per share)	$ 2.67	$ 1.02	$ 1.97
Diluted (in dollars per share)	2.67	1.02	1.97
Dividends declared per common share (in dollars per share)	$ 1.57	$ 1.49	$ 1.41
TXNM ATM Programs
Dilutive Effect of Common Stock Equivalents:
TXNM ATM Programs (in shares)	12	38	0
Restricted Stock
Dilutive Effect of Common Stock Equivalents:
Restricted stock (in shares)	45	35	47

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)			12 Months Ended
Stockholders' Equity (Details) - USD ($)	Dec. 30, 2024	Dec. 15, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 02, 2024	Aug. 01, 2024
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			200,000,000	120,000,000
Payment of dividends			$ 775,000,000
TXNM 2024 ATM Program
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	2,458,951
Sale of stock, consideration received on transaction	$ 800,000
Payments of stock issuance costs	$ 98,600,000
Common stock subject to future settlement (in shares)	1,104,641
TXNM 2022 ATM Program
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		4,365,510
Sale of stock, consideration received on transaction	$ 1,000,000
Payments of stock issuance costs	$ 198,200,000
Common stock subject to future settlement (in shares)	0
Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than) (as a percent)			70%
PNM
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			40,000,000	40,000,000
Equity contribution from parent			$ 55,000,000	$ 0	$ 0
Requirement to obtain approval to transfer more than a percentage of PNM's assets			5%
Payment of dividends			$ 509,100,000
Preferred stock, dividend rate (as a percent)			4.58%
Preferred stock, redemption (as a percent)			102%
Preferred stock outstanding (in shares)			115,293	115,293
Preferred stock, cumulative shares authorized (in shares)			10,000,000	10,000,000
PNM \| Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than) (as a percent)			65%
PNM \| Affiliated Entity
Class of Stock [Line Items]
Cash dividends paid			$ 51,000,000	$ 0	153,500,000
TNMP
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			12,000,000	12,000,000
Equity contribution from parent			$ 24,000,000	$ 40,900,000	68,000,000
Payment of dividends			$ 318,000,000
Preferred stock, cumulative shares authorized (in shares)			1,000,000
TNMP \| Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than) (as a percent)			65%
TNMP \| Affiliated Entity
Class of Stock [Line Items]
Cash dividends paid			$ 0	$ 0	$ 0
PNMR and TNMP
Class of Stock [Line Items]
Preferred stock outstanding (in shares)			0
TXNM
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						200,000,000	120,000,000

Financing - Narrative (Details)

Financing - Narrative (Details)	12 Months Ended
Financing - Narrative (Details)	Dec. 31, 2024
PNM
Debt Instrument [Line Items]
Maturity term over which financings require regulator approval (more than)	18 months
Line of Credit \| PNMR and PNMR Development
Debt Instrument [Line Items]
Ratio of debt to capital (less than or equal to)	70%
Line of Credit \| PNM and TNMP
Debt Instrument [Line Items]
Ratio of debt to capital (less than or equal to)	65%

Financing - Financing Activitie

Financing - Financing Activities - TXNM (Narrative) (Details)

3 Months Ended

12 Months Ended

Dec. 31, 2024 USD ($) $ / shares shares

Dec. 30, 2024 shares

Aug. 05, 2024 USD ($) $ / shares

Jun. 21, 2024 USD ($)

Jun. 10, 2024 USD ($) d deferralPayment $ / shares

Jun. 04, 2024

May 06, 2024 USD ($) $ / shares

Jun. 30, 2023 USD ($)

Nov. 10, 2022 USD ($) $ / shares

Dec. 31, 2024 USD ($) $ / shares shares

Sep. 30, 2024 $ / shares shares

Jun. 30, 2024 $ / shares shares

Dec. 31, 2024 USD ($) $ / shares shares

Dec. 31, 2023 $ / shares shares

Dec. 31, 2022 USD ($)

Debt Instrument [Line Items]

Common stock, no par value (in dollars per share) | $ / shares

$ 0

Forward contracts, issuance costs

$ 1,000,000

Forward contracts, net cash proceeds

$ 198,200,000

Shares (in shares) | shares

1,104,641

2,196,926

262,025

2,458,951

4,365,510

Initial forward price (in dollars per share) | $ / shares

$ 44.83

$ 40.58

$ 37.77

TXNM 2022 ATM Program

Debt Instrument [Line Items]

Distribution agreement, aggregate value

$ 200,000,000

Common stock, no par value (in dollars per share) | $ / shares

$ 0

TXNM 2024 ATM Program

Debt Instrument [Line Items]

Distribution agreement, aggregate value

$ 300,000,000

$ 100,000,000

Common stock, no par value (in dollars per share) | $ / shares

$ 0

Forward contracts, issuance costs

$ 800,000

Forward contracts, net cash proceeds

$ 98,600,000

Shares (in shares) | shares

1,104,641

2,458,951

TXNM 2021 Delayed-Draw Term Loan due May 2025

Debt Instrument [Line Items]

Repayments of debt

$ 449,000,000

$ 500,000,000

TXNM 2021 Delayed-Draw Term Loan due May 2025 | Bonds | TXNM

Debt Instrument [Line Items]

Aggregate principal amount

$ 1,000,000,000

TXNM 2021 Delayed-Draw Term Loan due May 2025 | Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Interest rates on outstanding borrowings (as a percent)

5.41%

TXNM 2023 Term Loan

Debt Instrument [Line Items]

Repayments of debt

90,000,000

TXNM 2023 Term Loan | Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Repayments of debt

90,000,000

TXNM 2023 Term Loan | Secured Debt

Debt Instrument [Line Items]

Aggregate principal amount

$ 500,000,000

Variable rate (as a percent)

5.81%

Five Point Seven Five Percent, Convertible Notes Due June Twenty Fifty Four | Convertible Debt

Debt Instrument [Line Items]

Aggregate principal amount

$ 500,000,000

Stated percentage (as a percent)

5.75%

Conversion ratio

0.0224911

Conversion price (in dollars per share) | $ / shares

$ 44.46

Conversion premium (as a percent)

17.50%

Number of deferral payments allowed | deferralPayment

Five Point Seven Five Percent, Convertible Notes Due June Twenty Fifty Four | Convertible Debt | Debt Conversion Terms One

Debt Instrument [Line Items]

Redemption price (as a percent)

100%

Five Point Seven Five Percent, Convertible Notes Due June Twenty Fifty Four | Convertible Debt | Debt Conversion Terms Two

Debt Instrument [Line Items]

Redemption price (as a percent)

100%

Threshold stock price trigger (as a percent)

130%

Threshold trading days | d

Threshold consecutive trading days | d

Five Point Seven Five Percent, Convertible Notes Due June Twenty Fifty Four - Option | Convertible Debt

Debt Instrument [Line Items]

Aggregate principal amount

50,000,000

TXNM 2021 Delayed Draw Term Loan | Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Repayments of debt

$ 449,000,000

Financing - Schedule of Forward

Financing - Schedule of Forward Contracts Indexed to Issuer's Equity (Details) - USD ($) $ / shares in Units, $ in Thousands												3 Months Ended			12 Months Ended
	Sep. 16, 2024	Aug. 30, 2024	Aug. 23, 2024	Aug. 16, 2024	Aug. 13, 2024	May 13, 2024	Sep. 26, 2023	Jun. 30, 2023	May 30, 2023	Mar. 20, 2023	Mar. 15, 2023	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)												$ 44.83	$ 40.58	$ 37.77
Shares (in shares)												1,104,641	2,196,926	262,025	2,458,951	4,365,510
Settlement amount												$ 99,385			$ 99,385	$ 199,210
Bank of America
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)						$ 37.76					$ 48.49
Shares (in shares)						262,025					504,452
Settlement price (in dollars per share)						$ 38.01					$ 49
Settlement amount						$ 9,960					$ 24,720
Wells Fargo Bank
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)	$ 40.77						$ 44.03			$ 48.30
Shares (in shares)	1,226,311						2,283,860			528,082
Settlement price (in dollars per share)	$ 40.85						$ 44.11			$ 48.78
Settlement amount	$ 50,093						$ 100,734			$ 25,758
MUFG
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)				$ 40.26				$ 44.87	$ 47.56
Shares (in shares)				261,066				804,477	244,639
Settlement price (in dollars per share)				$ 40.48				$ 45.07	$ 47.99
Settlement amount				$ 10,568				$ 36,257	$ 11,741
Citibank, N.A.
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)					$ 39.98
Shares (in shares)					113,014
Settlement price (in dollars per share)					$ 40.21
Settlement amount					$ 4,545
Royal Bank of Canada
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)			$ 40.36
Shares (in shares)			284,952
Settlement price (in dollars per share)			$ 40.56
Settlement amount			$ 11,558
The Bank of Nova Scotia
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)		$ 40.47
Shares (in shares)		311,583
Settlement price (in dollars per share)		$ 40.64
Settlement amount		$ 12,661

Financing - Financing Activit_2

Financing - Financing Activities - PNM (Narrative) (Details)

12 Months Ended

Nov. 15, 2023 USD ($)

May 15, 2023 USD ($)

Sep. 30, 2022 USD ($)

Aug. 05, 2022 USD ($)

Jun. 18, 2021 USD ($)

Dec. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Jan. 21, 2025 USD ($)

Jun. 03, 2024 USD ($)

May 10, 2024 USD ($)

Jun. 01, 2023 USD ($)

Apr. 28, 2023 USD ($) debtInstrument

Jun. 01, 2022 USD ($) derivative

Dec. 31, 2021 USD ($)

Debt Instrument [Line Items]

Repayments of debt

$ 819,529,000

$ 910,000,000

$ 179,500,000

Interest Rate Contract | Cash Flow Hedge

Debt Instrument [Line Items]

Derivative asset, number of instruments held | derivative

PNM

Debt Instrument [Line Items]

Repayments of debt

$ 200,529,000

410,000,000

179,500,000

5.92% due April 2053 | PNM | Notes Payable to Banks

Debt Instrument [Line Items]

Aggregate principal amount

$ 75,000,000

5.51% due April 2035 | PNM

Debt Instrument [Line Items]

Repayments of debt

$ 40,000,000

Pollution Control Revenue Bonds | PNM | Bonds

Debt Instrument [Line Items]

Term loans

$ 31,500,000

$ 104,500,000

Pollution Control Revenue Bonds Due June 2038 | PNM | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

36,000,000

$ 36,000,000

Stated percentage (as a percent)

1.05%

Pollution Control Revenue Bonds Due June 2040, 1 | PNM | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 37,000,000

Stated percentage (as a percent)

2.125%

Pollution Control Revenue Bonds Due June 2040, 2 | PNM | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 11,500,000

Stated percentage (as a percent)

1.20%

Pollution Control Revenue Bonds Due June 2042 | PNM | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 20,000,000

Stated percentage (as a percent)

2.45%

Pollution Control Revenue Bonds Due June 2024 | PNM | Bonds

Debt Instrument [Line Items]

Stated percentage (as a percent)

PNM 2022 Delayed-Draw Term Loan | Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Repayments of debt

$ 225,000,000

Financing capacity

$ 225,000,000

Proceeds from long-term lines of credit

$ 45,000,000

$ 180,000,000

Pollution Control Revenue Bonds, 1.1%, Due 2040 | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 130,000,000

Stated percentage (as a percent)

1.10%

Pollution Control Revenue Bonds, 3.90%, Due 2028 | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 130,000,000

Stated percentage (as a percent)

3.90%

PNM 3.15%, Senior Unsecured Notes, Due May 2023 | Senior Unsecured Notes

Debt Instrument [Line Items]

Stated percentage (as a percent)

3.15%

Repayments of debt

$ 55,000,000

PNM 3.15%, Senior Unsecured Notes, Due May 2023 | PNM | Senior Unsecured Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 55,000,000

Stated percentage (as a percent)

3.15%

PNM 2023 Note Purchase Agreement | PNM | Senior Unsecured Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 200,000,000

Number of debt issuances | debtInstrument

PNM 2023 SUNs at 5.15% Due April 28, 2035 | PNM | Senior Unsecured Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 150,000,000

Stated percentage (as a percent)

5.51%

PNM 2023 SUNs at 5.92% Due April 28, 2053 | PNM | Senior Unsecured Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Stated percentage (as a percent)

5.92%

PNM 2024 Term Loan | Secured Debt

Debt Instrument [Line Items]

Aggregate principal amount

$ 200,000,000

Variable rate (as a percent)

5.40%

PCRBs, 3.00% Due 2040 | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 37,000,000

Stated percentage (as a percent)

PCRBs, 1.15% Due 2040 | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 125,000,000

Stated percentage (as a percent)

1.15%

PCRBs, 3.00% Due 2038 | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 36,000,000

Stated percentage (as a percent)

PCRBs, 3.875% Due 2029 | Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 198,000,000

Stated percentage (as a percent)

3.875%

PNM 2025 Term Loan | Secured Debt | Subsequent Event

Debt Instrument [Line Items]

Aggregate principal amount

$ 195,000,000

Financing - Financing Activit_3

Financing - Financing Activities - ETBC I (Narrative) (Details)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 15, 2023 USD ($) tranche
Debt Instrument [Line Items]
Current installments of long-term debt	$ 611,603,000	$ 280,169,000
PNM
Debt Instrument [Line Items]
Current installments of long-term debt	560,637,000	200,222,000
Securitized Bonds
Debt Instrument [Line Items]
Current installments of long-term debt	6,907,000	2,529,000
Securitized Bonds \| PNM
Debt Instrument [Line Items]
Current installments of long-term debt	$ 6,907,000	$ 2,529,000
Securitized Bonds \| Senior Secured Notes, Energy Transition Bonds \| PNM
Debt Instrument [Line Items]
Aggregate principal amount			$ 343,200,000
Number of tranches \| tranche			2
Securitized Bonds, 5.64% \| Senior Secured Notes, Energy Transition Bonds \| PNM
Debt Instrument [Line Items]
Aggregate principal amount			$ 175,000,000
Stated percentage (as a percent)			5.64%
Securitized Bonds, 6.03% \| Senior Secured Notes, Energy Transition Bonds \| PNM
Debt Instrument [Line Items]
Aggregate principal amount			$ 168,200,000
Stated percentage (as a percent)			6.03%

Financing - Financing Activit_4

Financing - Financing Activities - TNMP (Narrative) (Details) - TNMP	Feb. 14, 2025 USD ($)	Mar. 28, 2024 USD ($) bond	Apr. 28, 2023 USD ($) bond	Apr. 27, 2022 USD ($) bond
TNMP 2022 Bond Purchase Agreement \| Bonds
Debt Instrument [Line Items]
Aggregate principal amount				$ 160,000,000
Series of bond issuance \| bond				2
TNMP 2022 Bond Purchase Agreement at 4.13% Due May 12, 2022 \| Bonds
Debt Instrument [Line Items]
Aggregate principal amount				$ 65,000,000
Stated percentage (as a percent)				4.13%
TNMP 2022 Bond Purchase Agreement at 3.81% Due July 28, 2032 \| Bonds
Debt Instrument [Line Items]
Aggregate principal amount				$ 95,000,000
Stated percentage (as a percent)				3.81%
TNMP 2023 Bond Purchase Agreement \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 185,000,000
Series of bond issuance \| bond			2
TNMP 2023 Bond Purchase Agreement , 5.01%, Due April 28, 2033 \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 130,000,000
Stated percentage (as a percent)			5.01%
TNMP 2023 Bond Purchase Agreement At 5.47%, Due July 28, 2053 \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 55,000,000
Stated percentage (as a percent)			5.47%
TNMP 2024 Bond Purchase Agreement \| Bonds
Debt Instrument [Line Items]
Aggregate principal amount		$ 285,000,000
Series of bond issuance \| bond		4
TNMP 2024 Bond Purchase Agreement at 5.26% Due March 28, 2029 \| Bonds
Debt Instrument [Line Items]
Aggregate principal amount		$ 32,000,000
Stated percentage (as a percent)		5.26%
TNMP 2024 Bond Purchase Agreement at 5.55% Due March 28, 2036 \| Bonds
Debt Instrument [Line Items]
Aggregate principal amount		$ 85,000,000
Stated percentage (as a percent)		5.55%
TNMP 2024 Bond Purchase Agreement at 5.65% Due July 01, 2039 \| Bonds
Debt Instrument [Line Items]
Aggregate principal amount		$ 40,000,000
Stated percentage (as a percent)		5.65%
TNMP 2024 Bond Purchase Agreement at 5.79% Due July 01, 2054 \| Bonds
Debt Instrument [Line Items]
Aggregate principal amount		$ 128,000,000
Stated percentage (as a percent)		5.79%
TNMP FMBs 2024 Bond Purchase Agreement at 4.03% Due July 2024 \| Bonds
Debt Instrument [Line Items]
Aggregate principal amount		$ 80,000,000
Stated percentage (as a percent)		4.03%
TNMP 2025 Bond Purchase Agreement \| Senior Unsecured Notes \| Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount	$ 140,000,000
Stated percentage (as a percent)	5.19%
TNMP 2024 Bond Purchase Agreement, 5.26% And 5.55% Bonds \| Bonds
Debt Instrument [Line Items]
Series of bond issuance \| bond		2

