Texas New Mexico Power 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity Registrant Name	PNM Resources, 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	87102-3289
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	PNM
Security Exchange Name	NYSE
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		90,200,384
Entity Central Index Key	0001108426
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
PNM
Entity Information [Line Items]
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	87102-3289
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-06986
Entity Tax Identification Number	85-0019030
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
Entity Common Stock, Shares Outstanding		39,117,799
Entity Central Index Key	0000081023
Current Fiscal Year End Date	--12-31
Texas-New Mexico Power Company
Entity Information [Line Items]
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 Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		6,358
Entity Central Index Key	0000022767
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - PNMR - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Electric Operating Revenues	$ 436,877	$ 544,077
Operating Expenses:
Administrative and general	55,427	55,110
Regulatory disallowances	4,459	0
Depreciation and amortization	93,187	78,074
Transmission and distribution costs	22,764	22,196
Taxes other than income taxes	25,934	25,562
Total operating expenses	356,287	444,986
Operating income	80,590	99,091
Other Income and Deductions:
Interest income	4,580	4,843
Gains on investment securities	17,998	6,442
Other income	4,911	3,093
Other (deductions)	(16,522)	(2,493)
Net other income and deductions	10,967	11,885
Interest Charges	53,762	40,923
Earnings before Income Taxes	37,795	70,053
Income Taxes	(12,571)	9,780
Net Earnings	50,366	60,273
(Earnings) Attributable to Valencia Non-controlling Interest	(3,044)	(5,127)
Preferred Stock Dividend Requirements	(132)	(132)
Net Earnings Available for PNM Common Stock	$ 47,190	$ 55,014
Net Earnings Attributable to PNMR per Common Share:
Basic (dollars per share)	$ 0.52	$ 0.64
Diluted (dollars per share)	0.52	0.64
Dividends Declared per Common Share (dollars per share)	$ 0.3875	$ 0.3675
Energy
Electric Operating Revenues	$ 436,877	$ 544,077
Operating Expenses:
Energy costs	132,304	241,686
Energy Production
Operating Expenses:
Energy costs	$ 22,212	$ 22,358

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - PNMR - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 50,366	$ 60,273
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(125) and $(1,059)	366	3,111
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $2,771, and $178	(8,139)	(524)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309) and $(303)	907	891
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $(17) and $43	50	(125)
Reclassification adjustment for gains (losses) included in net earnings, net of income tax (expense) benefit of $(697) and $565	2,048	(1,659)
Total Other Comprehensive Income (Loss)	(4,768)	1,694
Comprehensive Income	45,598	61,967
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,044)	(5,127)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)
Comprehensive Income Attributable to PNM	$ 42,422	$ 56,708

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income - PNMR (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ (125)	$ (1,059)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	2,771	178
Pension liability adjustment, income tax expense (benefit)	(309)	(303)
Change in fair market value, income tax (expense) benefit	(17)	43
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	$ (697)	$ 565

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - PNMR - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net Earnings	$ 50,366	$ 60,273
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	103,004	87,128
Deferred income tax expense	6,935	9,576
(Gain) on sale of NMRD	(4,449)	0
(Gains) losses on investment securities	(17,998)	(6,442)
Stock based compensation expense	4,608	3,490
Regulatory disallowances	4,459	0
Allowance for equity funds used during construction	(3,292)	(1,964)
Other, net	1,031	810
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	29,296	64,919
Materials, supplies, and fuel stock	(6,457)	2,443
Other current assets	24,662	(1,305)
Other assets	(7,341)	(2,074)
Accounts payable	(31,482)	(56,306)
Accrued interest and taxes	(9,823)	(4,514)
Other current liabilities	(39,860)	(16,844)
Other liabilities	(10,843)	(7,689)
Net cash flows from operating activities	92,816	131,501
Cash Flows From Investing Activities:
Utility plant additions	(289,100)	(264,368)
Proceeds from sale of plant assets (Note 13)	2,840	28,372
Proceeds from sales of investment securities	302,510	91,830
Purchases of investment securities	(304,971)	(95,773)
Proceeds from sale of NMRD	116,936	0
Investments in NMRD	(12,550)	(11,500)
Other, net	(23)	6
Net cash flows used in investing activities	(184,358)	(251,433)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	658,800	635,200
Revolving credit facilities repayments	(676,200)	(457,800)
Long-term borrowings	117,000	0
Awards of common stock	(5,440)	(8,394)
Dividends paid	(35,085)	(31,677)
Valencia’s transactions with its owner	(4,003)	(5,510)
Transmission interconnection and security deposit arrangements	57,875	3,894
Refunds paid under transmission interconnection and security deposit arrangements	12,003	15,167
Debt issuance costs and other, net	(1,435)	(560)
Net cash flows from financing activities	99,509	119,986
Change in Cash, Cash Equivalents, and Restricted Cash	7,967	54
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	3,943	4,078
Cash, Cash Equivalents, and Restricted Cash at End of Period	11,910	4,132
Restricted Cash Included in Other Current Assets and Other Deferred Assets on Consolidated Balance Sheets:
At beginning of period	1,728	0
At end of period	8,922	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	48,912	39,794
Income taxes paid (refunded), net	(488)	0
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$ 40,223	$ 37,148

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - PNMR - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 2,988	$ 2,215
Accounts receivable, net of allowance for credit losses of $3,203 and $3,388	105,002	126,291
Unbilled revenues	55,142	64,072
Other receivables	39,808	76,509
Materials, supplies, and fuel stock	104,491	98,034
Regulatory assets	61,453	73,046
Prepaid assets	16,792	19,759
Income taxes receivable	6,168	6,697
Other current assets	15,999	8,920
Total current assets	407,843	475,543
Other Property and Investments:
Investment securities	448,164	444,408
Equity investment in NMRD	0	119,570
Other investments	193	171
Non-utility property, net	28,023	29,367
Total other property and investments	476,380	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	9,807,524	9,701,180
Less accumulated depreciation and amortization	2,812,846	2,755,823
Net plant in service and plant held for future use	6,994,678	6,945,357
Construction work in progress	693,502	589,834
Nuclear fuel, net of accumulated amortization of $39,681 and $35,840	72,190	74,671
Net utility plant	7,760,370	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	930,752	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	179,480	182,201
Other deferred charges	224,531	198,805
Total deferred charges and other assets	1,613,060	1,573,684
Assets	10,257,653	10,252,605
Current Liabilities:
Short-term debt	244,500	261,900
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	283,776	280,169
Accounts payable	133,470	205,175
Customer deposits	6,256	6,237
Accrued interest and taxes	88,302	98,655
Regulatory liabilities	108,429	140,005
Operating lease liabilities	11,811	12,267
Dividends declared	35,085	35,085
Transmission interconnection arrangement liabilities	124,248	96,870
Other current liabilities	71,251	94,397
Total current liabilities	1,107,128	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	4,355,049	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	835,835	845,280
Regulatory liabilities	777,752	771,317
Asset retirement obligations	246,908	245,531
Accrued pension liability and postretirement benefit cost	18,700	21,429
Operating lease liabilities	165,842	167,000
Other deferred credits	334,180	319,066
Total deferred credits and liabilities	2,379,217	2,369,623
Total liabilities	7,841,394	7,842,025
Commitments and Contingencies (Note 11)
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
PNM common stockholder’s equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 shares)	1,623,991	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(67,608)	(62,840)
Retained earnings	799,348	787,110
Total PNM common stockholder’s equity	2,355,731	2,349,093
Non-controlling interest in Valencia	48,999	49,958
Total equity	2,404,730	2,399,051
Total liabilities and stockholders' equity	$ 10,257,653	$ 10,252,605