Financing - Schedule of Interes

Financing - Schedule of Interest Rate Hedging Activities of Hedging Agreements (Details) - Designated as Hedging Instrument - Interest Rate Contract $ in Thousands	Dec. 31, 2024 USD ($)
Variable Rate Debt, 4.57%, Due September 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 150,000
Established fixed rate (as a percent)	4.57%
Variable Rate Debt, 4.65%, Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	4.65%
Variable Rate Debt, 4.66%, Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	4.66%
Variable Rate Debt, 4.17% Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	4.17%
Variable Rate Debt, 4.18%, Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	4.18%
Variable Rate Debt, 2.52%, Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	2.52%
Variable Rate Debt, 2.65% Due December 2023 (1)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 150,000
Established fixed rate (as a percent)	2.65%
Variable Rate Debt, 2.65%, Due December 2023 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 200,000
Established fixed rate (as a percent)	2.65%
Variable Rate Debt, 3.32%, Due December 2024 (1)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	3.32%
Variable Rate Debt, 3.32%, Due December 2024 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	3.32%
Variable Rate Debt, 3.38%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	3.38%
Variable Rate Debt, 3.62%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 150,000
Established fixed rate (as a percent)	3.62%
Variable Rate Debt, 3.57%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 150,000
Established fixed rate (as a percent)	3.57%
Variable Rate Debt, 4.18%, Due December 2025 (1)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	4.18%
Variable Rate Debt, 4.18%, Due December 2025 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	4.18%
Variable Rate Debt, 3.99%, Due December 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt hedged	$ 100,000
Established fixed rate (as a percent)	3.99%

Financing - Financing Activit_5

Financing - Financing Activities - Interest Rate Hedging Activities (Narrative) (Details) - USD ($)	Dec. 31, 2024	Nov. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges derivative instruments, unwound and settled		$ 300,000,000
Cash flow hedge derivative instruments matured	$ 600,000,000
Cash flow hedge derivative instruments at fair value	$ 0
Other Current Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge derivative instrument assets at fair value			$ 7,200,000
Other Deferred Costs Net Including Deferred Finance Costs
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge derivative instrument assets at fair value			$ 2,300,000

Financing - Borrowing Arrangeme

Financing - Borrowing Arrangements Between TXNM and its Subsidiaries (Narrative) (Details) - Related Party - USD ($)	Dec. 31, 2024	Dec. 31, 2023
PNM and TNMP
Debt Instrument [Line Items]
Notes payable	$ 0	$ 0
PNMR Development
Debt Instrument [Line Items]
Notes payable	0	2,300,000
TXNM
Debt Instrument [Line Items]
Notes payable	1,500,000	$ 0
Maximum
Debt Instrument [Line Items]
Notes payable	$ 150,000,000

Financing - Short-Term Debt and

Financing - Short-Term Debt and Liquidity (Narrative) (Details)		12 Months Ended
	Apr. 01, 2024 USD ($) extension_option	Dec. 31, 2024 USD ($) extension_option	May 20, 2022 USD ($)	May 13, 2022 USD ($)	Mar. 11, 2022 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding		$ 3,100,000
JPMorgan Chase Bank, N.A.
Short-term Debt [Line Items]
Letters of credit outstanding		30,300,000
PNM
Short-term Debt [Line Items]
Letters of credit outstanding		0
PNM \| Lines of Credit
Short-term Debt [Line Items]
NMPRC approved credit facility			$ 40,000,000
TNMP
Short-term Debt [Line Items]
Letters of credit outstanding		0
TNMP \| Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity	$ 200,000,000	$ 200,000,000		$ 100,000,000	$ 100,000,000
Number of extensions \| extension_option	2	2
Extension period	1 year	1 year
TNMP \| Revolving Credit Facility \| 9.50% due April 2019
Short-term Debt [Line Items]
Collateral amount				$ 100,000,000
TNMP \| Revolving Credit Facility \| First Mortgage Bonds Due 2029
Short-term Debt [Line Items]
Collateral amount		$ 200,000,000
TXNM Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity		$ 300,000,000
TXNM Revolving Credit Facility \| PNM Resources
Short-term Debt [Line Items]
Interest rates on outstanding borrowings (as a percent)		5.96%
PNM Revolving Credit Facility \| PNM Resources
Short-term Debt [Line Items]
Interest rates on outstanding borrowings (as a percent)		5.73%
PNM Revolving Credit Facility \| PNM
Short-term Debt [Line Items]
Financing capacity		$ 400,000,000
TNMP Revolving Credit Facility \| PNM Resources
Short-term Debt [Line Items]
Interest rates on outstanding borrowings (as a percent)		5.37%
PNM New Mexico Credit Facility \| PNM Resources
Short-term Debt [Line Items]
Interest rates on outstanding borrowings (as a percent)		5.81%

Financing - Schedule of Short-T

Financing - Schedule of Short-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Short-term debt	$ 609,300	$ 261,900
PNM
Short-term Debt [Line Items]
Short-term debt	363,800	137,500
TNMP
Short-term Debt [Line Items]
Short-term debt	151,600	55,100
PNM Revolving Credit Facility \| PNM
Short-term Debt [Line Items]
Short-term debt	323,800	107,500
PNM New Mexico Credit Facility \| PNM
Short-term Debt [Line Items]
Short-term debt	40,000	30,000
TNMP Revolving Credit Facility \| TNMP
Short-term Debt [Line Items]
Short-term debt	151,600	55,100
TXNM Revolving Credit Facility
Short-term Debt [Line Items]
Short-term debt	$ 93,900	$ 69,300

Financing - Schedule of Long-Te

Financing - Schedule of Long-Term Debt Outstanding and Unamortized (Premiums), Discounts, and Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 15,846	$ 3,932
Total	4,939,214	4,525,743
Principal, less current maturities	611,907	280,529
Unamortized discounts, (premiums), and issuance costs, net, less current maturities	304	360
Long-term debt, excluding current maturities, gross	4,327,307	4,245,214
Unamortized discounts, (premiums), and issuance costs, net, excluding current maturities	15,542	3,572
PNM
Debt Instrument [Line Items]
Unamortized Discounts, (Premiums), and Issuance Costs, net	10,424	10,765
Total	2,470,016	2,272,545
Principal, less current maturities	560,907	200,529
Unamortized discounts, (premiums), and issuance costs, net, less current maturities	270	307
Long-term debt, excluding current maturities, gross	1,909,109	2,072,016
Unamortized discounts, (premiums), and issuance costs, net, excluding current maturities	10,154	10,458
PNM \| Senior Secured Notes, Energy Transition Bonds \| Series A-1, 5.64%
Debt Instrument [Line Items]
Secured long-term debt, noncurrent	172,471	175,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 1,025	1,093
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| Series A-1, 5.64%
Debt Instrument [Line Items]
Stated percentage (as a percent)	5.64%
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| Series A-2, 6.03%
Debt Instrument [Line Items]
Secured long-term debt, noncurrent	$ 168,200	168,200
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 1,014	1,057
Stated percentage (as a percent)	6.03%
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| 2.15% due April 2033
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 146,000	146,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 736	824
Stated percentage (as a percent)	2.15%
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| 3.00% due June 2040, mandatory tender - June 1, 2024
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 0	37,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 0	88
Stated percentage (as a percent)	3%
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| 0.875% mandatory tender - October 1, 2026
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 100,345	100,345
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 257	403
Stated percentage (as a percent)	0.875%
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| 3.00% due January 2038, mandatory tender - June 1, 2024
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 0	36,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 0	87
Stated percentage (as a percent)	3%
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| 1.15% due June 2040, mandatory tender - June 1, 2024
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 0	125,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 0	132
Stated percentage (as a percent)	1.15%
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| 3.90% due June 2040, mandatory tender - June 1, 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 130,000	130,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 796	1,029
Stated percentage (as a percent)	3.90%
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| 3.875% due June 2040, mandatory tender - June 1, 2029
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 162,000	0
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 1,158	0
Stated percentage (as a percent)	3.875%
PNM \| Senior Unsecured Notes, Pollution Control Revenue Bonds: \| 3.875% due January 2038, mandatory tender - June 1, 2029
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 36,000	0
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 258	0
Stated percentage (as a percent)	3.875%
PNM \| Senior Unsecured Notes: \| 3.45% due May 2025
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 104,000	104,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 39	143
Stated percentage (as a percent)	3.45%
PNM \| Senior Unsecured Notes: \| 3.85% due August 2025
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 250,000	250,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 174	477
Stated percentage (as a percent)	3.85%
PNM \| Senior Unsecured Notes: \| 3.68% due May 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 88,000	88,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 209	271
Stated percentage (as a percent)	3.68%
PNM \| Senior Unsecured Notes: \| 3.78% due August 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 15,000	15,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 38	48
Stated percentage (as a percent)	3.78%
PNM \| Senior Unsecured Notes: \| 3.93% due May 2033
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 38,000	38,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 149	167
Stated percentage (as a percent)	3.93%
PNM \| Senior Unsecured Notes: \| 4.22% due May 2038
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 45,000	45,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 212	228
Stated percentage (as a percent)	4.22%
PNM \| Senior Unsecured Notes: \| 4.50% due May 2048
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 20,000	20,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 110	114
Stated percentage (as a percent)	4.50%
PNM \| Senior Unsecured Notes: \| 4.60% due August 2048
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 85,000	85,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 470	490
Stated percentage (as a percent)	4.60%
PNM \| Senior Unsecured Notes: \| 3.21% due April 2030
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 150,000	150,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 852	1,011
Stated percentage (as a percent)	3.21%
PNM \| Senior Unsecured Notes: \| 3.57% due April 2039
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 50,000	50,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 398	426
Stated percentage (as a percent)	3.57%
PNM \| Senior Unsecured Notes: \| 2.59% due July 2033
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 80,000	80,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 328	366
Stated percentage (as a percent)	2.59%
PNM \| Senior Unsecured Notes: \| 3.14% due July 2041
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 80,000	80,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 381	404
Stated percentage (as a percent)	3.14%
PNM \| Senior Unsecured Notes: \| 2.29% due December 2031
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 50,000	50,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 205	235
Stated percentage (as a percent)	2.29%
PNM \| Senior Unsecured Notes: \| 2.97% due December 2041
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 100,000	100,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 499	528
Stated percentage (as a percent)	2.97%
PNM \| Senior Unsecured Notes: \| 5.51% due April 2035
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 150,000	150,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 779	854
Stated percentage (as a percent)	5.51%
PNM \| Senior Unsecured Notes: \| 5.92% due April 2053
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 50,000	50,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 280	290
Stated percentage (as a percent)	5.92%
PNM \| Senior Unsecured Notes: \| PNM 2024 $200.0 Million Term Loan due November 2025
Debt Instrument [Line Items]
Term loans	$ 200,000	0
Unamortized Discounts, (Premiums), and Issuance Costs, net	57	0
TNMP
Debt Instrument [Line Items]
Unamortized Discounts, (Premiums), and Issuance Costs, net	(5,881)	(7,682)
Total	1,458,198	1,253,198
Principal, less current maturities	0	80,000
Unamortized discounts, (premiums), and issuance costs, net, less current maturities	0	53
Long-term debt, excluding current maturities, gross	1,458,198	1,173,198
Unamortized discounts, (premiums), and issuance costs, net, excluding current maturities	(5,881)	(7,735)
TNMP \| First Mortgage Bonds: \| 6.95% due April 2043
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	93,198	93,198
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ (13,056)	(13,771)
Stated percentage (as a percent)	6.95%
TNMP \| First Mortgage Bonds: \| 4.03% due July 2024
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 0	80,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 0	53
Stated percentage (as a percent)	4.03%
TNMP \| First Mortgage Bonds: \| 3.53% due February 2026
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 60,000	60,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 91	174
Stated percentage (as a percent)	3.53%
TNMP \| First Mortgage Bonds: \| 3.22% due August 2027
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 60,000	60,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 152	209
Stated percentage (as a percent)	3.22%
TNMP \| First Mortgage Bonds: \| 3.85% due June 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 60,000	60,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 219	281
Stated percentage (as a percent)	3.85%
TNMP \| First Mortgage Bonds: \| 3.79% due March 2034
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 75,000	75,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 347	385
Stated percentage (as a percent)	3.79%
TNMP \| First Mortgage Bonds: \| 3.92% due March 2039
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 75,000	75,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 401	429
Stated percentage (as a percent)	3.92%
TNMP \| First Mortgage Bonds: \| 4.06% due March 2044
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 75,000	75,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 433	456
Stated percentage (as a percent)	4.06%
TNMP \| First Mortgage Bonds: \| 3.60% due July 2029
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 80,000	80,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 270	330
Stated percentage (as a percent)	3.60%
TNMP \| First Mortgage Bonds: \| 2.73% due April 2030
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 85,000	85,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 445	530
Stated percentage (as a percent)	2.73%
TNMP \| First Mortgage Bonds: \| 3.36% due April 2050
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 25,000	25,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 210	218
Stated percentage (as a percent)	3.36%
TNMP \| First Mortgage Bonds: \| 2.93% due July 2035
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 25,000	25,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 175	191
Stated percentage (as a percent)	2.93%
TNMP \| First Mortgage Bonds: \| 3.36% due July 2050
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 50,000	50,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 424	441
Stated percentage (as a percent)	3.36%
TNMP \| First Mortgage Bonds: \| 2.44% due August 2035
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 65,000	65,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 382	418
Stated percentage (as a percent)	2.44%
TNMP \| First Mortgage Bonds: \| 4.13% due May 2052
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 65,000	65,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 409	424
Stated percentage (as a percent)	4.13%
TNMP \| First Mortgage Bonds: \| 3.81% due July 2032
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 95,000	95,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 505	572
Stated percentage (as a percent)	3.81%
TNMP \| First Mortgage Bonds: \| 5.01% due April 2033
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 130,000	130,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 610	682
Stated percentage (as a percent)	5.01%
TNMP \| First Mortgage Bonds: \| 5.47% due July 2053
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 55,000	55,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 286	296
Stated percentage (as a percent)	5.47%
TNMP \| First Mortgage Bonds: \| 5.26% due March 2029
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 32,000	0
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 189	0
Stated percentage (as a percent)	5.26%
TNMP \| First Mortgage Bonds: \| 5.55% due March 2036
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 85,000	0
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 538	0
Stated percentage (as a percent)	5.55%
TNMP \| First Mortgage Bonds: \| 5.65% due July 2039
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 40,000	0
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 256	0
Stated percentage (as a percent)	5.65%
TNMP \| First Mortgage Bonds: \| 5.79% due July 2054
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 128,000	0
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 833	0
Stated percentage (as a percent)	5.79%
TXNM
Debt Instrument [Line Items]
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 11,303	849
Total	1,011,000	1,000,000
Principal, less current maturities	51,000	0
Unamortized discounts, (premiums), and issuance costs, net, less current maturities	34	0
Long-term debt, excluding current maturities, gross	960,000	1,000,000
Unamortized discounts, (premiums), and issuance costs, net, excluding current maturities	11,269	849
TXNM \| TXNM 2021 Delayed-Draw Term Loan due May 2025
Debt Instrument [Line Items]
Term loans	51,000	500,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	34	114
TXNM \| TXNM 2023 Term Loan due June 2026
Debt Instrument [Line Items]
Term loans	410,000	500,000
Unamortized Discounts, (Premiums), and Issuance Costs, net	441	735
TXNM \| 5.75% TXNM Junior Subordinated Convertible Notes due June 2054
Debt Instrument [Line Items]
Term loans	550,000	0
Unamortized Discounts, (Premiums), and Issuance Costs, net	$ 10,828	$ 0
Stated percentage (as a percent)	5.75%