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - PNMR (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for uncollectible accounts	$ 3,203	$ 3,388
Accumulated depreciation, nuclear fuel	39,681	35,840
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	283,776	280,169
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	$ 4,355,049	$ 4,241,642
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
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
ETBC 1
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	$ 5,935	$ 2,529
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	$ 335,137	$ 338,521

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - PNMR - USD ($) $ in Thousands	Total	Total PNMR Common Stockholders’ Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia
Beginning 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	60,273	55,146			55,146	5,127
Total other comprehensive income (loss)	1,694	1,694		1,694
Subsidiary preferred stock dividends	(132)	(132)			(132)
Dividends declared on common stock	(31,545)	(31,545)			(31,545)
Awards of common stock	(8,394)	(8,394)	(8,394)
Stock based compensation expense	3,490	3,490	3,490
Valencia’s transactions with its owner	(5,510)					(5,510)
Ending balance at Mar. 31, 2023	2,264,802	2,212,191	1,424,198	(64,354)	852,347	52,611
Beginning 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	50,366	47,322			47,322	3,044
Total other comprehensive income (loss)	(4,768)	(4,768)		(4,768)
Subsidiary preferred stock dividends	(132)	(132)			(132)
Dividends declared on common stock	(34,952)	(34,952)			(34,952)
Awards of common stock	(5,440)	(5,440)	(5,440)
Stock based compensation expense	4,608	4,608	4,608
Valencia’s transactions with its owner	(4,003)					(4,003)
Ending balance at Mar. 31, 2024	$ 2,404,730	$ 2,355,731	$ 1,623,991	$ (67,608)	$ 799,348	$ 48,999

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Earnings - PNM - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Electric Operating Revenues	$ 436,877	$ 544,077
Operating Expenses:
Administrative and general	55,427	55,110
Regulatory disallowances	4,459	0
Depreciation and amortization	93,187	78,074
Transmission and distribution costs	22,764	22,196
Taxes other than income taxes	25,934	25,562
Total operating expenses	356,287	444,986
Operating income	80,590	99,091
Other Income and Deductions:
Interest income	4,580	4,843
Gains on investment securities	17,998	6,442
Other income	4,911	3,093
Other (deductions)	(16,522)	(2,493)
Net other income and deductions	10,967	11,885
Interest Charges	53,762	40,923
Earnings before Income Taxes	37,795	70,053
Income Taxes	(12,571)	9,780
Net Earnings	50,366	60,273
(Earnings) Attributable to Valencia Non-controlling Interest	(3,044)	(5,127)
Preferred Stock Dividend Requirements	(132)	(132)
Net Earnings Available for PNM Common Stock	47,190	55,014
Energy
Electric Operating Revenues	436,877	544,077
Operating Expenses:
Energy costs	132,304	241,686
Energy Production
Operating Expenses:
Energy costs	22,212	22,358
PNM
Electric Operating Revenues	308,115	430,165
Operating Expenses:
Administrative and general	51,736	48,973
Regulatory disallowances	4,459	0
Depreciation and amortization	53,287	43,686
Transmission and distribution costs	14,350	13,887
Taxes other than income taxes	13,709	13,504
Total operating expenses	257,165	352,261
Operating income	50,950	77,904
Other Income and Deductions:
Interest income	4,527	4,849
Gains on investment securities	17,998	6,442
Other income	3,418	2,451
Other (deductions)	(870)	(1,860)
Net other income and deductions	25,073	11,882
Interest Charges	25,116	18,122
Earnings before Income Taxes	50,907	71,664
Income Taxes	5,811	11,829
Net Earnings	45,096	59,835
(Earnings) Attributable to Valencia Non-controlling Interest	(3,044)	(5,127)
Net Earnings Attributable to PNM	42,052	54,708
Preferred Stock Dividend Requirements	(132)	(132)
Net Earnings Available for PNM Common Stock	41,920	54,576
PNM | Energy
Operating Expenses:
Energy costs	97,412	209,853
PNM | Energy Production
Operating Expenses:
Energy costs	$ 22,212	$ 22,358

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Comprehensive Income - PNM - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Earnings	$ 50,366	$ 60,273
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(125) and $(1,059)	366	3,111
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $2,771, and $178	(8,139)	(524)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309) and $(303)	907	891
Total Other Comprehensive Income (Loss)	(4,768)	1,694
Comprehensive Income	45,598	61,967
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,044)	(5,127)
Comprehensive Income Attributable to PNM	42,422	56,708
PNM
Net Earnings	45,096	59,835
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(125) and $(1,059)	366	3,111
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $2,771, and $178	(8,139)	(524)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309) and $(303)	907	891
Total Other Comprehensive Income (Loss)	(6,866)	3,478
Comprehensive Income	38,230	63,313
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,044)	(5,127)
Comprehensive Income Attributable to PNM	$ 35,186	$ 58,186

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Comprehensive Income - PNM (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ (125)	$ (1,059)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	2,771	178
Pension liability adjustment, income tax expense (benefit)	(309)	(303)
PNM
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	(125)	(1,059)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	2,771	178
Pension liability adjustment, income tax expense (benefit)	$ (309)	$ (303)

Condensed Consolidated Statem_9

Condensed Consolidated Statements of Cash Flows - PNM - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net Earnings	$ 50,366	$ 60,273
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	103,004	87,128
Deferred income tax expense	6,935	9,576
(Gains) losses on investment securities	(17,998)	(6,442)
Regulatory disallowances	4,459	0
Allowance for equity funds used during construction	(3,292)	(1,964)
Other, net	1,031	810
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	29,296	64,919
Materials, supplies, and fuel stock	(6,457)	2,443
Other current assets	24,662	(1,305)
Other assets	(7,341)	(2,074)
Accounts payable	(31,482)	(56,306)
Accrued interest and taxes	(9,823)	(4,514)
Other current liabilities	(39,860)	(16,844)
Other liabilities	(10,843)	(7,689)
Net cash flows from operating activities	92,816	131,501
Cash Flows From Investing Activities:
Utility plant additions	(289,100)	(264,368)
Proceeds from sale of plant assets (Note 13)	2,840	28,372
Proceeds from sales of investment securities	302,510	91,830
Purchases of investment securities	(304,971)	(95,773)
Other, net	(23)	6
Net cash flows used in investing activities	(184,358)	(251,433)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	658,800	635,200
Revolving credit facilities repayments	(676,200)	(457,800)
Dividends paid	(35,085)	(31,677)
Valencia’s transactions with its owner	(4,003)	(5,510)
Transmission interconnection and security deposit arrangements	57,875	3,894
Refunds paid under transmission interconnection and security deposit arrangements	(12,003)	(15,167)
Debt issuance costs and other, net	(1,435)	(560)
Net cash flows from financing activities	99,509	119,986
Change in Cash, Cash Equivalents, and Restricted Cash	7,967	54
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	3,943	4,078
Cash, Cash Equivalents, and Restricted Cash at End of Period	11,910	4,132
Restricted Cash Included in Other Current Assets and Other Deferred Assets on Consolidated Balance Sheets:
At beginning of period	1,728	0
At end of period	8,922	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	48,912	39,794
Income taxes paid (refunded), net	(488)	0
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	40,223	37,148
PNM
Cash Flows From Operating Activities:
Net Earnings	45,096	59,835
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	60,356	51,438
Deferred income tax expense	6,030	11,829
(Gains) losses on investment securities	(17,998)	(6,442)
Regulatory disallowances	4,459	0
Allowance for equity funds used during construction	(3,015)	(1,862)
Other, net	927	866
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	22,352	54,042
Materials, supplies, and fuel stock	(3,612)	2,916
Other current assets	3,864	(7,306)
Other assets	293	(897)
Accounts payable	(29,330)	(50,299)
Accrued interest and taxes	19,787	11,770
Other current liabilities	(27,435)	(12,083)
Other liabilities	(7,407)	(6,006)
Net cash flows from operating activities	74,367	107,801
Cash Flows From Investing Activities:
Utility plant additions	(154,975)	(143,348)
Proceeds from sale of plant assets (Note 13)	2,840	28,372
Proceeds from sales of investment securities	302,510	91,830
Purchases of investment securities	(304,971)	(95,773)
Other, net	(23)	6
Net cash flows used in investing activities	(154,619)	(118,913)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	292,500	275,700
Revolving credit facilities repayments	(243,800)	(250,700)
Short-term borrowings (repayments) – affiliate, net	2,300	0
Dividends paid	(132)	(132)
Valencia’s transactions with its owner	(4,003)	(5,510)
Transmission interconnection and security deposit arrangements	51,125	3,894
Refunds paid under transmission interconnection and security deposit arrangements	(9,103)	(11,667)
Debt issuance costs and other, net	(474)	(377)
Net cash flows from financing activities	88,413	11,208
Change in Cash, Cash Equivalents, and Restricted Cash	8,161	96
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	2,586	2,985
Cash, Cash Equivalents, and Restricted Cash at End of Period	10,747	3,081
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	9,121	12,778
Income taxes paid (refunded), net	0	0
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$ 14,770	$ 17,849

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets - PNM - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 2,988	$ 2,215
Accounts receivable, net of allowance for credit losses	105,002	126,291
Unbilled revenues	55,142	64,072
Other receivables	39,808	76,509
Materials, supplies, and fuel stock	104,491	98,034
Regulatory assets	61,453	73,046
Prepaid assets	16,792	19,759
Income taxes receivable	6,168	6,697
Other current assets	15,999	8,920
Total current assets	407,843	475,543
Other Property and Investments:
Investment securities	448,164	444,408
Other investments	193	171
Non-utility property, net	28,023	29,367
Total other property and investments	476,380	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	9,807,524	9,701,180
Less accumulated depreciation and amortization	2,812,846	2,755,823
Net plant in service and plant held for future use	6,994,678	6,945,357
Construction work in progress	693,502	589,834
Nuclear fuel, net of accumulated amortization of $39,681 and $35,840	72,190	74,671
Net utility plant	7,760,370	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	930,752	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	179,480	182,201
Other deferred charges	224,531	198,805
Total deferred charges and other assets	1,613,060	1,573,684
Assets	10,257,653	10,252,605
Current Liabilities:
Short-term debt	244,500	261,900
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	283,776	280,169
Accounts payable	133,470	205,175
Customer deposits	6,256	6,237
Accrued interest and taxes	88,302	98,655
Regulatory liabilities	108,429	140,005
Operating lease liabilities	11,811	12,267
Dividends declared	35,085	35,085
Transmission interconnection arrangement liabilities	124,248	96,870
Other current liabilities	71,251	94,397
Total current liabilities	1,107,128	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	4,355,049	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	835,835	845,280
Regulatory liabilities	777,752	771,317
Asset retirement obligations	246,908	245,531
Accrued pension liability and postretirement benefit cost	18,700	21,429
Operating lease liabilities	165,842	167,000
Other deferred credits	334,180	319,066
Total deferred credits and liabilities	2,379,217	2,369,623
Total liabilities	7,841,394	7,842,025
Commitments and Contingencies (Note 11)
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
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,623,991	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(67,608)	(62,840)
Retained earnings	799,348	787,110
Total PNM common stockholder’s equity	2,355,731	2,349,093
Non-controlling interest in Valencia	48,999	49,958
Total equity	2,404,730	2,399,051
Total liabilities and stockholders' equity	10,257,653	10,252,605
PNM
Current Assets:
Cash and cash equivalents	1,825	858
Accounts receivable, net of allowance for credit losses	75,437	94,879
Unbilled revenues	43,092	46,925
Materials, supplies, and fuel stock	85,184	81,572
Regulatory assets	61,453	72,996
Prepaid assets	8,957	9,941
Income taxes receivable	7,900	7,682
Other current assets	8,492	1,756
Total current assets	335,426	377,837
Other Property and Investments:
Investment securities	448,164	444,408
Other investments	91	69
Non-utility property, net	12,382	13,538
Total other property and investments	460,637	458,015
Utility Plant:
Plant in service, held for future use, and to be abandoned	6,210,692	6,151,510
Less accumulated depreciation and amortization	2,009,722	1,976,657
Net plant in service and plant held for future use	4,200,970	4,174,853
Construction work in progress	537,488	490,178
Nuclear fuel, net of accumulated amortization of $39,681 and $35,840	72,190	74,671
Net utility plant	4,810,648	4,739,702
Deferred Charges and Other Assets:
Regulatory assets	855,120	838,727
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	177,865	180,370
Other deferred charges	187,247	166,782
Total deferred charges and other assets	1,271,864	1,237,511
Assets	6,878,575	6,813,065
Current Liabilities:
Short-term debt	186,200	137,500
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	203,802	200,222
Customer deposits	6,256	6,237
Accrued interest and taxes	61,342	41,337
Regulatory liabilities	105,690	134,846
Operating lease liabilities	10,925	11,371
Dividends declared	132	132
Transmission interconnection arrangement liabilities	124,248	96,870
Other current liabilities	45,672	52,587
Total current liabilities	855,327	839,194
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	2,058,523	2,061,558
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	692,069	684,037
Regulatory liabilities	562,842	565,021
Asset retirement obligations	245,991	244,633
Accrued pension liability and postretirement benefit cost	17,367	19,949
Operating lease liabilities	165,199	166,191
Other deferred credits	234,858	220,178
Total deferred credits and liabilities	1,918,326	1,900,009
Total liabilities	4,832,176	4,800,761
Commitments and Contingencies (Note 11)
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
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,547,918	1,547,918
Accumulated other comprehensive income (loss), net of income taxes	(73,371)	(66,505)
Retained earnings	511,324	469,404
Total PNM common stockholder’s equity	1,985,871	1,950,817
Non-controlling interest in Valencia	48,999	49,958
Total equity	2,034,870	2,000,775
Total liabilities and stockholders' equity	6,878,575	6,813,065
PNM | Nonrelated Party
Current Assets:
Other receivables	33,849	51,975
Current Liabilities:
Short-term debt	186,200	137,500
Accounts payable	97,603	141,704
PNM | Related Party
Current Assets:
Other receivables	9,237	9,253
Current Liabilities:
Short-term debt	2,300	0
Accounts payable	$ 11,157	$ 16,388