Financing - Schedule of Long-_2

Financing - Schedule of Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-term Debt, by Maturity [Abstract]
2025	$ 611,907
2026	577,648
2027	67,721
2028	301,162
2029	318,629
Thereafter	3,062,147
Total	4,939,214	$ 4,525,743
TXNM
Long-term Debt, by Maturity [Abstract]
2025	51,000
2026	410,000
2027	0
2028	0
2029	0
Thereafter	550,000
Total	1,011,000	1,000,000
PNM
Long-term Debt, by Maturity [Abstract]
2025	560,907
2026	107,648
2027	7,721
2028	241,162
2029	206,629
Thereafter	1,345,949
Total	2,470,016	2,272,545
TNMP
Long-term Debt, by Maturity [Abstract]
2025	0
2026	60,000
2027	60,000
2028	60,000
2029	112,000
Thereafter	1,166,198
Total	$ 1,458,198	$ 1,253,198

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
Lease Commitments - Narrative (Details) $ in Thousands	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) MW	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 15, 2016 lease	Jan. 15, 2015 lease
Lessee, Lease, Description [Line Items]
Proceeds from sale of plant assets			$ 2,840	$ 32,654	$ 0
Decrease in inventories			(33,804)	(31,301)	(8,528)
Unamortized cost of prepaid right-of-way agreements			67,100	56,200
Amortization of prepaid right-of-way agreements			4,300	3,500	3,800
Operating lease assets, net of amortization			$ 272,894	182,201
Non-lease component, percent of lease liability			25.50%
Lessee, operating lease, unguaranteed residual value			$ 23,300
Lease not yet commenced, expected fixed consideration			$ 226,300
Lease not yet commenced, term			20 years
Materials, Supplies, and Fuel Stock
Lessee, Lease, Description [Line Items]
Decrease in inventories		$ 5,300
PNM
Lessee, Lease, Description [Line Items]
Proceeds from sale of plant assets			$ 2,840	32,654	0
Decrease in inventories			(25,915)	(25,681)	(4,804)
Operating lease assets, net of amortization			271,433	180,370
Lessee, operating lease, unguaranteed residual value			12,700
TNMP
Lessee, Lease, Description [Line Items]
Decrease in inventories			(7,889)	(5,620)	$ (3,723)
Operating lease assets, net of amortization			923	$ 1,814
Lessee, operating lease, unguaranteed residual value			10,400
Palo Verde Nuclear Generating Station, Units 1 and 4 \| PNM
Lessee, Lease, Description [Line Items]
Number of leases expiring \| lease							4
Number of leases under which lease term was extended \| lease							4
Palo Verde Nuclear Generating Station, Unit 2 \| PNM
Lessee, Lease, Description [Line Items]
Number of leases expiring \| lease						4
Number of leases under which lease term was extended \| lease						1
Navajo Nation \| PNM
Lessee, Lease, Description [Line Items]
Right-of-way lease, annual payments			6,000
Right-of-way lease, payments			8,600
PNM Owned Assets
Lessee, Lease, Description [Line Items]
Proceeds from sale of plant assets	$ 3,400	33,700
Net Utility Plant
Lessee, Lease, Description [Line Items]
Proceeds from sale of plant assets		$ 28,400
Nuclear Fuel \| Net Utility Plant
Lessee, Lease, Description [Line Items]
Proceeds from sale of plant assets	2,800
Nuclear Fuel \| Materials and supplies
Lessee, Lease, Description [Line Items]
Proceeds from sale of plant assets	$ 600
Equipment
Lessee, Lease, Description [Line Items]
Operating lease, residual value of leased asset			1,600
Equipment \| PNM
Lessee, Lease, Description [Line Items]
Operating lease, residual value of leased asset			700
Equipment \| TNMP
Lessee, Lease, Description [Line Items]
Operating lease, residual value of leased asset			900
Energy Storage
Lessee, Lease, Description [Line Items]
Operating lease assets, net of amortization			$ 101,500
Energy Storage \| PNM
Lessee, Lease, Description [Line Items]
Number of megawatts in battery storage facilities (in megawatts) \| MW			100

Lease Commitments - Schedule of

Lease Commitments - Schedule of Information Related to Operating Leases Recorded on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating leases:
Operating lease assets, net of amortization	$ 272,894	$ 182,201
Current portion of operating lease liabilities	14,293	12,267
Long-term portion of operating lease liabilities	255,376	167,000
PNM
Operating leases:
Operating lease assets, net of amortization	271,433	180,370
Current portion of operating lease liabilities	13,542	11,371
Long-term portion of operating lease liabilities	254,702	166,191
TNMP
Operating leases:
Operating lease assets, net of amortization	923	1,814
Current portion of operating lease liabilities	713	895
Long-term portion of operating lease liabilities	$ 167	$ 809

Lease Commitments - Scheule of

Lease Commitments - Scheule of Information Related to Finance Leases Recorded on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financing leases:
Non-utility property	$ 50,144	$ 49,981
Accumulated depreciation	$ (24,604)	$ (23,905)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Non-utility property, including financing leases	Non-utility property, including financing leases
Non-utility property, net	$ 25,540	$ 26,076
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 9,126	$ 8,776
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other deferred credits	Other deferred credits
Other deferred credits	$ 16,470	$ 17,326
PNM
Financing leases:
Non-utility property	24,548	25,425
Accumulated depreciation	(10,997)	(11,984)
Non-utility property, net	$ 13,551	$ 13,441
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 4,311	$ 4,146
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other deferred credits	Other deferred credits
Other deferred credits	$ 9,262	$ 9,300
TNMP
Financing leases:
Non-utility property	24,420	24,487
Accumulated depreciation	(13,411)	(11,869)
Non-utility property, net	$ 11,009	$ 12,618
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 4,527	$ 4,616
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other deferred credits	Other deferred credits
Other deferred credits	$ 6,504	$ 8,023

Lease Commitments - Schedule _2

Lease Commitments - Schedule of Weighted Average Remaining Lease Terms and Weighted Average Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Weighted average remaining lease term (years):
Operating leases	17 years 5 months 12 days	16 years 7 months 24 days
Financing leases	3 years 2 months 12 days	3 years 5 months 12 days
Weighted average discount rate:
Operating leases	5.68%	5.60%
Financing leases	5.12%	4.58%
PNM
Weighted average remaining lease term (years):
Operating leases	17 years 6 months 7 days	16 years 9 months 14 days
Financing leases	3 years 6 months 3 days	3 years 9 months 21 days
Weighted average discount rate:
Operating leases	5.68%	5.61%
Financing leases	5.08%	4.54%
TNMP
Weighted average remaining lease term (years):
Operating leases	1 year 1 month 6 days	1 year 7 months 24 days
Financing leases	2 years 9 months 18 days	3 years 29 days
Weighted average discount rate:
Operating leases	4.41%	4.16%
Financing leases	5.19%	4.63%

Lease Commitments - Schedule _3

Lease Commitments - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating lease cost:
Amounts capitalized	$ (894)	$ (1,672)	$ (2,417)
Other operating leases	21,138	15,285	26,418
Financing lease cost:
Amortization of right-of-use assets	9,889	9,253	6,529
Interest on lease liabilities	1,229	1,060	659
Amounts capitalized	(7,875)	(7,440)	(5,471)
Total financing lease expense	3,243	2,873	1,717
Variable lease expense	3,900	1,342	890
Short-term lease expense	787	782	3,109
Total lease expense for the period	29,068	20,282	32,134
Energy storage leases
Operating lease cost:
Operating lease cost	13,353	4,351
Other operating leases
Operating lease cost:
Operating lease cost	8,679	12,606	28,835
Cooling Towers
Financing lease cost:
Short-term lease expense			2,700
Insurance settlements receivable			2,700
PNM
Operating lease cost:
Amounts capitalized	(101)	(374)	(690)
Other operating leases	20,974	15,104	26,074
Financing lease cost:
Amortization of right-of-use assets	4,554	4,566	3,175
Interest on lease liabilities	603	562	327
Amounts capitalized	(3,227)	(3,190)	(2,264)
Total financing lease expense	1,930	1,938	1,238
Variable lease expense	3,900	1,342	890
Short-term lease expense	714	675	3,058
Total lease expense for the period	27,518	19,059	31,260
PNM \| Energy storage leases
Operating lease cost:
Operating lease cost	13,353	4,351
PNM \| Other operating leases
Operating lease cost:
Operating lease cost	7,722	11,127	26,764
TNMP
Operating lease cost:
Amounts capitalized	(793)	(1,298)	(1,728)
Other operating leases	114	181	292
Financing lease cost:
Amortization of right-of-use assets	5,129	4,634	3,279
Interest on lease liabilities	595	497	330
Amounts capitalized	(4,648)	(4,250)	(3,208)
Total financing lease expense	1,076	881	401
Variable lease expense	0	0	0
Short-term lease expense	23	29	5
Total lease expense for the period	1,213	1,091	698
TNMP \| Energy storage leases
Operating lease cost:
Operating lease cost	0	0
TNMP \| Other operating leases
Operating lease cost:
Operating lease cost	$ 907	$ 1,479	$ 2,020

Lease Commitments - Schedule _4

Lease Commitments - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 21,368	$ 21,685
Operating cash flows from financing leases	340	256
Financing cash flows from financing leases	2,872	2,527
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	102,261	138,210
Financing leases	9,850	11,828
PNM
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	21,277	21,575
Operating cash flows from financing leases	206	183
Financing cash flows from financing leases	1,707	1,671
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	101,594	138,204
Financing leases	4,962	6,421
TNMP
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	47	110
Operating cash flows from financing leases	102	73
Financing cash flows from financing leases	971	802
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	100	6
Financing leases	$ 3,715	$ 5,407

Lease Commitments - Schedule _5

Lease Commitments - Schedule of Future Expected Finance Lease and Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Financing
2025	$ 10,181
2026	8,258
2027	5,507
2028	2,571
2029	826
Later years	230
Total minimum lease payments	27,573
Less: Imputed interest	1,977
Lease liabilities	25,596
Energy Storage
Other
2025	20,333
2026	20,333
2027	20,333
2028	20,333
2029	20,333
Later years	287,100
Total minimum lease payments	388,765
Less: Imputed interest	154,932
Lease liabilities	233,833
Other
Other
2025	7,976
2026	7,201
2027	7,131
2028	7,133
2029	7,111
Later years	3,902
Total minimum lease payments	40,454
Less: Imputed interest	4,618
Lease liabilities	35,836
PNM
Financing
2025	4,879
2026	4,300
2027	3,019
2028	1,640
2029	568
Later years	230
Total minimum lease payments	14,636
Less: Imputed interest	1,063
Lease liabilities	13,573
PNM \| Energy Storage
Other
2025	20,333
2026	20,333
2027	20,333
2028	20,333
2029	20,333
Later years	287,100
Total minimum lease payments	388,765
Less: Imputed interest	154,931
Lease liabilities	233,834
PNM \| Other
Other
2025	7,101
2026	7,042
2027	7,046
2028	7,049
2029	7,036
Later years	3,550
Total minimum lease payments	38,824
Less: Imputed interest	4,414
Lease liabilities	34,410
TNMP
Financing
2025	4,971
2026	3,635
2027	2,186
2028	811
2029	258
Later years	0
Total minimum lease payments	11,861
Less: Imputed interest	830
Lease liabilities	11,031
Other
2025	808
2026	90
2027	14
2028	11
2029	0
Later years	0
Total minimum lease payments	923
Less: Imputed interest	43
Lease liabilities	$ 880

Fair Value of Derivative and _3

Fair Value of Derivative and Other Financial Instruments - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) MW	Dec. 31, 2023 USD ($) MW	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
(Increase)/decrease in realized impairment losses	$ 17,800,000	$ 19,100,000	$ (25,800,000)
Minimum
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets distribution period	10 years
Maximum
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets distribution period	15 years
Equity Securities \| Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets (as a percent)	35%
Alternative Investments \| Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets (as a percent)	15%
Fixed Income \| Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets (as a percent)	50%
PNM
Debt Securities, Available-for-sale [Line Items]
Amounts recognized for the legal right to reclaim cash collateral	$ 0	0
Amounts posted as cash collateral under margin arrangements	100,000	200,000
Obligations to return cash collateral	0	200,000
PNM \| Commodity Contract \| Designated as Hedging Instrument
Debt Securities, Available-for-sale [Line Items]
Other current assets	0	826,000
Current derivative liability	$ 5,737,000	$ 0
PNM \| Portfolio One
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) \| MW	125	85
PNM \| Portfolio Two
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) \| MW	150	50
PNM \| Portfolio Three
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) \| MW	100
PNM \| Fuel and Purchased Power Costs \| Commodity Contract \| Designated as Hedging Instrument
Debt Securities, Available-for-sale [Line Items]
Other current assets	$ 0	$ 800,000
Current derivative liability	$ 5,700,000	0
TNMP \| Equity Securities \| Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets (as a percent)	16%
TNMP \| Alternative Investments \| Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets (as a percent)	14%
TNMP \| Fixed Income \| Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets (as a percent)	70%
Recurring Basis \| PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	$ 453,421,000
Nuclear Decommissioning Trust \| Recurring Basis \| PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	384,600,000	361,000,000
Mine Reclamation Trust \| Recurring Basis \| PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	82,700,000	71,100,000
SJGS Decommissioning Trust \| Recurring Basis \| PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	$ 8,200,000	$ 12,300,000

Fair Value of Derivative and _4

Fair Value of Derivative and Other Financial Instruments - Schedule of Commodity Derivatives (Details) - PNM - Designated as Hedging Instrument - Commodity Contract - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Other current assets	$ 0	$ 826
Other current liabilities	(5,737)	0
Net	$ (5,737)	$ 826

Fair Value of Derivative and _5

Fair Value of Derivative and Other Financial Instruments - Schedule of Net Buy (Sell) Volume Positions (Details)	12 Months Ended
	Dec. 31, 2024 MMBTU	Dec. 31, 2024 MWh	Dec. 31, 2023 MMBTU	Dec. 31, 2023 MWh
Commodity Contract \| Designated as Hedging Instrument \| PNM
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Economic Hedges (in mmbtu and mwh)	0	89,900	0	(15,360)

Fair Value of Derivative and _6

Fair Value of Derivative and Other Financial Instruments - Schedule of Contingent Requirement for Commodity Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Contractual Liability	$ 5,737	$ 0
Existing Cash Collateral	0	0
Net Exposure	$ 5,737	$ 0

Fair Value of Derivative and _7

Fair Value of Derivative and Other Financial Instruments - Schedule of Gains and Losses Recognized on the Consolidated Statements of Earnings Related to Investment Securities in the NDT and Reclamation Trusts and Gross Realized Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity securities:
Net gains (losses) from equity securities sold	$ 28,283	$ 1,086	$ (6,940)
Net gains (losses) from equity securities still held	(10,071)	14,152	(38,025)
Total net gains (losses) on equity securities	18,212	15,238	(44,965)
Available-for-sale debt securities:
Net gains (losses) on debt securities	8,639	4,008	(33,392)
Net gains (losses) on investment securities	26,851	19,246	(78,357)
PNM
Available-for-sale debt securities:
Net gains (losses) on debt securities	17,800	(19,100)	25,800
Proceeds from sales	707,338	574,199	526,448
Gross realized gains	35,918	18,618	22,071
Gross realized (losses)	$ (16,814)	$ (32,649)	$ (36,623)

Fair Value of Derivative and _8

Fair Value of Derivative and Other Financial Instruments - Schedule of Available-for-Sale Debt Securities Held By PNM (Details) - PNMR and PNM $ in Thousands	Dec. 31, 2024 USD ($)
Available-for-Sale
Within 1 year	$ 24,446
After 1 year through 5 years	7,898
Fair Value	$ 32,344