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets - PNM (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for uncollectible accounts	$ 3,203	$ 3,388
Accumulated depreciation, nuclear fuel	39,681	35,840
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	283,776	280,169
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	$ 4,355,049	$ 4,241,642
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
ETBC 1
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	$ 5,935	$ 2,529
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	335,137	338,521
PNM
Allowance for uncollectible accounts	3,203	3,388
Accumulated depreciation, nuclear fuel	39,681	35,840
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	203,802	200,222
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	$ 2,058,523	$ 2,061,558
Cumulative preferred stock, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock, shares issued (in shares)	115,293	115,293
Cumulative preferred stock, shares outstanding (in shares)	115,293	115,293
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 | ETBC 1
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	$ 5,935	$ 2,529
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	$ 335,137	$ 338,521

Condensed Consolidated State_10

Condensed Consolidated Statements of Changes in Equity - PNM - USD ($) $ in Thousands	Total	Total PNMR Common Stockholders’ Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia	PNM	PNM Total PNMR Common Stockholders’ Equity	PNM Common Stock	PNM AOCI	PNM Retained Earnings	PNM Non- controlling Interest in Valencia
Beginning 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	60,273	55,146			55,146	5,127	59,835	54,708			54,708	5,127
Total other comprehensive income (loss)	1,694	1,694		1,694			3,478	3,478		3,478
Dividends declared on preferred stock							(132)	(132)			(132)
Dividends declared on common stock	(31,545)	(31,545)			(31,545)
Valencia’s transactions with its owner	(5,510)					(5,510)	(5,510)					(5,510)
Ending balance at Mar. 31, 2023	2,264,802	2,212,191	1,424,198	(64,354)	852,347	52,611	2,017,995	1,965,384	1,547,918	(70,857)	488,323	52,611
Beginning 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	50,366	47,322			47,322	3,044	45,096	42,052			42,052	3,044
Total other comprehensive income (loss)	(4,768)	(4,768)		(4,768)			(6,866)	(6,866)		(6,866)
Dividends declared on preferred stock							(132)	(132)			(132)
Dividends declared on common stock	(34,952)	(34,952)			(34,952)
Valencia’s transactions with its owner	(4,003)					(4,003)	(4,003)					(4,003)
Ending balance at Mar. 31, 2024	$ 2,404,730	$ 2,355,731	$ 1,623,991	$ (67,608)	$ 799,348	$ 48,999	$ 2,034,870	$ 1,985,871	$ 1,547,918	$ (73,371)	$ 511,324	$ 48,999

Condensed Consolidated State_11

Condensed Consolidated Statements of Earnings - TNMP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Electric Operating Revenues	$ 436,877	$ 544,077
Operating Expenses:
Administrative and general	55,427	55,110
Depreciation and amortization	93,187	78,074
Transmission and distribution costs	22,764	22,196
Taxes other than income taxes	25,934	25,562
Total operating expenses	356,287	444,986
Operating income	80,590	99,091
Other Income and Deductions:
Interest income	4,580	4,843
Other income	4,911	3,093
Other (deductions)	(16,522)	(2,493)
Net other income and deductions	10,967	11,885
Interest Charges	53,762	40,923
Earnings before Income Taxes	37,795	70,053
Income Taxes	(12,571)	9,780
Texas-New Mexico Power Company
Electric Operating Revenues	128,762	113,912
Operating Expenses:
Cost of energy	34,892	31,833
Administrative and general	13,669	14,014
Depreciation and amortization	30,382	27,440
Transmission and distribution costs	8,414	8,309
Taxes other than income taxes	10,667	10,529
Total operating expenses	98,024	92,125
Operating income	30,738	21,787
Other Income and Deductions:
Interest income	169	114
Other income	1,173	511
Other (deductions)	(297)	(375)
Net other income and deductions	1,045	250
Interest Charges	13,336	10,425
Earnings before Income Taxes	18,447	11,612
Income Taxes	3,864	1,579
Net Earnings Attributable to PNM	$ 14,583	$ 10,033

Condensed Consolidated State_12

Condensed Consolidated Statements of Cash Flows - TNMP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net Earnings	$ 50,366	$ 60,273
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	103,004	87,128
Deferred income tax expense	6,935	9,576
Allowance for equity funds used during construction	(3,292)	(1,964)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	29,296	64,919
Materials, supplies, and fuel stock	(6,457)	2,443
Other current assets	24,662	(1,305)
Other assets	(7,341)	(2,074)
Accounts payable	(31,482)	(56,306)
Accrued interest and taxes	(9,823)	(4,514)
Other current liabilities	(39,860)	(16,844)
Other liabilities	(10,843)	(7,689)
Net cash flows from operating activities	92,816	131,501
Cash Flows From Investing Activities:
Utility plant additions	(289,100)	(264,368)
Net cash flows used in investing activities	(184,358)	(251,433)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	658,800	635,200
Revolving credit facilities repayments	(676,200)	(457,800)
Long-term borrowings	117,000	0
Transmission interconnection and security deposit arrangements	57,875	3,894
Refunds paid under transmission interconnection and security deposit arrangements	(12,003)	(15,167)
Debt issuance costs and other, net	(1,435)	(560)
Net cash flows from financing activities	99,509	119,986
Change in Cash, Cash Equivalents, and Restricted Cash	7,967	54
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	3,943	4,078
Cash, Cash Equivalents, and Restricted Cash at End of Period	11,910	4,132
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	48,912	39,794
Income taxes paid (refunded), net	(488)	0
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	40,223	37,148
Texas-New Mexico Power Company
Cash Flows From Operating Activities:
Net Earnings	14,583	10,033
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	30,525	27,642
Deferred income tax expense	3,428	(15)
Allowance for equity funds used during construction	(276)	(102)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	6,944	10,876
Materials, supplies, and fuel stock	(2,845)	(473)
Other current assets	20,581	6,765
Other assets	(450)	(804)
Accounts payable	170	(3,235)
Accrued interest and taxes	(19,053)	(15,562)
Other current liabilities	(7,085)	1,267
Other liabilities	(5,028)	(1,238)
Net cash flows from operating activities	41,494	35,154
Cash Flows From Investing Activities:
Utility plant additions	(124,646)	(108,993)
Net cash flows used in investing activities	(124,646)	(108,993)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	127,100	125,100
Revolving credit facilities repayments	(163,900)	(61,800)
Short-term borrowings (repayments) – affiliate, net	0	14,200
Long-term borrowings	117,000	0
Transmission interconnection and security deposit arrangements	6,750	0
Refunds paid under transmission interconnection and security deposit arrangements	(2,900)	(3,500)
Debt issuance costs and other, net	(898)	(161)
Net cash flows from financing activities	83,152	73,839
Change in Cash, Cash Equivalents, and Restricted Cash	0	0
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	0	0
Cash, Cash Equivalents, and Restricted Cash at End of Period	0	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	13,532	14,736
Income taxes paid (refunded), net	(488)	0
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$ 20,472	$ 10,986