Fair Value of Derivative and _9

Fair Value of Derivative and Other Financial Instruments - Schedule of Items Recorded at Fair Value By PNM on the Consolidated Balance Sheets by Level of the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities	$ 475,524	$ 444,408
PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities	475,524	444,408
PNM \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	453,421
Unrealized Gains	324	14,316
Uncategorized Collective Investment Trust	22,103
Total investment securities	475,524	444,408
PNM \| Recurring Basis \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	150,745	93,873
PNM \| Recurring Basis \| Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	134,553	77,422
PNM \| Recurring Basis \| Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value		4,323
PNM \| Recurring Basis \| Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	135,779	57,966
PNM \| Recurring Basis \| U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	25,148	35,113
Unrealized Gains	202	2,055
PNM \| Recurring Basis \| International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value		8,735
Unrealized Gains		104
PNM \| Recurring Basis \| Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	0	53,436
Unrealized Gains	0	2,872
PNM \| Recurring Basis \| Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	7,196	113,540
Unrealized Gains	122	9,285
PNM \| Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	446,225
Total investment securities		264,287
PNM \| Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	150,745	93,873
PNM \| Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	134,553	77,422
PNM \| Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value		504
PNM \| Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	135,779	57,966
PNM \| Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	25,148	34,522
PNM \| Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value		0
PNM \| Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	0	0
PNM \| Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	0	0
PNM \| Recurring Basis \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	7,196
Total investment securities		180,121
PNM \| Recurring Basis \| Significant Other Observable Inputs (Level 2) \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
PNM \| Recurring Basis \| Significant Other Observable Inputs (Level 2) \| Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
PNM \| Recurring Basis \| Significant Other Observable Inputs (Level 2) \| Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value		3,819
PNM \| Recurring Basis \| Significant Other Observable Inputs (Level 2) \| Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
PNM \| Recurring Basis \| Significant Other Observable Inputs (Level 2) \| U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	0	591
PNM \| Recurring Basis \| Significant Other Observable Inputs (Level 2) \| International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value		8,735
PNM \| Recurring Basis \| Significant Other Observable Inputs (Level 2) \| Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	0	53,436
PNM \| Recurring Basis \| Significant Other Observable Inputs (Level 2) \| Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	$ 7,196	$ 113,540

Fair Value of Derivative and_10

Fair Value of Derivative and Other Financial Instruments - Schedule of Carrying Amounts and Fair Values of Long-Term Debt, Considered Level 2 Fair Value Measurements and are Not Recorded at Fair Value on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 4,706,076	$ 4,260,509
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	4,923,368	4,521,811
PNM
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	2,284,362	2,107,588
PNM \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	2,459,592	2,261,780
TNMP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,324,194	1,152,922
TNMP \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,464,079	$ 1,260,880

Fair Value of Derivative and_11

Fair Value of Derivative and Other Financial Instruments - Schedule of Fair Values of Investments Held by the Employee Benefit Plans and PNMR Master Trust (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PNM \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 379,154	$ 407,211	$ 410,463
PNM \| Pension Plan \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	379,074
PNM \| Pension Plan \| Investments categorized within fair value hierarchy \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		407,717
PNM \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	72,003	73,392	70,301
PNM \| Other Postretirement Benefits \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	70,714	73,383
PNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Pension Plan \| Investments categorized within fair value hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	319,528	342,296
PNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Other Postretirement Benefits \| Investments categorized within fair value hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	39,538	50,093
PNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Other Postretirement Benefits \| Cash and cash equivalents \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	825	2,419
PNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Other Postretirement Benefits \| Mutual funds \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	38,713	47,674
PNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension Plan \| Investments categorized within fair value hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	106,220	136,474
PNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other Postretirement Benefits \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		46,122
PNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other Postretirement Benefits \| Investments categorized within fair value hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	39,538
PNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other Postretirement Benefits \| Cash and cash equivalents \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	825	2,419
PNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other Postretirement Benefits \| Mutual funds \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	38,713	43,703
PNM \| Significant Other Observable Inputs (Level 2) \| Pension Plan \| Investments categorized within fair value hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	213,308	205,822
PNM \| Significant Other Observable Inputs (Level 2) \| Other Postretirement Benefits \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		3,971
PNM \| Significant Other Observable Inputs (Level 2) \| Other Postretirement Benefits \| Investments categorized within fair value hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0
PNM \| Significant Other Observable Inputs (Level 2) \| Other Postretirement Benefits \| Cash and cash equivalents \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
PNM \| Significant Other Observable Inputs (Level 2) \| Other Postretirement Benefits \| Mutual funds \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	3,971
PNM \| Fair Value Measured at Net Asset Value Per Share \| Pension Plan \| Uncategorized investments \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	59,546	65,421
PNM \| Fair Value Measured at Net Asset Value Per Share \| Other Postretirement Benefits \| Uncategorized investments \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	31,176	23,290
TNMP \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	38,225	41,353	43,447
TNMP \| Pension Plan \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	38,166
TNMP \| Pension Plan \| Investments categorized within fair value hierarchy \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		41,128
TNMP \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	7,542	8,353	$ 8,718
TNMP \| Other Postretirement Benefits \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	7,582
TNMP \| Fair Value, Inputs, Level 1, 2 and 3 \| Pension Plan \| Investments categorized within fair value hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	33,294	35,870
TNMP \| Fair Value, Inputs, Level 1, 2 and 3 \| Other Postretirement Benefits \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		8,403
TNMP \| Fair Value, Inputs, Level 1, 2 and 3 \| Other Postretirement Benefits \| Cash and cash equivalents \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	111	162
TNMP \| Fair Value, Inputs, Level 1, 2 and 3 \| Other Postretirement Benefits \| Mutual funds \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	6,987	8,241
TNMP \| Fair Value, Inputs, Level 1, 2 and 3 \| Other Postretirement Benefits \| Investments Categorized Within Fair Value Hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	7,098
TNMP \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension Plan \| Investments categorized within fair value hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	7,543	12,192
TNMP \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other Postretirement Benefits \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		7,968
TNMP \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other Postretirement Benefits \| Cash and cash equivalents \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	111	162
TNMP \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other Postretirement Benefits \| Mutual funds \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	6,987	7,806
TNMP \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other Postretirement Benefits \| Investments Categorized Within Fair Value Hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	7,098
TNMP \| Significant Other Observable Inputs (Level 2) \| Pension Plan \| Investments categorized within fair value hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	25,751	23,678
TNMP \| Significant Other Observable Inputs (Level 2) \| Other Postretirement Benefits \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		435
TNMP \| Significant Other Observable Inputs (Level 2) \| Other Postretirement Benefits \| Cash and cash equivalents \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
TNMP \| Significant Other Observable Inputs (Level 2) \| Other Postretirement Benefits \| Mutual funds \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	435
TNMP \| Significant Other Observable Inputs (Level 2) \| Other Postretirement Benefits \| Investments Categorized Within Fair Value Hierarchy \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0
TNMP \| Fair Value Measured at Net Asset Value Per Share \| Pension Plan \| Uncategorized investments \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	4,872	5,258
TNMP \| Fair Value Measured at Net Asset Value Per Share \| Other Postretirement Benefits \| Uncategorized investments \| Estimate of Fair Value Measurement \| Recurring Basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	484
TXNM
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 417,240	$ 448,845
TXNM \| Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List]	Fair Value Measured at Net Asset Value Per Share	Fair Value Measured at Net Asset Value Per Share
TXNM \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List]	Fair Value Measured at Net Asset Value Per Share	Fair Value Measured at Net Asset Value Per Share
TXNM \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List]	Fair Value Measured at Net Asset Value Per Share	Fair Value Measured at Net Asset Value Per Share
TXNM \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 352,822	$ 378,166
TXNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	10,981	13,995
TXNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	146,858	159,281
TXNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Corporate stocks, common
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	34,418	27,167
TXNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Corporate stocks, preferred
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	741
TXNM \| Fair Value, Inputs, Level 1, 2 and 3 \| U.S. government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	56,303	61,684
TXNM \| Fair Value, Inputs, Level 1, 2 and 3 \| International government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	4,713
TXNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Municipals
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	4,718	5,071
TXNM \| Fair Value, Inputs, Level 1, 2 and 3 \| Corporate and other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	99,544	105,514
TXNM \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	113,763	148,666
TXNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	10,981	13,995
TXNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	45,333	49,219
TXNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate stocks, common
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	34,418	27,167
TXNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate stocks, preferred
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	741
TXNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	23,031	57,544
TXNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| International government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
TXNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipals
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
TXNM \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate and other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
TXNM \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	239,059	229,500
TXNM \| Significant Other Observable Inputs (Level 2) \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
TXNM \| Significant Other Observable Inputs (Level 2) \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	101,525	110,062
TXNM \| Significant Other Observable Inputs (Level 2) \| Corporate stocks, common
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
TXNM \| Significant Other Observable Inputs (Level 2) \| Corporate stocks, preferred
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
TXNM \| Significant Other Observable Inputs (Level 2) \| U.S. government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	33,272	4,140
TXNM \| Significant Other Observable Inputs (Level 2) \| International government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	4,713
TXNM \| Significant Other Observable Inputs (Level 2) \| Municipals
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	4,718	5,071
TXNM \| Significant Other Observable Inputs (Level 2) \| Corporate and other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	99,544	105,514
TXNM \| Fair Value Measured at Net Asset Value Per Share \| Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,846	5,617
TXNM \| Fair Value Measured at Net Asset Value Per Share \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	34,126	35,137
TXNM \| Fair Value Measured at Net Asset Value Per Share \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 27,446	$ 29,925

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) MW	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 05, 2022 MW	Jan. 31, 2016 USD ($)
Coal Supply \| San Juan Generating Station
Variable Interest Entity [Line Items]
Issuance in letters of credit					$ 30.3
PNM
Variable Interest Entity [Line Items]
Number of megawatts purchased (in megawatts) \| MW				64.1
PNM \| Valencia
Variable Interest Entity [Line Items]
Payment for fixed charges	$ 20.5	$ 20.3	$ 19.5
Payment for variable charges	$ 2.4	$ 5.2	$ 1.9
Option to purchase a percentage of the plant or VIE (up to )	50%
Purchase price, percentage of the book value reduced by related indebtedness	50%
Purchase price, percentage of fair market value	50%
PNM \| Valencia \| Purchased Through May 30, 2028
Variable Interest Entity [Line Items]
Number of megawatts purchased (in megawatts) \| MW	155

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Financial Information for Valencia (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Results of Operations
Operating Revenues	$ 1,971,199	$ 1,939,198	$ 2,249,555
Operating Expenses	1,517,713	1,707,858	1,855,795
Earnings attributable to non-controlling interest	16,040	18,533	15,122
Financial Position
Current assets	498,836	475,543
Net property, plant and equipment	8,437,008	7,609,862
Total assets	11,211,733	10,252,605	9,257,377
Current liabilities	1,775,098	1,230,760
Owners’ equity – non-controlling interest	46,900	49,958
PNM
Results of Operations
Operating Revenues	1,379,088	1,403,948	1,766,825
Operating Expenses	1,097,095	1,320,772	1,505,338
Earnings attributable to non-controlling interest	16,040	18,533	15,122
Financial Position
Current assets	410,908	377,837
Net property, plant and equipment	5,119,087	4,739,702
Total assets	7,407,279	6,813,065
Current liabilities	1,282,900	839,194
Owners’ equity – non-controlling interest	46,900	49,958
Valencia \| PNM
Results of Operations
Operating Revenues	22,763	25,421	21,403
Operating Expenses	6,723	6,896	6,281
Other Misc (Income)/Expense	0	(8)	0
Earnings attributable to non-controlling interest	16,040	18,533	$ 15,122
Financial Position
Current assets	3,095	3,422
Net property, plant and equipment	44,411	47,253
Total assets	47,506	50,675
Current liabilities	606	717
Owners’ equity – non-controlling interest	$ 46,900	$ 49,958

Variable Interest Entities - _2

Variable Interest Entities - Schedule of Impact of ETBC I on PNM’s Consolidated Balance Sheets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Results of Operations
Depreciation and amortization	$ 423,010,000	$ 353,692,000	$ 341,123,000
Financial Position
Regulatory assets - Current	41,492,000	73,046,000
Current installments of long-term debt	611,603,000	280,169,000
Regulatory liabilities - Current	34,173,000	140,005,000
Long-term Debt	4,311,765,000	4,241,642,000
PNM
Results of Operations
Depreciation and amortization	250,042,000	202,885,000	213,517,000
Financial Position
Regulatory assets - Current	36,224,000	72,996,000
Restricted cash (included in Other deferred charges)			$ 0
Current installments of long-term debt	560,637,000	200,222,000
Regulatory liabilities - Current	33,571,000	134,846,000
Long-term Debt	1,898,955,000	2,061,558,000
ETBC I \| PNM
Results of Operations
Electric Operating Revenues	24,798,000	2,914,000
Depreciation and amortization	4,550,000	407,000
Interest Charges	20,073,000	2,516,000
Other	175,000	(9,000)
Net Earnings	0	0
Financial Position
Regulatory assets - Current	0	2,724,000
Securitized Cost (included in Regulatory assets - Deferred)	336,079,000	340,629,000
Current installments of long-term debt	6,907,000	2,529,000
Accrued interest and taxes	7,452,000	2,502,000
Regulatory liabilities - Current	6,975,000	0
Long-term Debt	331,726,000	338,521,000
ETBC I \| PNM \| Other Current Assets
Financial Position
Restricted cash (included in Other deferred charges)	15,838,000	0
ETBC I \| PNM \| Other Deferred Costs Net Including Deferred Finance Costs
Financial Position
Restricted cash (included in Other deferred charges)	$ 1,748,000	$ 1,728,000

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		4%
Amortization of gains and losses that are outside the corridor		5 years
Maximum annual contributions per employee (as a percent)		75%
Employer matching contribution, percent of employees' gross pay (as a percent)		6%
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-matching contribution of eligible compensation based on eligible employee's age (as a percent)		3%
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-matching contribution of eligible compensation based on eligible employee's age (as a percent)		10%
PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Rate of return (as a percent)		3.33%
TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Rate of return (as a percent)		0.62%
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term return resulting from effect of 1% change		1%
Expected long-term return resulting from effect of one-percentage point increase		1%
Expected future employer contributions, year one through four		$ 0
Expected future employer contributions, year five		$ 7,900,000
Weighted average discount rate related to anticipated contributions (as a percent)		5.35%
Pension Plan \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets (as a percent)		35%
Pension Plan \| Fixed Income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets (as a percent)		50%
Pension Plan \| Alternative Investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets (as a percent)		15%
Pension Plan \| PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		6.86%	6.30%	5.50%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year		$ 4,100,000
Actuarial gains (losses) recorded as regulatory assets and liabilities		(12,081,000)
Employer contributions		$ 1,000	$ 0
Pension Plan \| TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		5.95%	5.50%	4.40%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year		$ 400,000
Actuarial gains (losses) recorded as regulatory assets and liabilities		(456,000)
Employer contributions		$ 151,000	$ 0
Pension Plan \| TNMP \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets (as a percent)		16%
Pension Plan \| TNMP \| Fixed Income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets (as a percent)		70%
Pension Plan \| TNMP \| Alternative Investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets (as a percent)		14%
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term return resulting from effect of 1% change		1%
Other Postretirement Benefits \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets (as a percent)		30%
Other Postretirement Benefits \| Fixed Income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets (as a percent)		70%
Other Postretirement Benefits \| PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		6.60%	5.90%	4.75%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year		$ 800,000
Rate of return (as a percent)		4.50%
Actuarial gains (losses) recorded as regulatory assets and liabilities		$ (100,000)
Employer matching contribution, maximum	5%
Employer contributions		193,000	$ 157,000
Expected employer contributions in current fiscal year		$ 100,000	$ 0
Other Postretirement Benefits \| TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		5.25%	4.70%	3.80%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year		$ 100,000
Rate of return (as a percent)		0.30%
Actuarial gains (losses) recorded as regulatory assets and liabilities		$ (300,000)
Effect of 1%-point change in assumed health care cost trend rates on net periodic expense and APBO		0
Employer contributions		0	$ 0
Expected employer contributions in current fiscal year		200,000	0
Other Postretirement Benefits \| PNM and TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected employer contributions in fiscal year through year 5		0
Expected employer disbursements for next fiscal year		2,000,000
Expected employer disbursements by employer in year 2 through year 5		11,100,000
Executive Retirement Program \| PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial gains (losses) recorded as regulatory assets and liabilities		45,000
Expected disbursements by employer		1,300,000	1,300,000
Executive Retirement Program \| TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial gains (losses) recorded as regulatory assets and liabilities		314,000
Expected disbursements by employer		$ 100,000	$ 100,000
Non-US \| Pension Plan \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets (as a percent)		13%