Condensed Consolidated Balanc_5

Condensed Consolidated Balance Sheets - TNMP - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 2,988	$ 2,215
Accounts receivable	105,002	126,291
Unbilled revenues	55,142	64,072
Other receivables	39,808	76,509
Materials, supplies, and fuel stock	104,491	98,034
Regulatory assets	61,453	73,046
Total current assets	407,843	475,543
Other Property and Investments:
Other investments	193	171
Non-utility property, net	28,023	29,367
Total other property and investments	476,380	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	9,807,524	9,701,180
Less accumulated depreciation and amortization	2,812,846	2,755,823
Net plant in service and plant held for future use	6,994,678	6,945,357
Construction work in progress	693,502	589,834
Net utility plant	7,760,370	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	930,752	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	179,480	182,201
Other deferred charges	224,531	198,805
Total deferred charges and other assets	1,613,060	1,573,684
Assets	10,257,653	10,252,605
Current Liabilities:
Short-term debt	244,500	261,900
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	283,776	280,169
Accounts payable	133,470	205,175
Accrued interest and taxes	88,302	98,655
Regulatory liabilities	108,429	140,005
Operating lease liabilities	11,811	12,267
Other current liabilities	71,251	94,397
Total current liabilities	1,107,128	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	4,355,049	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	835,835	845,280
Regulatory liabilities	777,752	771,317
Asset retirement obligations	246,908	245,531
Accrued pension liability and postretirement benefit cost	18,700	21,429
Operating lease liabilities	165,842	167,000
Other deferred credits	334,180	319,066
Total deferred credits and liabilities	2,379,217	2,369,623
Total liabilities	7,841,394	7,842,025
Commitments and Contingencies (Note 11)
PNM common stockholder’s equity:
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	1,623,991	1,624,823
Retained earnings	799,348	787,110
Total PNM common stockholder’s equity	2,355,731	2,349,093
Total liabilities and stockholders' equity	10,257,653	10,252,605
Texas-New Mexico Power Company
Current Assets:
Cash and cash equivalents	0	0
Accounts receivable	29,565	31,412
Unbilled revenues	12,050	17,147
Other receivables	7,749	26,983
Materials, supplies, and fuel stock	19,307	16,462
Regulatory assets	0	50
Prepaid and other current assets	1,517	2,705
Total current assets	70,188	94,759
Other Property and Investments:
Other investments	102	102
Non-utility property, net	14,470	14,746
Total other property and investments	14,572	14,848
Utility Plant:
Plant in service, held for future use, and to be abandoned	3,252,448	3,210,870
Less accumulated depreciation and amortization	596,669	582,140
Net plant in service and plant held for future use	2,655,779	2,628,730
Construction work in progress	149,793	91,274
Net utility plant	2,805,572	2,720,004
Deferred Charges and Other Assets:
Regulatory assets	75,632	75,654
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	1,615	1,814
Other deferred charges	10,692	11,287
Total deferred charges and other assets	314,604	315,420
Assets	3,204,936	3,145,031
Current Liabilities:
Short-term debt	18,300	55,100
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	79,974	79,947
Accrued interest and taxes	38,505	57,558
Regulatory liabilities	2,739	5,159
Operating lease liabilities	887	895
Other current liabilities	9,158	12,084
Total current liabilities	185,047	269,295
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	1,297,281	1,180,933
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	182,628	178,748
Regulatory liabilities	214,910	206,296
Asset retirement obligations	917	898
Accrued pension liability and postretirement benefit cost	1,333	1,480
Operating lease liabilities	643	809
Other deferred credits	69,933	68,911
Total deferred credits and liabilities	470,364	457,142
Total liabilities	1,952,692	1,907,370
Commitments and Contingencies (Note 11)
PNM common stockholder’s equity:
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	64	64
Paid-in-capital	846,066	846,066
Retained earnings	406,114	391,531
Total PNM common stockholder’s equity	1,252,244	1,237,661
Total liabilities and stockholders' equity	3,204,936	3,145,031
Texas-New Mexico Power Company | Nonrelated Party
Current Liabilities:
Accounts payable	31,318	51,620
Texas-New Mexico Power Company | Related Party
Current Liabilities:
Accounts payable	$ 4,166	$ 6,932

Condensed Consolidated Balanc_6

Condensed Consolidated Balance Sheets - TNMP (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
Texas-New Mexico Power Company
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

Condensed Consolidated State_13

Condensed Consolidated Statements of Changes in Common Stockholder's Equity - TNMP - USD ($) $ in Thousands	Total	Texas-New Mexico Power Company	Texas-New Mexico Power Company Common Stock	Texas-New Mexico Power Company Paid-in Capital	Texas-New Mexico Power Company Retained Earnings
Beginning balance TNMP at Dec. 31, 2022		$ 1,101,824	$ 64	$ 805,166	$ 296,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		10,033			10,033
Ending balance TNMP at Mar. 31, 2023		1,111,857	64	805,166	306,627
Beginning balance TNMP at Dec. 31, 2023	$ 2,349,093	1,237,661	64	846,066	391,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		14,583			14,583
Ending balance TNMP at Mar. 31, 2024	$ 2,355,731	$ 1,252,244	$ 64	$ 846,066	$ 406,114