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Schedule of Fair Value of Plan Assets, and Funded Status of the Plans of PBO, APBO and Executive Retirement Programs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Accrued pension liability and postretirement benefit cost	$ 23,065	$ 21,429
PNM
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Accrued pension liability and postretirement benefit cost	22,067	19,949
PNM \| Pension Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	418,657	433,645
Service cost	0	0	$ 0
Interest cost	21,709	23,653	16,857
Actuarial (gain) loss	(6,063)	4,290
Benefits paid	(40,942)	(42,931)
Settlements	0	0
Balance at end of year	393,361	418,657	433,645
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	407,211	410,463
Actual return on plan assets	12,884	39,679
Employer contributions	1	0
Benefits paid	(40,942)	(42,931)
Settlements	0	0
Fair value of plan assets at end of year	379,154	407,211	410,463
Funded status – asset (liability) for pension benefits	(14,207)	(11,446)
PNM \| Other Postretirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	46,217	49,950
Service cost	0	0	10
Interest cost	2,387	2,703	1,914
Participant contributions	1,463	1,592
Actuarial (gain) loss	(2,205)	(1,608)
Benefits paid	(6,261)	(6,420)
Curtailment loss	0	0	836
Balance at end of year	41,601	46,217	49,950
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	73,392	70,301
Actual return on plan assets	3,216	7,762
Employer contributions	193	157
Participant contributions	1,463	1,592
Benefits paid	(6,261)	(6,420)
Fair value of plan assets at end of year	72,003	73,392	70,301
Funded status – asset (liability) for pension benefits	30,402	27,175
PNM \| Executive Retirement Program
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	9,714	10,042
Service cost	0	0	0
Interest cost	496	540	362
Actuarial (gain) loss	(47)	411
Benefits paid	(1,132)	(1,279)
Balance at end of year	9,031	9,714	10,042
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Less current liability	1,171	1,210
Accrued pension liability and postretirement benefit cost	7,860	8,504
TNMP
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Accrued pension liability and postretirement benefit cost	998	1,480
TNMP \| Pension Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	42,582	43,961
Service cost	0	0	0
Interest cost	2,214	2,402	1,720
Actuarial (gain) loss	(2,047)	1,261
Benefits paid	(3,526)	(5,042)
Settlements	0	0
Balance at end of year	39,223	42,582	43,961
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	41,353	43,447
Actual return on plan assets	247	2,948
Employer contributions	151	0
Benefits paid	(3,526)	(5,042)
Settlements	0	0
Fair value of plan assets at end of year	38,225	41,353	43,447
Funded status – asset (liability) for pension benefits	(998)	(1,229)
TNMP \| Other Postretirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	7,331	7,705
Service cost	21	21	38
Interest cost	385	425	307
Participant contributions	357	359
Actuarial (gain) loss	(147)	(282)
Benefits paid	(1,193)	(897)
Curtailment loss	0	0
Balance at end of year	6,754	7,331	7,705
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	8,353	8,718
Actual return on plan assets	25	173
Employer contributions	0	0
Participant contributions	357	359
Benefits paid	(1,193)	(897)
Fair value of plan assets at end of year	7,542	8,353	8,718
Funded status – asset (liability) for pension benefits	788	1,022
TNMP \| Executive Retirement Program
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	316	344
Service cost	0	0	0
Interest cost	15	18	11
Actuarial (gain) loss	(314)	13
Benefits paid	(17)	(59)
Balance at end of year	0	316	$ 344
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Less current liability	0	64
Accrued pension liability and postretirement benefit cost	$ 0	$ 252

Pension and Other Postretirem_5

Pension and Other Postretirement Benefits - Schedule of Actuarial (Gain) Loss Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
PNM \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rates	$ (9,376)	$ 8,806
Demographic experience	3,313	(1,777)
Mortality rate	0	(2,739)
Other assumptions and experience	0	0
Actuarial (gain) loss	(6,063)	4,290
PNM \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rates	(877)	868
Demographic experience	(1,425)	(2,171)
Assumed participation rate	97	0
Mortality rate	0	(305)
Dental trend assumption	0	0
Actuarial (gain) loss	(2,205)	(1,608)
TNMP \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rates	(961)	969
Demographic experience	(1,125)	538
Mortality rate	0	(239)
Other assumptions and experience	39	(7)
Actuarial (gain) loss	(2,047)	1,261
TNMP \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rates	(179)	174
Demographic experience	32	(423)
Assumed participation rate	0	0
Mortality rate	0	(33)
Dental trend assumption	0	0
Actuarial (gain) loss	$ (147)	$ (282)

Pension and Other Postretirem_6

Pension and Other Postretirement Benefits - Schedule of Pre-Tax Information About Net Actuarial (Gain) Loss in AOCI (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
PNM \| Pension Plan
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost at beginning of year	$ 104,067
Experience (gain) loss	12,081
Regulatory asset (liability) adjustment	(8,853)
Amortization recognized in net periodic benefit (income)	(4,782)
Amounts in AOCI not yet recognized in net periodic benefit cost at end of year	102,513
PNM \| Executive Retirement Program
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost at beginning of year	1,104
Experience (gain) loss	(45)
Regulatory asset (liability) adjustment	26
Amortization recognized in net periodic benefit (income)	(84)
Amounts in AOCI not yet recognized in net periodic benefit cost at end of year	1,001
TNMP \| Pension Plan
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost at beginning of year	0
Experience (gain) loss	456
Regulatory asset (liability) adjustment	(456)
Amortization recognized in net periodic benefit (income)	0
Amounts in AOCI not yet recognized in net periodic benefit cost at end of year	0
TNMP \| Executive Retirement Program
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost at beginning of year	0
Experience (gain) loss	(314)
Regulatory asset (liability) adjustment	314
Amortization recognized in net periodic benefit (income)	0
Amounts in AOCI not yet recognized in net periodic benefit cost at end of year	$ 0

Pension and Other Postretirem_7

Pension and Other Postretirement Benefits - Schedule of Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PNM \| Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 0	$ 0
Interest cost	21,709	23,653	16,857
Expected return on plan assets	(31,029)	(29,196)	(28,563)
Amortization of net loss	10,646	10,583	15,794
Amortization of prior service cost	0	0	0
Net periodic benefit cost	1,326	5,040	4,088
PNM \| Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	10
Interest cost	2,387	2,703	1,914
Expected return on plan assets	(5,563)	(4,969)	(4,351)
Amortization of net loss	0	0	0
Curtailment loss	0	0	836
Net periodic benefit cost	(3,176)	(2,266)	(1,591)
PNM \| Executive Retirement Program
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	496	540	362
Amortization of net loss	200	152	327
Amortization of prior service cost	0	0	0
Net periodic benefit cost	696	692	689
TNMP \| Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	2,214	2,402	1,720
Expected return on plan assets	(2,749)	(2,697)	(2,472)
Amortization of net loss	556	439	932
Amortization of prior service cost	0	0	0
Settlement loss	0	0	1,033
Net periodic benefit cost	21	144	1,213
TNMP \| Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	21	21	38
Interest cost	385	425	307
Expected return on plan assets	(515)	(481)	(418)
Amortization of net loss	(642)	(760)	(520)
Curtailment loss	0	0
Net periodic benefit cost	(751)	(795)	(593)
TNMP \| Executive Retirement Program
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	15	18	11
Amortization of net loss	0	0	0
Amortization of prior service cost	0	0	0
Net periodic benefit cost	$ 15	$ 18	$ 11

Pension and Other Postretirem_8

Pension and Other Postretirement Benefits - Schedule of Weighted-Average Assumptions of PBO, APBO and Executive Retirement Programs (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	4%
PNM \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining	5.78%	5.46%	5.74%
Discount rate for determining net periodic benefit cost	5.46%	5.74%	3%
Expected return on plan assets	6.86%	6.30%	5.50%
PNM \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining	5.78%	5.48%	5.75%
Discount rate for determining net periodic benefit cost	5.48%	5.75%	2.99%
Expected return on plan assets	6.60%	5.90%	4.75%
PNM \| Executive Retirement Program
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining	5.78%	5.45%	5.73%
Discount rate for determining net periodic benefit cost	5.45%	5.73%	3.02%
TNMP \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining	5.78%	5.47%	5.75%
Discount rate for determining net periodic benefit cost	5.47%	5.75%	3.01%
Expected return on plan assets	5.95%	5.50%	4.40%
TNMP \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining	5.78%	5.48%	5.75%
Discount rate for determining net periodic benefit cost	5.48%	5.75%	2.99%
Expected return on plan assets	5.25%	4.70%	3.80%
TNMP \| Executive Retirement Program
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining		5.47%	5.75%
Discount rate for determining net periodic benefit cost	5.47%	5.75%	3.01%

Pension and Other Postretirem_9

Pension and Other Postretirement Benefits - Schedule of Benefit Payments are Expected to be Paid (Details) $ in Thousands	Dec. 31, 2024 USD ($)
PNM \| Pension Plan
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2025	$ 40,927
2026	39,585
2027	38,706
2028	37,373
2029	36,231
2030 - 2034	160,876
PNM \| Other Postretirement Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2025	4,771
2026	4,560
2027	4,333
2028	4,128
2029	3,871
2030 - 2034	16,604
PNM \| Executive Retirement Program
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2025	1,205
2026	1,150
2027	1,089
2028	1,022
2029	952
2030 - 2034	3,699
TNMP \| Pension Plan
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2025	4,239
2026	4,188
2027	4,000
2028	3,902
2029	3,759
2030 - 2034	15,464
TNMP \| Other Postretirement Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2025	589
2026	597
2027	588
2028	585
2029	574
2030 - 2034	2,606
TNMP \| Executive Retirement Program
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2025	0
2026	0
2027	0
2028	0
2029	0
2030 - 2034	$ 0

Pension and Other Postretire_10

Pension and Other Postretirement Benefits - Schedule of Assumed Health Care Cost Trend Rates for the PNM OPEB Plan (Details) - PNM - Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate assumed for next year	6.50%	6%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.75%	4.75%
Year that the rate reaches the ultimate trend rate	2033	2029

Pension and Other Postretire_11

Pension and Other Postretirement Benefits - Schedule of Expenses for Other Retirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
401(k) plan
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
401(k) plan	$ 17,514	$ 16,118	$ 15,844
401(k) plan \| PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
401(k) plan	11,896	10,839	11,067
401(k) plan \| TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
401(k) plan	5,617	5,279	4,776
Non-qualified plan
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified plan	4,350	1,197	(1,027)
Non-qualified plan \| PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified plan	2,937	825	(721)
Non-qualified plan \| TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified plan	$ 1,414	$ 372	$ (305)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions					12 Months Ended
	Sep. 16, 2024	May 03, 2024	Apr. 08, 2024	Dec. 04, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 04, 2024	May 31, 2023	May 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock-based arrangements					$ 9.5	$ 7.2	$ 7.9
Conversion of equity based awards to common stock								1
Restricted Shares and Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense					$ 5
Period to recognize compensation expense					2 years 3 months 3 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested (in shares)					241,237	212,080
Granted (in shares)					249,282
Vested (in shares)					218,403
PNM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock-based arrangements					$ 5	$ 4.8	5.3
TNMP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock-based arrangements					$ 2.7	$ 2.4	$ 2.6
Executive \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares excluded in year two (in shares)					150,976
Shares excluded in year three (in shares)					227,472
Performance period					3 years
Executive \| Performance Shares \| Achieved Performance Target for 2021 Through 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares excluded (in shares)					80,492
Executive \| Performance Shares \| Achieved Performance Target for 2022 Through 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares excluded (in shares)					49,489
Executive \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested at one-time sign-on (in shares)					8,791
President And Chief Operating Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retention bonus				$ 1
President And Chief Operating Officer \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted shares that vested			$ 0.8
Granted (in shares)		19,851
Vested (in shares)		6,617
General Counsel, Senior Vice President Regulatory and Public Policy, and Corporate Secretary \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	9,300
General Counsel, Senior Vice President Regulatory and Public Policy, and Corporate Secretary \| Restricted Stock \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
General Counsel, Senior Vice President Regulatory and Public Policy, and Corporate Secretary \| Restricted Stock \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
Performance Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for awards					3 years
Vesting rate (as a percent)					100%
Number of shares authorized (in shares)									2,500,000	13,500,000
Charge to share pool for each share awarded					5
Performance Equity Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for awards					3 years
Performance Equity Plan \| Nonemployee Members of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for awards					1 year
Retention Agreement \| Restricted Stock \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for awards				24 months
Retention Agreement \| Restricted Stock \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for awards				6 months
Retention Agreement \| Chairman And Chief Executive Officer \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested (in shares)				26,766
Retention Agreement \| Senior Vice President And General Counsel \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested (in shares)				8,922

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of All Excess Tax Benefits and Deficiencies are Recorded to Tax Expense and Classified as Operating Cash Flows to Reduce Taxes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PNM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess Tax Benefits (Deficiencies)	$ 10	$ 185	$ (65)
TNMP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess Tax Benefits (Deficiencies)	4	76	(26)
TXNM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess Tax Benefits (Deficiencies)	$ 17	$ 261	$ (91)

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Weighted-Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Shares and Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected quarterly dividends per share (in dollars per share)	$ 0.3875	$ 0.3675	$ 0.3475
Risk-free interest rate	4.27%	4.46%	1.46%
Market-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.31%
Dividend yield	4.21%
Expected volatility	13.09%

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Activity in Restricted Stock Awards Including Performance-Based and Market-Based Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock
Restricted Stock, Shares
Beginning balance (in shares)	212,080
Granted (in shares)	249,282
Released (in shares)	(218,403)
Forfeited (in shares)	(1,722)
Ending balance (in shares)	241,237	212,080
Restricted Stock, Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 40.33
Granted (in dollars per share)	33.51
Released (in dollars per share)	38.37
Forfeited (in dollars per share)	43.80
Ending balance (in dollars per share)	37.05	$ 40.33
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-average grant date fair value (in dollars per share)	33.51
Restricted Stock And Performance Based Stock
Restricted Stock, Weighted-Average Grant Date Fair Value
Granted (in dollars per share)	38.37	41.98	$ 41.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-average grant date fair value (in dollars per share)	$ 38.37	$ 41.98	$ 41.04
Total fair value of restricted shares that vested	$ 8,380	$ 8,689	$ 7,368

Regulatory Assets and Liabili_3

Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Regulatory Assets
Regulatory assets - Current	$ 41,492	$ 73,046
Non-Current	962,003	914,381
Regulatory Liabilities
Current	(34,173)	(140,005)
Non-Current	(748,738)	(771,317)
PNM
Regulatory Assets
Regulatory assets - Current	36,224	72,996
Non-Current	857,310	838,727
Total regulatory assets	893,534	911,723
Regulatory Liabilities
Current	(33,571)	(134,846)
Non-Current	(518,701)	(565,021)
Total regulatory liabilities	(552,272)	(699,867)
PNM \| SJGS rate refunds
Regulatory Liabilities
Current	(157)	(113,372)
PNM \| PVNGS rate refunds
Regulatory Liabilities
Current	(19,194)	(19,194)
Non-Current	(3,277)	(19,194)
PNM \| Renewable energy rider
Regulatory Liabilities
Current	(4,786)	0
PNM \| Energy efficiency costs
Regulatory Liabilities
Current	(2,459)	(1,454)
PNM \| Transmission cost recovery factor
Regulatory Liabilities
Current	0	0
PNM \| SJGS Energy Transition Property
Regulatory Liabilities
Current	(6,975)	0
PNM \| NMPRC Hedging Plan
Regulatory Liabilities
Current	0	(826)
PNM \| Cost of removal
Regulatory Liabilities
Non-Current	(247,280)	(247,627)
PNM \| Deferred income taxes
Regulatory Liabilities
Non-Current	(253,158)	(281,588)
PNM \| Renewable energy tax benefits
Regulatory Liabilities
Non-Current	(13,317)	(14,463)
PNM \| Pension and OPEB
Regulatory Liabilities
Non-Current	0	0
PNM \| COVID-19 cost savings
Regulatory Liabilities
Non-Current	(469)	(900)
PNM \| Other
Regulatory Liabilities
Non-Current	(1,200)	(1,249)
PNM \| FPPAC
Regulatory Assets
Regulatory assets - Current	30,487	65,251
PNM \| NMPRC Hedging Plan
Regulatory Assets
Regulatory assets - Current	5,737	0
PNM \| Transmission cost recovery factor
Regulatory Assets
Regulatory assets - Current	0	0
PNM \| Energy efficiency costs
Regulatory Assets
Regulatory assets - Current	0	0
PNM \| Renewable energy rider
Regulatory Assets
Regulatory assets - Current	0	5,021
PNM \| SJGS Energy Transition Property
Regulatory Assets
Regulatory assets - Current	0	2,724
Non-Current	336,079	340,629
PNM \| SJGS ETA
Regulatory Assets
Non-Current	24,996	0
PNM \| SJGS - non-ETA
Regulatory Assets
Non-Current	114,333	122,246
PNM \| PVNGS leased interest
Regulatory Assets
Non-Current	82,982	80,777
PNM \| EIM
Regulatory Assets
Non-Current	15,189	18,731
PNM \| TEP
Regulatory Assets
Non-Current	4,942	2,644
PNM \| Loss on reacquired debt
Regulatory Assets
Non-Current	12,507	13,806
PNM \| Pension and OPEB
Regulatory Assets
Non-Current	176,171	172,508
PNM \| Deferred income taxes
Regulatory Assets
Non-Current	74,925	71,359
PNM \| Excess ADIT
Regulatory Assets
Non-Current	0	0
PNM \| AMS retirement and other costs
Regulatory Assets
Non-Current	0	0
PNM \| Deferred COVID-19 costs
Regulatory Assets
Non-Current	3,328	5,664
PNM \| Hurricane Beryl
Regulatory Assets
Non-Current	0	0
PNM \| Other
Regulatory Assets
Non-Current	11,858	10,363
TNMP
Regulatory Assets
Regulatory assets - Current	5,268	50
Non-Current	104,693	75,654
Total regulatory assets	109,961	75,704
Regulatory Liabilities
Current	(602)	(5,159)
Non-Current	(230,037)	(206,296)
Total regulatory liabilities	(230,639)	(211,455)
TNMP \| SJGS rate refunds
Regulatory Liabilities
Current	0	0
TNMP \| PVNGS rate refunds
Regulatory Liabilities
Current	0	0
Non-Current	0	0
TNMP \| Renewable energy rider
Regulatory Liabilities
Current	0	0
TNMP \| Energy efficiency costs
Regulatory Liabilities
Current	(602)	0
TNMP \| Transmission cost recovery factor
Regulatory Liabilities
Current	0	(5,159)
TNMP \| SJGS Energy Transition Property
Regulatory Liabilities
Current
TNMP \| NMPRC Hedging Plan
Regulatory Liabilities
Current	0	0
TNMP \| Cost of removal
Regulatory Liabilities
Non-Current	(147,296)	(117,759)
TNMP \| Deferred income taxes
Regulatory Liabilities
Non-Current	(80,152)	(83,459)
TNMP \| Renewable energy tax benefits
Regulatory Liabilities
Non-Current	0	0
TNMP \| Pension and OPEB
Regulatory Liabilities
Non-Current	(2,589)	(3,644)
TNMP \| COVID-19 cost savings
Regulatory Liabilities
Non-Current	0	0
TNMP \| Other
Regulatory Liabilities
Non-Current	0	(1,434)
TNMP \| FPPAC
Regulatory Assets
Regulatory assets - Current	0	0
TNMP \| NMPRC Hedging Plan
Regulatory Assets
Regulatory assets - Current	0	0
TNMP \| Transmission cost recovery factor
Regulatory Assets
Regulatory assets - Current	5,268	0
TNMP \| Energy efficiency costs
Regulatory Assets
Regulatory assets - Current	0	50
TNMP \| Renewable energy rider
Regulatory Assets
Regulatory assets - Current	0	0
TNMP \| SJGS Energy Transition Property
Regulatory Assets
Regulatory assets - Current	0	0
Non-Current	0	0
TNMP \| SJGS ETA
Regulatory Assets
Non-Current	0	0
TNMP \| SJGS - non-ETA
Regulatory Assets
Non-Current	0	0
TNMP \| PVNGS leased interest
Regulatory Assets
Non-Current	0	0
TNMP \| EIM
Regulatory Assets
Non-Current	0	0
TNMP \| TEP
Regulatory Assets
Non-Current	0	0
TNMP \| Loss on reacquired debt
Regulatory Assets
Non-Current	23,721	25,019
TNMP \| Pension and OPEB
Regulatory Assets
Non-Current	21,087	21,854
TNMP \| Deferred income taxes
Regulatory Assets
Non-Current	8,570	8,882
TNMP \| Excess ADIT
Regulatory Assets
Non-Current	6,542	0
TNMP \| AMS retirement and other costs
Regulatory Assets
Non-Current	12,851	12,343
TNMP \| Deferred COVID-19 costs
Regulatory Assets
Non-Current	0	0
TNMP \| Hurricane Beryl
Regulatory Assets
Non-Current	20,958	0
TNMP \| Other
Regulatory Assets
Non-Current	$ 10,964	$ 7,556

Construction Program and Join_3

Construction Program and Jointly-Owned Electric Generating Plants - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2024 MW	Jan. 31, 2023 MW	Dec. 31, 2024 USD ($) generatingUnit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			$ 1,247,041	$ 1,075,812	$ 912,557
PNM
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			682,412	565,080	433,459
TNMP
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			541,604	$ 464,436	$ 449,534
Joint Projects \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			682,400
Joint Projects \| TNMP
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			541,600
Joint Projects \| TXNM
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			$ 1,247,000
PVNGS (Nuclear) \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Number of units (in generating units) \| generatingUnit			3
Composite Interest	7.30%		7.29%	7.60%
Leased capacity \| MW	10	104
PVNGS, Unit One \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Composite Interest			2.30%
PVNGS, Unit Two \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Composite Interest			9.40%
PVNGS, Unit Three \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Composite Interest			10.20%
Four Corners \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Number of units (in generating units) \| generatingUnit			2
Four Corners Units 4 and 5 (Coal) \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Composite Interest			13%

Construction Program and Join_4

Construction Program and Jointly-Owned Electric Generating Plants - Schedule of Interests and Investments in Jointly-Owned Generating Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jan. 31, 2024	Dec. 31, 2023
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service	$ 10,697,774		$ 9,701,180
Accumulated depreciation	2,829,296		2,755,823
PNM
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service	6,797,493		6,151,510
Accumulated depreciation	2,079,363		$ 1,976,657
PVNGS (Nuclear) \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service	800,999
Accumulated depreciation	415,747
Construction Work in Progress	$ 32,650
Composite Interest	7.29%	7.30%	7.60%
Four Corners Units 4 and 5 (Coal) \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service	$ 291,355
Accumulated depreciation	98,049
Construction Work in Progress	$ 14,579
Composite Interest	13%
Luna (Gas) \| PNM
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service	$ 99,479
Accumulated depreciation	37,448
Construction Work in Progress	$ 2,658
Composite Interest	33.33%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligations [Line Items]
ARO liabilities related to nuclear decommissioning (as a percent)	75.70%
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 245,531	$ 223,377	$ 234,146
Liabilities incurred	0	0	0
Liabilities settled	(12,451)	(3,482)	0
Accretion expense	11,538	10,218	10,767
Revisions to estimated cash flows	0	15,418	(21,536)
Ending balance	244,618	245,531	223,377
San Juan Generating Station
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Revisions to estimated cash flows			(21,500)
PVNGS (Nuclear)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Revisions to estimated cash flows		15,400
PNM
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	244,633	222,549	233,383
Liabilities incurred	0	0	0
Liabilities settled	(12,432)	(3,482)	0
Accretion expense	11,462	10,148	10,702
Revisions to estimated cash flows	0	15,418	(21,536)
Ending balance	243,663	244,633	222,549
TNMP
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	898	828	763
Liabilities incurred	0	0	0
Liabilities settled	(19)	0	0
Accretion expense	76	70	65
Revisions to estimated cash flows	0	0	0
Ending balance	$ 955	$ 898	$ 828

Commitments and Contingencies -

Commitments and Contingencies - PVNGS Decommissioning Funding (Narrative) (Details) - PNM - PVNGS (Nuclear) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Public Utilities, General Disclosures [Line Items]
Funding for decommissioning costs in qualified and non-qualified trust funds	$ 1.3	$ 1.3	$ 1.3
Estimated market value of trusts for decommissioning costs	$ 384.6	$ 361

Commitments and Contingencies_2

Commitments and Contingencies - Nuclear Spent Fuel and Waste Disposal (Narrative) (Details) - PNM - PVNGS (Nuclear) - Nuclear Spent Fuel and Waste Disposal - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Estimate of possible loss		$ 55.6
Other Deferred Credits
Loss Contingencies [Line Items]
Liability for interim storage costs	$ 13.4	$ 11

Commitments and Contingencies_3

Commitments and Contingencies - Santa Fe Generating Station (Narrative) (Details)		1 Months Ended	24 Months Ended
	Jan. 01, 2020 numberOfAMIMeter	Jul. 31, 2020 numberOfAMIMeter	Dec. 31, 2014 monitoringWell
Commitments and Contingencies Disclosure [Abstract]
Number of monitoring wells containing free-phase hydrocarbon products \| monitoringWell			1
Number of field work reports \| numberOfAMIMeter	2	2

Commitments and Contingencies_4

Commitments and Contingencies - Coal Supply (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2016
Other Commitments [Line Items]
Coal requirement, minimum required payment, year one		$ 42.5
Coal requirement, minimum required payment, year two		85.9
Public Utilities, Coal Requirement, Coal requirement, minimum required payment, year three		85.9
Coal requirement, minimum required payment, year four		89.8
Coal requirement, minimum required payment, year five		89.8
Coal requirement, minimum required payment, after year five		71
San Juan Generating Station
Other Commitments [Line Items]
Reclamation and mine shutdown provision	$ 20.9	12.1
Regulatory disallowance	4
Other costs	0.5
Underground \| San Juan Generating Station
Other Commitments [Line Items]
Regulatory liabilities	$ 17	6
Surface \| San Juan Generating Station
Other Commitments [Line Items]
Reclamation and mine shutdown provision		1.6
Regulatory liabilities		6.1
Reclamation, maximum collection from customers		100
San Juan Generating Station \| Coal Supply
Other Commitments [Line Items]
Issuance in letters of credit					$ 30.3
NM Capital \| San Juan Generating Station \| Coal Supply
Other Commitments [Line Items]
Coal mine reclamation bonds to be posted with NMMMD		118.7
Issuance in letters of credit		30.3
PNM \| Loss on Long-Term Purchase Commitment \| San Juan Generating Station
Other Commitments [Line Items]
Annual funding post-term reclamation trust		27.3	$ 2.7	$ 10
PNM \| Loss on Long-Term Purchase Commitment \| San Juan Generating Station
Other Commitments [Line Items]
Public utilities, annual funding post-term reclamation trust, year one		1
Public utilities, annual funding post-term reclamation trust, year two		0.6
PNM \| Four Corners CSA
Other Commitments [Line Items]
Funds contributed to mine reclamation trust		3.2	0.2	$ 2.4
Reclamation trust funding, year one		0.5
Reclamation trust funding, year two		0.5
PNM \| Mine Reclamation Trust \| San Juan Generating Station and Four Corners
Other Commitments [Line Items]
Customer reclamation funding cost, maximum		100
PNM \| Underground \| Loss on Long-Term Purchase Commitment
Other Commitments [Line Items]
Liability for interim storage costs		52.9	26.2
PNM \| Surface \| Loss on Long-Term Purchase Commitment
Other Commitments [Line Items]
Liability for interim storage costs		38.3	$ 50
PNM \| San Juan Generating Station \| Underground \| Loss on Long-Term Purchase Commitment
Other Commitments [Line Items]
Estimate of possible loss		62.7
PNM \| San Juan Generating Station \| Surface \| Loss on Long-Term Purchase Commitment
Other Commitments [Line Items]
Estimate of possible loss		$ 51.1

Commitments and Contingencies_5

Commitments and Contingencies - SJGS Decommissioning (Narrative) (Details) - Coal-Fired Electricity Generating Facility Demolition and Remediation Ordinance - San Juan Generating Station - PNM - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Sep. 30, 2022	Nov. 09, 2021
Public Utilities, General Disclosures [Line Items]
Initial funding requirement	$ 14.7	$ 7
Surety bond				$ 46
Decrease in decommissioning obligation			$ 21.1

Commitments and Contingencies_6

Commitments and Contingencies - PVNGS Liability and Insurance Matters (Narrative) (Details) - PNM - Nuclear Plant - PVNGS (Nuclear)	Dec. 31, 2024 USD ($) bond	Dec. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)
Public Utilities, General Disclosures [Line Items]
Maximum potential assessment per incident		$ 165,900,000	$ 36,300,000
Annual payment limitation related to incident		$ 24,700,000	$ 5,400,000
Number of nuclear power plants owned \| bond	3
Aggregate amount of all risk insurance	$ 2,800,000,000
Sublimit amount for non-nuclear property damage losses	2,250,000,000
Retrospective premium assessment	5,100,000
Commercial Providers
Public Utilities, General Disclosures [Line Items]
Liability insurance coverage	500,000,000
Industry Wide Retrospective Assessment Program
Public Utilities, General Disclosures [Line Items]
Liability insurance coverage	15,800,000,000
Maximum
Public Utilities, General Disclosures [Line Items]
Liability insurance coverage	$ 16,300,000,000

Regulatory and Rate Matters - 2

Regulatory and Rate Matters - 2025 Rate Request (Narrative) (Details) - 2025 Rate Request - USD ($) $ in Millions	Nov. 26, 2024	Jun. 14, 2024
Public Utilities, General Disclosures [Line Items]
Requested return on equity	9.45%	10.45%
Requested equity capital structure, percentage	51%	52.50%
PNM
Public Utilities, General Disclosures [Line Items]
Recovery of base rate		$ 3,000
Requested rate increase (decrease)	$ 105	174.3
Increase in base rate	$ 82.1	92.2
Increase in revenues from FPPAC		$ 82.1

Regulatory and Rate Matters -_2

Regulatory and Rate Matters - 2024 Rate Change (Narrative) (Details) $ in Thousands			12 Months Ended
	Jan. 03, 2024 USD ($)	Dec. 05, 2022 USD ($) lease MW	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Public Utilities, General Disclosures [Line Items]
Non-fuel based rate increase	$ 15,300
Regulatory liabilities return period	2 years			2 years
Revenues			$ (1,971,199)	$ (1,939,198)	$ (2,249,555)
PVNGS leased interest
Public Utilities, General Disclosures [Line Items]
Regulatory liabilities	$ 38,400
Four Corners
Public Utilities, General Disclosures [Line Items]
Disallowance	$ 81,000
NMPRC
Public Utilities, General Disclosures [Line Items]
Requested return on equity		10.25%
PNM
Public Utilities, General Disclosures [Line Items]
Leases renewed \| lease		5
Number of megawatts purchased (in megawatts) \| MW		64.1
Regulatory liabilities			552,272	699,867
Revenues			$ (1,379,088)	(1,403,948)	$ (1,766,825)
2024 Rate Change
Public Utilities, General Disclosures [Line Items]
Regulatory liabilities				19,200
Deferred regulatory liability				19,200
2024 Rate Change \| PVNGS leased interest
Public Utilities, General Disclosures [Line Items]
Revenues				38,400
2024 Rate Change \| Four Corners
Public Utilities, General Disclosures [Line Items]
Disallowance				55,500
2024 Rate Change \| PVNGS (Nuclear)
Public Utilities, General Disclosures [Line Items]
Disallowance				$ 8,200
2024 Rate Change \| PNM
Public Utilities, General Disclosures [Line Items]
Recovery of base rate		$ 2,700,000
2024 Rate Change \| PNM \| Non-Fuel Energy
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease)		$ 63,800
NM 2024 Rate Case
Public Utilities, General Disclosures [Line Items]
Requested return on equity	9.26%
Requested equity capital structure, percentage	49.61%
Requested debt capital structure, percentage	50.10%
Requested preferred stock capital structure, percentage	0.29%
NM 2024 Rate Case \| PVNGS (Nuclear)
Public Utilities, General Disclosures [Line Items]
Approved regulatory asset	$ 51,300
Request regulatory asset	96,300
Disallowance of return	$ 45,000