Significant Accounting Policies

Significant Accounting Policies and Responsibility for Financial Statements	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies and Responsibility for Financial Statements	Significant Accounting Policies and Responsibility for Financial Statements Financial Statement Preparation In the opinion of management, the accompanying unaudited interim Condensed Consolidated Financial Statements reflect all normal and recurring accruals and adjustments that are necessary to present fairly the consolidated financial position at March 31, 2024 and December 31, 2023, and the consolidated results of operations, comprehensive income, and cash flows for the three months ended March 31, 2024 and 2023. 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. Weather causes the Company’s results of operations to be seasonal in nature and the results of operations presented in the accompanying Condensed Consolidated Financial Statements are not necessarily representative of operations for an entire year. The Notes to Condensed Consolidated Financial Statements include disclosures for PNMR, PNM, and TNMP. This report uses the term “Company” when discussing matters of common applicability to PNMR, PNM, and TNMP. Discussions regarding only PNMR, PNM, or TNMP are so indicated. Certain amounts in the 2023 Condensed Consolidated Financial Statements and Notes thereto have been reclassified to conform to the 2024 financial statement presentation. These Condensed Consolidated Financial Statements are unaudited. Certain information and note disclosures normally included in the annual audited Consolidated Financial Statements have been condensed or omitted, as permitted under the applicable rules and regulations. Readers of these financial statements should refer to PNMR’s, PNM’s, and TNMP’s audited Consolidated Financial Statements and Notes thereto that are included in their respective 2023 Annual Reports on Form 10-K. 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 Condensed Consolidated Financial Statements of each of PNMR, 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. See Note 6. PNM owns undivided interests in several 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 PNMR, PNM, and TNMP include interest and income tax sharing payments, as well as equity transactions, and interconnection billings. See Note 15. All intercompany transactions and balances have been eliminated. Dividends on Common Stock Dividends on PNMR’s common stock are declared by the Board. The timing of the declaration of dividends is dependent on the timing of meetings and other actions of the Board. The Board declared dividends on common stock of $0.3875 per share in February 2024 and $0.3675 per share in February 2023, which are reflected as Dividends Declared per Common Share on the PNMR Condensed Consolidated Statement of Earnings. PNMR did not make any cash equity contributions to PNM or TNMP in the three months ended March 31, 2024 and 2023. On April 30, 2024 PNMR made a $55.0 million cash equity contribution to PNM. PNM and TNMP did not declare or pay any cash dividends on their common stock to PNMR in the three months ended March 31, 2024 and 2023. 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 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07 enhancing disclosures about significant segment expenses. Disclosure requirements of this update include disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”); an amount for other segment items by reportable segment and a description of its composition; the title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources; and that a single reportable segment provides all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. The amendment also clarifies that in addition to the measure most consistent with the measurement principles under GAAP, reporting of additional measures of a segment’s profit or loss used by the CODM in assessing segment performance and determining allocation of resources is allowed. ASU 2023-07 is effective for the Company beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoption being permitted. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements. 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The following segment presentation is based on the methodology that management uses for making operating decisions and assessing performance of its various business activities. A reconciliation of the segment presentation to the GAAP financial statements is provided. 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. 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 6. 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 PNMR 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 on February 27, 2024 (Note 16). Eliminations of intercompany transactions are reflected in the Corporate and Other segment. The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. PNMR SEGMENT INFORMATION PNM TNMP Corporate PNMR Consolidated (In thousands) Three Months Ended March 31, 2024 Electric operating revenues $ 308,115 $ 128,762 $ — $ 436,877 Cost of energy 97,412 34,892 — 132,304 Utility margin 210,703 93,870 — 304,573 Other operating expenses 106,466 32,750 (8,420) 130,796 Depreciation and amortization 53,287 30,382 9,518 93,187 Operating income (loss) 50,950 30,738 (1,098) 80,590 Interest income (expense) 4,527 169 (116) 4,580 Other income (deductions) 20,546 876 (15,035) 6,387 Interest charges (25,116) (13,336) (15,310) (53,762) Segment earnings (loss) before income taxes 50,907 18,447 (31,559) 37,795 Income taxes (benefit) 5,811 3,864 (22,246) (12,571) Segment earnings (loss) 45,096 14,583 (9,313) 50,366 Valencia non-controlling interest (3,044) — — (3,044) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to PNMR $ 41,920 $ 14,583 $ (9,313) $ 47,190 At March 31, 2024: Total Assets $ 6,878,575 $ 3,204,936 $ 174,142 $ 10,257,653 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 PNM TNMP Corporate PNMR Consolidated (In thousands) Three Months Ended March 31, 2023 Electric operating revenues $ 430,165 $ 113,912 $ — $ 544,077 Cost of energy 209,853 31,833 — 241,686 Utility margin 220,312 82,079 — 302,391 Other operating expenses 98,722 32,852 (6,348) 125,226 Depreciation and amortization 43,686 27,440 6,948 78,074 Operating income (loss) 77,904 21,787 (600) 99,091 Interest income (expense) 4,849 114 (120) 4,843 Other income (deductions) 7,033 136 (127) 7,042 Interest charges (18,122) (10,425) (12,376) (40,923) Segment earnings (loss) before income taxes 71,664 11,612 (13,223) 70,053 Income taxes (benefit) 11,829 1,579 (3,628) 9,780 Segment earnings (loss) 59,835 10,033 (9,595) 60,273 Valencia non-controlling interest (5,127) — — (5,127) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to PNMR $ 54,576 $ 10,033 $ (9,595) $ 55,014 At March 31, 2023: Total Assets $ 6,306,396 $ 2,803,168 $ 243,572 $ 9,353,136 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 Non-GAAP Financial Measures The Company defines utility margin as electric operating revenues less cost of energy. Cost of energy consists primarily of fuel and purchase power costs for PNM and costs charged by third-party transmission providers for TNMP. The Company believes that utility margin provides a more meaningful basis for evaluating operations than electric operating revenues since substantially all such costs are offset in revenues as fuel and purchase power costs are passed through to customers under PNM’s FPPAC and third-party transmission costs are passed on to consumers through TNMP’s transmission cost recovery factor. Utility margin is not a financial measure required to be presented and is considered a non-GAAP measure. PNM and TNMP do not intend for utility margin to represent any financial measure as defined by GAAP however, the calculation of utility margin, as presented, most closely compares to gross margin as defined by GAAP. Reconciliations between utility margin and gross margin are presented below. PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Three Months Ended March 31, 2024 Gross margin $ 120,854 $ 55,074 $ — $ 175,928 Energy production costs 22,212 — — 22,212 Transmission and distribution costs 14,350 8,414 — 22,764 Depreciation and amortization 53,287 30,382 — 83,669 1 Utility margin $ 210,703 $ 93,870 $ — $ 304,573 Three Months Ended March 31, 2023 Gross margin $ 140,381 $ 46,330 $ — $ 186,711 Energy production costs 22,358 — — 22,358 Transmission and distribution costs 13,887 8,309 — 22,196 Depreciation and amortization 43,686 27,440 — 71,126 1 Utility margin $ 220,312 $ 82,079 $ — $ 302,391 1 Corporate and Other depreciation and amortization represents corporate level activities that are billed at cost and reflected as general and administrative expenses at PNM and TNMP and therefore are not a component of gross margin or utility margin. See Note 1.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Information regarding accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023 is as follows: Accumulated Other Comprehensive Income (Loss) PNM Corporate and Other PNMR Consolidated Unrealized Pension Fair Value Total Total (In thousands) Balance at December 31, 2023 $ 10,652 $ (77,157) $ (66,505) $ 3,665 $ (62,840) Amounts reclassified from AOCI (pre-tax) (10,910) 1,216 (9,694) 2,745 (6,949) Income tax impact of amounts reclassified 2,771 (309) 2,462 (697) 1,765 Other OCI changes (pre-tax) 491 — 491 67 558 Income tax impact of other OCI changes (125) — (125) (17) (142) Net after-tax change (7,773) 907 (6,866) 2,098 (4,768) Balance at March 31, 2024 $ 2,879 $ (76,250) $ (73,371) $ 5,763 $ (67,608) Balance at December 31, 2022 $ 7,422 $ (81,757) $ (74,335) $ 8,287 $ (66,048) Amounts reclassified from AOCI (pre-tax) (702) 1,194 492 (2,224) (1,732) Income tax impact of amounts reclassified 178 (303) (125) 565 440 Other OCI changes (pre-tax) 4,170 — 4,170 (168) 4,002 Income tax impact of other OCI changes (1,059) — (1,059) 43 (1,016) Net after-tax change 2,587 891 3,478 (1,784) 1,694 Balance at March 31, 2023 $ 10,009 $ (80,866) $ (70,857) $ 6,503 $ (64,354) The Condensed 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 Condensed Consolidated Statements of Earnings.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Dual presentation of basic and diluted earnings per share is presented in the Condensed Consolidated Statements of Earnings of PNMR. Diluted earnings per share was computed using the treasury stock method for both restricted stock and the 2023 Forward Sale Agreements. Information regarding the computation of earnings per share is as follows: Three Months Ended March 31, 2024 2023 (In thousands, except per share amounts) Net Earnings Attributable to PNMR $ 47,190 $ 55,014 Average Number of Common Shares: Outstanding during period 90,200 85,835 Vested awards of restricted stock 283 266 Average Shares – Basic 90,483 86,101 Dilutive Effect of Common Stock Equivalents: Restricted stock 31 37 2023 Forward Sale Agreements — 3 Average Shares – Diluted 90,514 86,141 Net Earnings Per Share of Common Stock: Basic $ 0.52 $ 0.64 Diluted $ 0.52 $ 0.64