Regulatory and Rate Matters - R

Regulatory and Rate Matters - Renewable Energy Portfolio Standard (Narrative) (Details) - PNM $ in Millions			12 Months Ended
	Jun. 03, 2024 USD ($)	Jan. 01, 2024 USD ($)	Dec. 31, 2024 MW
Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Solar photovoltaic capacity (in mw)			158
Solar distributed generation (in mw)			308.5
Renewable energy rider
Public Utilities, General Disclosures [Line Items]
NMPRC-approved return on equity (as a percent)			0.50%
NMPRC
Public Utilities, General Disclosures [Line Items]
Proposed revision to rider that will allow for recovery \| $	$ 58.7	$ 59
New Mexico Wind \| Renewable Portfolio Standard 2014
Public Utilities, General Disclosures [Line Items]
Wind energy capacity (in mw)			200
Red Mesa Wind \| Renewable Portfolio Standard 2014
Public Utilities, General Disclosures [Line Items]
Wind energy capacity (in mw)			102
La Joya Wind \| Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Wind energy capacity (in mw)			140
Lightning Dock Geothermal \| Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Geothermal energy capacity (in mw)			11

Regulatory and Rate Matters - S

Regulatory and Rate Matters - Schedule of PNM’s Revenues Recorded for the Renewable Energy Rider (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PNM \| Renewable energy rider \| NMPRC
Public Utilities, General Disclosures [Line Items]
Annual Revenues	$ 52	$ 56.9	$ 60.3

Regulatory and Rate Matters - E

Regulatory and Rate Matters - Energy Efficiency and Load Management (Narrative) (Details) - PNM $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) program	Dec. 31, 2020 USD ($) GWh MMBTU program
Energy Efficiency and Load Management Program
Public Utilities, General Disclosures [Line Items]
Number of programs \| program		12
Program costs related to energy efficiency, in year one		$ 31.4
Program costs related to energy efficiency, in year two		31
Program costs related to energy efficiency, in year three		$ 29.6
2021 Energy Efficiency Annual Report \| Disincentives and Incentives Added
Public Utilities, General Disclosures [Line Items]
Energy efficiency and load management programs targeted energy savings (in Gigawatts) \| GWh		94
Energy Efficiency and Load Management Program, 2024
Public Utilities, General Disclosures [Line Items]
Number of programs \| program	10
Program costs related to energy efficiency, in year one	$ 34.5
Program costs related to energy efficiency, in year two	35.4
Program costs related to energy efficiency, in year three	$ 36.5
Minimum \| Energy Efficiency and Load Management Program
Public Utilities, General Disclosures [Line Items]
Profit incentive sliding scale multiplier	0.071
Minimum \| Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Profit incentive sliding scale multiplier		0.071
Energy efficiency and load management programs targeted energy savings (in Gigawatts) \| MMBTU		80
Maximum \| Energy Efficiency and Load Management Program
Public Utilities, General Disclosures [Line Items]
Profit incentive sliding scale multiplier	0.0882

Regulatory and Rate Matters -_3

Regulatory and Rate Matters - 2023 IRP (Details) - PNM	Dec. 30, 2024 MW
Public Utilities, General Disclosures [Line Items]
RFP, New energy resource, megawatts issued (in mw)	900
RFP Request, Period One
Public Utilities, General Disclosures [Line Items]
RFP, New energy resource, megawatts issued (in mw)	500
RFP Request, Period Two \| Minimum
Public Utilities, General Disclosures [Line Items]
RFP, New energy resource, megawatts issued (in mw)	900
RFP Request, Period Two \| Maximum
Public Utilities, General Disclosures [Line Items]
RFP, New energy resource, megawatts issued (in mw)	2,900

Regulatory and Rate Matters -_4

Regulatory and Rate Matters - SJGS Abandonment Application (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 21, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Public Utilities, General Disclosures [Line Items]
Operating Revenues		$ 1,971,199	$ 1,939,198	$ 2,249,555
PNMR and PNM \| New Mexico Public Regulation Commission
Public Utilities, General Disclosures [Line Items]
Regulatory disallowance	$ 3,300
Regulatory asset, reversal	3,300
PNMR and PNM \| New Mexico Public Regulation Commission \| San Juan Generating Station
Public Utilities, General Disclosures [Line Items]
Regulatory liabilities	128,700
Operating Revenues	$ (128,700)

Regulatory and Rate Matters - F

Regulatory and Rate Matters - Four Corners Abandonment Application (Narrative) (Details) - Four Corners - PNM - USD ($) $ in Millions			1 Months Ended		9 Months Ended
	Jan. 08, 2021	Nov. 01, 2020	Aug. 31, 2024	Nov. 30, 2020	Sep. 30, 2023
Public Utilities, General Disclosures [Line Items]
Payments for relief from obligations		$ 75		$ 15
Final payment for relief from obligations				$ 60
Request issuance of energy transition bonds	$ 300
Regulatory disallowance					$ 3.7
Reimbursement agreement payment			$ 15
PNM
Public Utilities, General Disclosures [Line Items]
Ownership percentage by noncontrolling owners		13%

Regulatory and Rate Matters -_5

Regulatory and Rate Matters - 2026 Resource Application (Narrative) (Details) - PNM	Oct. 25, 2023 MW batteryStorageAgreement
Public Utilities, General Disclosures [Line Items]
Number of battery storage agreements \| batteryStorageAgreement	3
Solar Agreement
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	100
Battery Storage Agreement One
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	100
Battery Storage Agreement Two
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	100
Battery Storage Agreement Three
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	50
Solar Agreement Two
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	60

Regulatory and Rate Matters -_6

Regulatory and Rate Matters - 2028 Resource Application (Narrative) (Details) - PNM	Nov. 22, 2024 MW
Energy Storage Agreements
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	150
Purchased Power Agreements
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	167
Certificate Of Convenience And Necessity, Solar Facility
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	100
Certificate Of Convenience And Necessity, Battery
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	30
Number of megawatts available in purchase power agreement, increase	20

Regulatory and Rate Matters - G

Regulatory and Rate Matters - Grid Modernization Plan (Narrative) (Details) - PNM $ in Millions	Oct. 03, 2022 USD ($)
Public Utilities, General Disclosures [Line Items]
Grid modernization investment	$ 344
Grid modernization, initial term	6 years
Grid modernization term	11 years

Regulatory and Rate Matters -_7

Regulatory and Rate Matters - FERC Compliance (Narrative) (Details) $ in Millions			3 Months Ended
	Nov. 21, 2022 USD ($)	May 17, 2022 delegatedLetterOrder	Dec. 31, 2022 USD ($)
Public Utilities, General Disclosures [Line Items]
Number of delegated letter orders \| delegatedLetterOrder		2
PNM
Public Utilities, General Disclosures [Line Items]
Time-value refunds	$ 8.1
Payment of time-value refunds			$ 8.1

Regulatory and Rate Matters -_8

Regulatory and Rate Matters - FERC Order 864 (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Public Utilities, General Disclosures [Line Items]
Revenues	$ (1,971,199)	$ (1,939,198)	$ (2,249,555)
Interest income	23,537	21,963	16,095
Other current liabilities	84,998	94,397
PNM
Public Utilities, General Disclosures [Line Items]
Revenues	(1,379,088)	(1,403,948)	(1,766,825)
Interest income	23,454	21,355	$ 14,816
Other current liabilities	$ 50,099	52,587
FERC Order 864 \| PNM
Public Utilities, General Disclosures [Line Items]
Revenues		3,200
Interest income		300
Other current liabilities		$ 3,500

Regulatory and Rate Matters - T

Regulatory and Rate Matters - Transportation and Electrification Program (TEP) (Narrative) (Details) - PNM - USD ($) $ in Millions	Feb. 23, 2024	Jun. 01, 2023
Public Utilities, General Disclosures [Line Items]
Expected budgeted expenditures	$ 4	$ 37.1
Budget period	3 years	3 years
Budge dedication to low-income customers		22%
Budget dedication to low-income customers		$ 8
Revised budget	$ 32.9

Regulatory and Rate Matters -_9

Regulatory and Rate Matters - Schedule of Rate Increases for Transmission Costs (Details) - TNMP - USD ($) $ in Millions	Nov. 17, 2024	Oct. 24, 2024	Sep. 20, 2024	Jul. 28, 2024	Mar. 15, 2024	Mar. 01, 2024	Sep. 06, 2023	Sep. 01, 2023	May 12, 2023	Mar. 01, 2023	Sep. 22, 2022	Sep. 01, 2022	Mar. 25, 2022	Mar. 01, 2022
Periodic Distribution Rate
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base	$ 43.7			$ 205.9				$ 157				$ 95.7
Actual annual increase annual distribution revenue requirement.	$ 7.7			$ 15.6				$ 14.5				$ 6.8
PUCT
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base			$ 20.6		$ 97.4		$ 21.4		$ 150.5		$ 36		$ 95.6
Annual Increase in Revenue			$ 3.9		$ 13.1		$ 4.2		$ 19.4		$ 5.3		$ 14.2
Energy efficiency costs
Public Utilities, General Disclosures [Line Items]
Aggregate Collection Amount						$ 6.6				$ 7.3				$ 7.2
Performance Bonus		$ 1.3				$ 1.2				$ 1.9				$ 2.3

Regulatory and Rate Matters _10

Regulatory and Rate Matters - TNMP (Narrative) (Details) customer in Thousands, $ in Thousands							12 Months Ended
	Jan. 24, 2025 USD ($)	Oct. 24, 2024 USD ($)	Jul. 08, 2024 customer	Mar. 01, 2024 USD ($)	Mar. 01, 2023 USD ($)	Mar. 01, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 11, 2024 USD ($)	Aug. 28, 2024 USD ($)
Public Utilities, General Disclosures [Line Items]
Regulatory disallowances							$ 8,980	$ 71,923	$ 832
Subsequent Event
Public Utilities, General Disclosures [Line Items]
Requested increase annual distribution revenue requirement	$ 11,500
Incremental distribution investments	$ 83,500
TNMP
Public Utilities, General Disclosures [Line Items]
Regulatory disallowances							1,200
TNMP \| System Resiliency Plan
Public Utilities, General Disclosures [Line Items]
Investment owned, balance, principal amount										$ 565,800	$ 600,000
Investment owned, cost										$ 128,200	$ 151,000
Proposed plan investments (as a percent)										94%
TNMP \| Hurricane
Public Utilities, General Disclosures [Line Items]
Number of customers without power due to natural disaster \| customer			116
Utility plant incurred cost without power due to natural disaster							53,100
TNMP \| Hurricane \| Public Utilities, Property, Plant and Equipment, Plant in Service
Public Utilities, General Disclosures [Line Items]
Utility plant incurred cost without power due to natural disaster							32,100
TNMP \| Hurricane \| Other Deferred Costs Net Including Deferred Finance Costs
Public Utilities, General Disclosures [Line Items]
Utility plant incurred cost without power due to natural disaster							$ 21,000
TNMP \| Energy efficiency costs
Public Utilities, General Disclosures [Line Items]
Aggregate collection amount		$ 7,000
Performance bonus		$ 1,300		$ 1,200	$ 1,900	$ 2,300

Income Taxes - Federal Income T

Income Taxes - Federal Income Tax Reform (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2024	Dec. 31, 2017
Income Taxes [Line Items]
Federal and state excess deferred income taxes		$ 23.4
PNM
Income Taxes [Line Items]
Federal and state excess deferred income taxes		20.8
TNMP
Income Taxes [Line Items]
Federal and state excess deferred income taxes		$ 2.6
NMPRC
Income Taxes [Line Items]
Proposed term for providing benefits to customers related to reduction in state corporate tax	3 years		23 years

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Current federal income tax	$ 0	$ 0	$ 0
Current state income tax (benefit)	(1,984)	(2,841)	1,597
Deferred federal income tax (benefit)	13,042	(11,503)	18,413
Deferred state income tax (benefit)	10,630	(825)	7,302
Amortization of accumulated investment tax credits	(170)	(1,181)	(1,182)
Total income taxes (benefits)	21,518	(16,350)	26,130
PNM
Income Taxes [Line Items]
Current federal income tax	(7,005)	9,518	(13,533)
Current state income tax (benefit)	(5,681)	(4,304)	3,244
Deferred federal income tax (benefit)	28,183	(22,951)	25,298
Deferred state income tax (benefit)	13,890	1,150	4,361
Amortization of accumulated investment tax credits	(170)	(171)	(172)
Total income taxes (benefits)	29,217	(16,758)	19,198
TNMP
Income Taxes [Line Items]
Current federal income tax	(2,549)	11,354	17,055
Current state income tax (benefit)	3,300	3,055	2,662
Deferred federal income tax (benefit)	26,363	2,917	(4,527)
Deferred state income tax (benefit)	0	(29)	(29)
Total income taxes (benefits)	$ 27,114	$ 17,297	$ 15,161

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Federal income tax at statutory rates	$ 58,850	$ 19,011	$ 44,375
Amortization of accumulated investment tax credits	(170)	(1,181)	(1,182)
Amortization of excess deferred income tax	(23,362)	(22,859)	(23,599)
Flow-through of depreciation items	1,003	1,281	2,795
(Earnings) attributable to non-controlling interest in Valencia	(3,368)	(3,892)	(3,176)
State income tax (benefit), net of federal (benefit)	6,284	(2,239)	6,826
Allowance for equity funds used during construction	(3,756)	(3,145)	(2,898)
Allocation of tax (benefit) related to stock compensation awards	(17)	(261)	91
Non-deductible compensation	1,332	1,659	1,125
Non-deductible merger related costs	0	(1,959)	74
Sale of NMRD	(15,822)	0	0
R&D credit	(1,500)	(2,050)	(1,320)
Other	2,044	(715)	3,019
Total income taxes (benefits)	$ 21,518	$ (16,350)	$ 26,130
Effective tax rate (as a percent)	7.68%	(18.06%)	12.37%
PNM
Income Taxes [Line Items]
Federal income tax at statutory rates	$ 49,868	$ 7,972	$ 29,026
Amortization of accumulated investment tax credits	(170)	(171)	(172)
Amortization of excess deferred income tax	(20,750)	(14,252)	(14,421)
Flow-through of depreciation items	796	1,114	2,641
(Earnings) attributable to non-controlling interest in Valencia	(3,368)	(3,892)	(3,176)
State income tax (benefit), net of federal (benefit)	6,594	(2,216)	5,694
Allowance for equity funds used during construction	(2,739)	(2,065)	(1,958)
Allocation of tax (benefit) related to stock compensation awards	(10)	(185)	65
Non-deductible compensation	822	1,015	701
Non-deductible merger related costs	0	(33)	10
R&D credit	(1,450)	(2,000)	(1,300)
Other	(376)	(2,045)	2,088
Total income taxes (benefits)	$ 29,217	$ (16,758)	$ 19,198
Effective tax rate (as a percent)	12.30%	(44.15%)	13.89%
TNMP
Income Taxes [Line Items]
Federal income tax at statutory rates	$ 27,435	$ 23,569	$ 22,560
Amortization of excess deferred income tax	(2,612)	(8,607)	(9,177)
State income tax (benefit), net of federal (benefit)	2,606	2,414	2,103
Allocation of tax (benefit) related to stock compensation awards	(4)	(77)	26
Non-deductible compensation	509	642	422
Non-deductible merger related costs	0	3	1
Other	(820)	(647)	(774)
Total income taxes (benefits)	$ 27,114	$ 17,297	$ 15,161
Effective tax rate (as a percent)	20.75%	15.41%	14.11%

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Net Accumulated Deferred Income Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss	$ 31,592	$ 16,833
Regulatory liabilities related to income taxes	82,702	90,461
Federal tax credit carryforwards	126,770	124,510
Regulatory disallowances	42,330	42,330
Regulatory liability SJGS retirement credits	40	28,797
Other	52,955	35,492
Total deferred tax assets	336,389	338,423
Deferred tax liabilities:
Depreciation and plant related	(794,203)	(738,078)
Investment tax credit	(81,068)	(95,046)
Regulatory assets related to income taxes	(84,053)	(80,643)
Pension	(41,383)	(41,141)
Regulatory asset for shutdown of SJGS Units 2 and 3	(20,860)	(22,454)
Regulatory asset SJGS energy transition property	(85,365)	(86,521)
Regulatory asset PVNGS investment	(21,044)	(20,503)
PVNGS trusts	(48,421)	(41,767)
Other	(59,384)	(57,550)
Total deferred tax liabilities	(1,235,781)	(1,183,703)
Net accumulated deferred income tax liabilities	(899,392)	(845,280)
PNM
Deferred tax assets:
Net operating loss	0	0
Regulatory liabilities related to income taxes	64,481	71,546
Federal tax credit carryforwards	93,481	80,586
Regulatory disallowances	42,330	42,330
Regulatory liability SJGS retirement credits	40	28,797
Other	35,650	35,993
Total deferred tax assets	235,982	259,252
Deferred tax liabilities:
Depreciation and plant related	(582,089)	(545,815)
Investment tax credit	(81,068)	(73,844)
Regulatory assets related to income taxes	(75,464)	(71,742)
Pension	(36,678)	(36,483)
Regulatory asset for shutdown of SJGS Units 2 and 3	(20,860)	(22,454)
Regulatory asset SJGS energy transition property	(85,365)	(86,521)
Regulatory asset PVNGS investment	(21,044)	(20,503)
PVNGS trusts	(48,421)	(41,767)
Other	(41,211)	(44,160)
Total deferred tax liabilities	(992,200)	(943,289)
Net accumulated deferred income tax liabilities	(756,218)	(684,037)
TNMP
Deferred tax assets:
Regulatory liabilities related to income taxes	18,221	18,915
Other	4,522	5,534
Total deferred tax assets	22,743	24,449
Deferred tax liabilities:
Depreciation and plant related	(200,709)	(179,483)
Regulatory assets related to income taxes	(8,589)	(8,901)
Loss on reacquired debt	(4,981)	(5,254)
Pension	(4,706)	(4,659)
AMS	(2,709)	(2,613)
Other	(9,156)	(2,287)
Total deferred tax liabilities	(230,850)	(203,197)
Net accumulated deferred income tax liabilities	$ (208,107)	$ (178,748)