Electric Operating Revenues

Electric Operating Revenues	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Electric Operating Revenues	Electric Operating Revenues PNMR is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are PNM and TNMP. Additional information concerning electric operating revenue is contained in Note 4 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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 three months ended March 31, 2024 and 2023, there were no estimated credit losses related to these transactions. 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 Condensed Consolidated Balance Sheets, net of allowance for credit losses, includes $75.4 million at March 31, 2024 and $93.6 million at December 31, 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 Transmission Service Agreement (“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 is $24.6 million at March 31, 2024 and $22.1 million at December 31, 2023. This contract asset is presented in Other deferred charges on the Condensed 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. 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. PNMR’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. Disaggregation of Revenues A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. PNM TNMP PNMR Consolidated Three Months Ended March 31, 2024 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 120,385 $ 41,495 $ 161,880 Commercial 99,338 35,544 134,882 Industrial 24,769 9,856 34,625 Public authority 4,398 1,717 6,115 Economy energy service 7,563 — 7,563 Transmission 36,149 35,809 71,958 Wholesale energy sales (1) 11,690 — 11,690 Miscellaneous 1,422 954 2,376 Total revenues from contracts with customers 305,714 125,375 431,089 Alternative revenue programs 1,906 3,387 5,293 Other electric operating revenues 495 — 495 Total Electric Operating Revenues $ 308,115 $ 128,762 $ 436,877 Three Months Ended March 31, 2023 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 119,885 $ 36,366 $ 156,251 Commercial 98,062 34,730 132,792 Industrial 19,478 12,765 32,243 Public authority 4,417 1,619 6,036 Economy energy service 9,309 — 9,309 Transmission 49,007 30,058 79,065 Wholesale energy sales (1) 112,986 — 112,986 Miscellaneous 1,410 940 2,350 Total revenues from contracts with customers 414,554 116,478 531,032 Alternative revenue programs 7,325 (2,566) 4,759 Other electric operating revenues 8,286 — 8,286 Total Electric Operating Revenues $ 430,165 $ 113,912 $ 544,077 (1) Includes sales for resale activity resulting from PNM’s participation in the EIM.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 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 VIE. This evaluation requires continual reassessment of the primary beneficiary of a VIE. Additional information concerning PNM’s VIEs is contained in Note 10 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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 three months ended March 31, 2024 and 2023, PNM paid $5.1 million and $5.0 million for fixed charges and $0.1 million and $1.6 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 Condensed 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 Condensed 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 Three Months Ended March 31, 2024 2023 (In thousands) Operating revenues $ 5,189 $ 6,604 Operating expenses 2,145 1,477 Earnings attributable to non-controlling interest $ 3,044 $ 5,127 Financial Position March 31, December 31, 2024 2023 (In thousands) Current assets $ 3,265 $ 3,422 Net property, plant, and equipment 46,543 47,253 Total assets 49,808 50,675 Current liabilities 809 717 Owners’ equity – non-controlling interest $ 48,999 $ 49,958 Westmoreland San Juan Mining, LLC As discussed in the subheading Coal Supply in Note 11, PNM purchased coal for SJGS under the SJGS CSA. PNM and Westmoreland also entered into agreements under which CCR disposal and mine reclamation services for SJGS would be provided. In 2019, Westmoreland emerged from Chapter 11 bankruptcy as a privately held company owned and operated by a group of its former creditors. Under the reorganization, the assets of SJCC were sold to Westmoreland San Juan Mining, LLC (“WSJ LLC”), a subsidiary of Westmoreland Mining Holdings, LLC. As successor entity to SJCC, WSJ LLC assumed all rights and obligations of SJCC including obligations to PNM under the SJGS CSA and to PNMR under letter of credit support agreements. In conjunction with the retirement of SJGS, the SJGS CSA expired under its terms on September 30, 2022. PNMR issued $30.3 million in letters of credit to facilitate the issuance of reclamation bonds required in order for SJCC to mine coal to be supplied to SJGS. As discussed above, WSJ LLC assumed the rights and obligations of SJCC, including obligations to PNMR for the letters of credit. The letters of credit support results in PNMR having a variable interest in WSJ LLC since PNMR is subject to possible loss in the event performance by PNMR is required under the letters of credit support. PNMR 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. Additionally, much of the mine reclamation activities have been and will continue to be performed after the SJGS CSA expired on September 30, 2022. As discussed in Note 11, each of the SJGS participants has established and actively fund trusts to meet future reclamation obligations. WSJ LLC is considered a VIE. PNMR’s analysis of its arrangements with WSJ LLC concluded that WSJ LLC had the ability to direct its mining operations and reclamation services, which are the factors that most significantly impact the economic performance of WSJ LLC. Other than PNM being able to ensure that coal was supplied in adequate quantities and of sufficient quality to provide the fuel necessary to operate SJGS in a normal manner and monitoring of reclamation activities, the mining operations and reclamation services were solely under the control of WSJ LLC, including developing mining and reclamation plans, hiring of personnel, and incurring operating and maintenance expenses. Neither PNMR nor PNM had any ability to direct or influence the mining operation or reclamation activities. PNM’s involvement through the SJGS CSA and 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 had been able to mine or performs reclamation services more efficiently than anticipated, its economic performance would improve. Conversely, if WSJ LLC had not been able to mine or does not perform reclamation services as efficiently as anticipated, its economic performance would be negatively impacted. Accordingly, PNMR believes WSJ LLC is the primary beneficiary and, therefore, WSJ LLC is not consolidated by either PNMR or PNM. The amounts outstanding under the letters of credit support continue to be PNMR’s maximum exposure to loss from the VIE at March 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 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 Securitized Bonds are paid in full and all allowed financing costs have been recovered. The 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 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 Financial Statements: Results of Operations Three Months Ended March 31, 2024 (In thousands) Operating Revenues $ 5,946 Depreciation and amortization 821 Interest charges 5,025 Other 100 Net Earnings $ — Financial Position March 31, 2024 December 31, 2023 (In thousands) Regulatory Assets - Current $ 559 $ 2,724 Restricted Cash (included in Other Current Assets) 7,175 — Restricted Cash (included in Other Deferred Charges) 1,747 1,728 Securitized Cost (included in Deferred Regulatory Assets) 339,808 340,629 Current Installments of Long-Term Debt 5,935 2,529 Accrued Interest 7,505 2,502 Long-Term Debt 335,137 338,521