Income Taxes - Schedule of Chan

Income Taxes - Schedule of Change in Net Accumulated Deferred Income Tax Liability to the Deferred Income Tax (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Income Taxes [Line Items]
Net change in deferred income tax liability per above table	$ 54,112
Change in tax effects of income tax related regulatory assets and liabilities	(11,629)
Amortization of excess deferred income tax	(23,362)
Tax effect of mark-to-market adjustments	4,802
Tax effect of excess pension liability	(421)
Adjustment for uncertain income tax positions	(135)
Reclassification of unrecognized tax benefits	135
Other	0
Deferred income tax (benefit)	23,502
PNM
Income Taxes [Line Items]
Net change in deferred income tax liability per above table	72,181
Change in tax effects of income tax related regulatory assets and liabilities	(11,246)
Amortization of excess deferred income tax	(20,750)
Tax effect of mark-to-market adjustments	3,554
Tax effect of excess pension liability	(421)
Adjustment for uncertain income tax positions	(161)
Reclassification of unrecognized tax benefits	(1,254)
TNMP
Income Taxes [Line Items]
Net change in deferred income tax liability per above table	29,359
Change in tax effects of income tax related regulatory assets and liabilities	(383)
Amortization of excess deferred income tax	(2,612)
Other	$ (1)

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
TXNM
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 15,136	$ 15,154	$ 13,714
Additions based on tax positions	19		1,444
Reductions for tax positions of prior years	(154)		(4)
Additions for tax positions of prior years		259
Reductions based on tax positions		(277)
Ending balance	15,001	15,136	15,154
PNM
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	12,146	12,201	10,771
Additions based on tax positions	2		1,437
Reductions for tax positions of prior years	(163)		(7)
Additions for tax positions of prior years		239
Reductions based on tax positions		(294)
Ending balance	11,985	12,146	12,201
TNMP
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	188	151	141
Additions based on tax positions	17	17	7
Additions for tax positions of prior years	9	20	3
Ending balance	$ 214	$ 188	$ 151

Income Taxes - Other Disclosure

Income Taxes - Other Disclosures (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Internal Revenue Service (IRS)
Reconciliation of Unrecognized Tax Benefits (Expenses) [Line Items]
Federal net operating loss carryforwards	$ 186,200,000
Federal tax credit carryforwards that expire beginning in 2024	129,000,000
TXNM
Reconciliation of Unrecognized Tax Benefits (Expenses) [Line Items]
Unrecognized tax benefits that would impact effective tax rate	14,900,000
Unrecognized tax benefits, interest on income taxes expense	0	$ 0	$ 0
PNM
Reconciliation of Unrecognized Tax Benefits (Expenses) [Line Items]
Unrecognized tax benefits that would impact effective tax rate	11,900,000
Unrecognized tax benefits, interest on income taxes expense	0	0	0
TNMP
Reconciliation of Unrecognized Tax Benefits (Expenses) [Line Items]
Unrecognized tax benefits that would impact effective tax rate	200,000
Unrecognized tax benefits, interest on income taxes expense	$ 0	$ 0	$ 0

Income Taxes - Schedule of Impa

Income Taxes - Schedule of Impairments of Tax Attributes After Reflecting the Expiration of Carryforwards Under Applicable Tax Laws, Net of Federal Tax Benefit and Reserve Balances, After Reflecting Expiration of Carryforwards Under Applicable Tax Laws (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes, Impairment of Carryforwards
Federal tax credit carryforwards	$ 131	$ 839	$ 187
Compensation expense	(516)	387	199
Income Taxes, Reserve Balances
Federal tax credit carryforwards	2,186	2,055
Compensation expense	596	1,112
PNM
Income Taxes, Impairment of Carryforwards
Federal tax credit carryforwards	0	(427)	427
Compensation expense	(335)	246	140
Income Taxes, Reserve Balances
Federal tax credit carryforwards	0	0
Compensation expense	394	729
TNMP
Income Taxes, Impairment of Carryforwards
Federal tax credit carryforwards	0	0	0
Compensation expense	(179)	140	$ 59
Income Taxes, Reserve Balances
Federal tax credit carryforwards	0	0
Compensation expense	$ 202	$ 381

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Apr. 01, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Goodwill and Other Intangible Assets [Line Items]
Goodwill	$ 278,297		$ 278,297	$ 278,297
PNM
Schedule of Goodwill and Other Intangible Assets [Line Items]
Goodwill	$ 51,632	$ 51,600	$ 51,632
Percentage of fair value in excess of carrying amount		54%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Services billings: \| TXNM to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	$ 132,209	$ 124,321	$ 115,415
Services billings: \| TXNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	53,166	47,470	42,293
Services billings: \| PNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	440	349	411
Services billings: \| TNMP to TXNM
Related Party Transaction [Line Items]
Amount of related party transaction	114	141	141
Services billings: \| TNMP to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	497	0	0
Services billings: \| TXNM to NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	66	333	308
Renewable energy purchases: \| PNM from NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	1,523	12,717	11,795
Interest billings: \| TXNM to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	142	23	13
Interest billings: \| TXNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	210	129	166
Interest billings: \| PNM to TXNM
Related Party Transaction [Line Items]
Amount of related party transaction	612	582	249
Income tax sharing payments: \| TXNM to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	2,351	5,338	0
Income tax sharing payments: \| TNMP to TXNM
Related Party Transaction [Line Items]
Amount of related party transaction	10,312	15,749	8,341
Income tax sharing payments: \| PNM to TXNM
Related Party Transaction [Line Items]
Amount of related party transaction	$ 0	$ 0	$ 11,602

Equity Method Investment - Narr

Equity Method Investment - Narrative (Details) - USD ($)		12 Months Ended
Equity Method Investment - Narrative (Details) - USD ($)	Feb. 27, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2017
Business Acquisition [Line Items]
Proceeds from sale of NMRD		$ 116,936,000	$ 0	$ 0
Gain on sale of NMRD	$ 4,400,000	4,449,000	0	0
Investment tax credit	15,700,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| NMRD
Business Acquisition [Line Items]
Proceeds from sale of NMRD	$ 117,000,000
NMRD \| PNMR Development
Business Acquisition [Line Items]
Ownership percentage					50%
Contribution to construction activities		$ 12,600,000	$ 26,300,000	$ 0

Equity Method Investment - Sche

Equity Method Investment - Schedule of Net Earnings and Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Operating Revenues	$ 1,971,199	$ 1,939,198	$ 2,249,555
Balance Sheet Related Disclosures [Abstract]
Current assets	498,836	475,543
Total assets	11,211,733	10,252,605	9,257,377
Total current liabilities	1,775,098	1,230,760
Total TXNM common stockholders’ equity	2,536,385	2,349,093
NMRD
Income Statement [Abstract]
Operating Revenues	3,204	13,629	12,505
Operating expenses	3,378	8,228	9,591
Net earnings	(174)	5,401	$ 2,914
Balance Sheet Related Disclosures [Abstract]
Current assets	0	2,589
Net property, plant, and equipment	0	235,791
Non-current assets	0	1,849
Total assets	0	240,229
Total current liabilities	0	730
Non-current liabilities	0	358
Total TXNM common stockholders’ equity	$ 0	$ 239,141

Schedule I - Condensed Financ_2

Schedule I - Condensed Financial Information of Parent Company - Statements of Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Operating Revenues	$ 1,971,199	$ 1,939,198	$ 2,249,555
Operating Expenses	1,517,713	1,707,858	1,855,795
Operating income	453,486	231,340	393,760
Other Income and Deductions:
Other income	28,621	24,204	21,601
Net other income and (deductions)	54,820	49,544	(54,542)
Interest Charges	228,066	190,355	127,908
Earnings before Income Taxes	280,240	90,529	211,310
Income Tax (Benefit)	21,518	(16,350)	26,130
PNM Resources
Condensed Financial Statements, Captions [Line Items]
Operating Revenues	0	0	0
Operating Expenses	9,406	4,972	6,199
Operating income	(9,406)	(4,972)	(6,199)
Other Income and Deductions:
Equity in earnings of subsidiaries	299,867	133,628	197,860
Other income	1,427	2,245	663
Net other income and (deductions)	301,294	135,873	198,523
Interest Charges	64,916	58,934	30,430
Earnings before Income Taxes	226,972	71,967	161,894
Income Tax (Benefit)	(15,182)	(15,851)	(7,636)
Net earnings	$ 242,154	$ 87,818	$ 169,530

Schedule I - Condensed Financ_3

Schedule I - Condensed Financial Information of Parent Company - Statements of Cash flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net Cash Flows From Operating Activities	$ 508,160	$ 551,171	$ 567,284
Cash Flows From Investing Activities:
Net cash flows used in investing activities	(1,174,372)	(1,088,406)	(950,347)
Cash Flows From Financing Activities:
Revolving credit facility borrowings	2,892,200	2,358,900	1,829,500
Revolving credit facilities repayments	(2,544,800)	(2,329,000)	(1,660,200)
Long-term borrowings	1,233,000	1,358,096	558,000
Repayment of long-term debt	(819,529)	(910,000)	(179,500)
Issuance of common stock	98,601	198,177	0
Dividends paid	(140,339)	(126,705)	(119,839)
Debt issuance costs and other, net	(20,482)	(9,836)	(5,564)
Net cash flows from financing activities	684,354	537,100	386,037
Change in Cash, Cash Equivalents, and Restricted Cash	18,142	(135)	2,974
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	3,943	4,078	1,104
Cash, Cash Equivalents, and Restricted Cash at End of Year	22,085	3,943	4,078
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	207,972	155,273	118,485
Income taxes paid (refunded), net	(998)	1,505	(1,011)
PNM Resources
Cash Flows From Operating Activities:
Net Cash Flows From Operating Activities	(36,927)	(31,368)	(10,261)
Cash Flows From Investing Activities:
Additions to non-utility plant	839	1,138	1,136
Investments in subsidiaries	(112,000)	(85,500)	(70,200)
Cash dividends from subsidiaries	153,000	0	153,500
Net cash flows used in investing activities	41,839	(84,362)	84,436
Cash Flows From Financing Activities:
Short-term borrowings (repayments) -affiliate, net	21,100	(5,300)	(700)
Revolving credit facility borrowings	822,000	837,000	640,400
Revolving credit facilities repayments	(797,400)	(777,100)	(685,900)
Long-term borrowings	550,000	500,000	100,000
Repayment of long-term debt	(539,000)	(500,000)	0
Issuance of common stock	98,601	198,177	0
Awards of common stock	(8,460)	(9,646)	(7,980)
Dividends paid	(139,811)	(126,177)	(119,311)
Debt issuance costs and other, net	(11,945)	(1,221)	(686)
Net cash flows from financing activities	(4,915)	115,733	(74,177)
Change in Cash, Cash Equivalents, and Restricted Cash	(3)	3	(2)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	64	61	63
Cash, Cash Equivalents, and Restricted Cash at End of Year	61	64	61
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	71,917	47,122	29,904
Income taxes paid (refunded), net	$ (1,707)	$ 350	$ (2,500)

Schedule I - Condensed Financ_4

Schedule I - Condensed Financial Information of Parent Company - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 4,498	$ 2,215
Accounts receivable	130,351	126,291
Income taxes receivable	7,684	6,697
Other current assets	16,086	8,920
Total current assets	498,836	475,543
Property, plant and equipment, net of accumulated depreciation of $19,650 and $18,810	8,437,008	7,609,862
Other long-term assets	259	171
Total assets	11,211,733	10,252,605	$ 9,257,377
Liabilities and Stockholders’ Equity
Short-term debt	609,300	261,900
Current installments of long-term debt	611,603	280,169
Intercompany payables	204,468	205,175
Accrued interest and taxes	104,756	98,655
Dividends declared	36,889	35,085
Other current liabilities	84,998	94,397
Total current liabilities	1,775,098	1,230,760
Long-term debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	4,311,765	4,241,642
Total liabilities	8,616,919	7,842,025
Common stock (no par value; 200,000,000 and 120,000,000 shares authorized; issued and outstanding 92,659,335 and 90,200,384 shares)	1,724,444	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(75,708)	(62,840)
Retained earnings	887,649	787,110
Total TXNM common stockholders’ equity	2,536,385	2,349,093
Total liabilities and stockholders' equity	$ 11,211,733	$ 10,252,605
Common stock, shares authorized (in shares)	200,000,000	120,000,000
Common stock, shares issued (in shares)	92,659,335	92,659,335
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
PNM Resources
Assets
Cash and cash equivalents	$ 61	$ 64
Derivative instruments	0	7,172
Income taxes receivable	15,326	8,266
Other current assets	15	133
Total current assets	15,402	71,210
Property, plant and equipment, net of accumulated depreciation of $19,650 and $18,810	19,536	20,374
Investment in subsidiaries	3,625,611	3,345,400
Other long-term assets	48,312	44,628
Total long-term assets	3,693,459	3,410,402
Total assets	3,708,861	3,481,612
Liabilities and Stockholders’ Equity
Current installments of long-term debt	50,967	0
Intercompany payables	1,999	0
Accrued interest and taxes	6,428	14,650
Dividends declared	36,757	34,953
Other current liabilities	571	184
Total current liabilities	220,941	128,306
Long-term debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	948,731	999,151
Other long-term liabilities	2,803	5,062
Total liabilities	1,172,475	1,132,519
Common stock (no par value; 200,000,000 and 120,000,000 shares authorized; issued and outstanding 92,659,335 and 90,200,384 shares)	1,724,444	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(75,708)	(62,840)
Retained earnings	887,650	787,110
Total TXNM common stockholders’ equity	2,536,386	2,349,093
Total liabilities and stockholders' equity	$ 3,708,861	$ 3,481,612
Common stock, shares authorized (in shares)	200,000,000	120,000,000
Common stock, shares issued (in shares)	92,659,335	90,200,384
Common stock, shares outstanding (in shares)	92,659,335	90,200,384
PNM Resources \| Nonrelated Party
Liabilities and Stockholders’ Equity
Short-term debt	$ 93,900	$ 69,300
PNM Resources \| Related Party
Assets
Accounts receivable	0	55,575
Liabilities and Stockholders’ Equity
Short-term debt	$ 30,319	$ 9,219

Schedule I - Condensed Financ_5

Schedule I - Condensed Financial Information of Parent Company - Balance Sheets Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
PNM Resources
Condensed Financial Statements, Captions [Line Items]
Accumulated depreciation	$ 19,650	$ 18,810

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Reserve, Allowance For Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 3,388	$ 4,925	$ 7,265
Charged to costs and expenses	4,184	3,585	3,758
Charged to other accounts	0	0	0
Write-offs and other	6,174	5,122	6,098
Balance at end of year	1,398	3,388	4,925
PNM
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	3,388	4,925	7,265
Charged to costs and expenses	4,184	3,549	3,758
Charged to other accounts	0	0	0
Write-offs and other	6,174	5,086	6,098
Balance at end of year	1,398	3,388	4,925
TNMP
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	0	0	0
Charged to costs and expenses	0	36	0
Charged to other accounts	0	0	0
Write-offs and other	0	36	0
Balance at end of year	$ 0	$ 0	$ 0