Fair Value of Derivative and Ot

Fair Value of Derivative and Other Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value of Derivative and Other Financial Instruments [Abstract]
Fair Value of Derivative and Other Financial Instruments	Fair Value of Derivative and Other Financial Instruments Additional information concerning energy related derivative contracts and other financial instruments is contained in Note 9 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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 may be 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. On April 23, 2024, PNM entered into agreements to purchase a total of 150 MW from July 1, 2024 through July 30, 2024 and 100 MW from August 1, 2024 through August 30, 2024. The agreements will be accounted for as derivative agreements and will be considered economic hedges under the NMPRC approved hedging plan covered by its FPPAC during the second quarter of 2024. 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 September 30, 2024 and 50 MW from October 1, 2024 though December 31, 2024 were not considered derivatives because there was either no notional amount due to their unit-contingent nature or 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 three months ended March 31, 2024 and the year ended December 31, 2023, 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 on the Condensed Consolidated Statements of Earnings and are classified between Electric 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 Regulatory liabilities on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities or financing activities on the Condensed Consolidated Statement of Cash Flows consistent with the classification of the hedged transaction. 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 Condensed Consolidated Balance Sheets: Economic Hedges March 31, December 31, (In thousands) Other current assets $ 835 $ 826 Other current liabilities — — Net $ 835 $ 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 $0.8 million of current assets and zero of current liabilities related to these arrangements at March 31, 2024 and $0.8 million of current assets and zero of current liabilities at December 31, 2023 with changes in fair value recorded as regulatory assets and regulatory liabilities. At March 31, 2024 and December 31, 2023, PNM had no amounts recognized for the legal right to reclaim cash collateral. However, amounts posted as cash collateral under margin arrangements were $0.3 million at March 31, 2024 and $0.2 million at December 31, 2023. These amounts are included in other current assets on the Condensed Consolidated Balance Sheets. At March 31, 2024 and December 31, 2023, obligations to return cash collateral were $0.2 million, which is included in other current liabilities on the Condensed 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 three months ended March 31, 2024 and 2023. Commodity derivatives had no impact on OCI for any of 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 March 31, 2024 — (15,360) December 31, 2023 — (15,360) 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. PNM has contingent requirements to provide collateral under certain commodity contracts having an objectively determinable collateral provision, 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. At March 31, 2024 and December 31, 2023, PNM had zero contractual liability, zero posted cash collateral, and no such contracts in a net liability position. Non-Derivative Financial Instruments The carrying amounts reflected on the Condensed 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 11. At March 31, 2024 and December 31, 2023, the fair value of investment securities included $371.0 million and $361.0 million for the NDT, $11.7 million and $12.3 million for the SJGS decommissioning trust, and $65.5 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. At March 31, 2024 and December 31, 2023, PNM had 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 Condensed Consolidated Statements of Earnings related to investment securities in the NDT, SJGS decommissioning, and coal mine reclamation trusts are presented in the following table: Three Months Ended March 31, 2024 2023 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 9,871 $ (844) Net gains (losses) from equity securities still held (1,205) 7,477 Total net gains on equity securities 8,666 6,633 Available-for-sale debt securities: Net gains (losses) on debt securities 9,332 (191) Net gains on investment securities $ 17,998 $ 6,442 The proceeds and gross realized gains and losses on the disposition of securities held in the NDT, SJGS decommissioning trust, 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 $13.4 million and $2.0 million for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 (In thousands) Proceeds from sales $ 302,510 $ 91,211 Gross realized gains 13,679 3,428 Gross realized (losses) (7,912) (6,471) At March 31, 2024, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 34,176 After 1 year through 5 years 11,915 After 5 years through 10 years 8,634 After 10 years through 15 years 9,998 After 15 years through 20 years 5,626 After 20 years 3,953 $ 74,302 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. Level 3 inputs are unobservable inputs for the asset or liability. 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. 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 Condensed 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 (Level 2) Unrealized Gains (In thousands) March 31, 2024 Cash and cash equivalents $ 122,332 $ 122,332 $ — Equity securities: Corporate stocks, common 81,045 81,045 — Corporate stocks, preferred — — — Mutual funds and other 131,306 131,306 — Uncategorized Collective Investment Trusts 39,179 Available-for-sale debt securities: U.S. government 27,041 27,041 — $ 1,874 International government — — — Municipals 35,260 — 35,260 1,227 Corporate and other 12,001 12,001 795 $ 448,164 $ 361,724 $ 47,261 $ 3,896 December 31, 2023 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 Condensed Consolidated Balance Sheets, are presented below: Carrying Amount Fair Value March 31, 2024 (In thousands) PNMR $ 4,638,825 $ 4,335,572 PNM 2,262,325 2,086,662 TNMP 1,377,255 1,248,910 December 31, 2023 PNMR $ 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 Condensed Consolidated Balance Sheets are not material and not shown in the above table.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation PNMR 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 PNMR 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. Additional information concerning stock-based compensation under the PEP is contained in Note 12 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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 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 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. At March 31, 2024, PNMR had unrecognized expense related to stock awards of $8.4 million, which is expected to be recognized over an average of 2.2 years. The grant date fair value for restricted stock and stock awards with internal PNMR performance targets is determined based on the market price of PNMR 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 were 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: Three Months Ended March 31, Restricted Shares and Performance Based Shares 2024 2023 Expected quarterly dividends per share $ 0.3875 $ 0.3675 Risk-free interest rate 4.27 % 4.46 % Market-Based Shares Dividend yield 4.21 % N/A Expected volatility 13.09 % N/A Risk-free interest rate 4.31 % N/A The following table summarizes activity in restricted stock awards, including performance-based and market-based shares for the three months ended March 31, 2024: Restricted Stock Shares Weighted- Outstanding at December 31, 2023 212,080 $ 40.33 Granted 188,019 32.43 Released (145,020) 37.18 Forfeited — — Outstanding at March 31, 2024 255,079 $ 36.30 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). Excluded from the table above are 138,978, 133,960, and 186,951 shares for the three-year performance periods ending in 2024, 2025 and 2026 that will be awarded if all performance and market criteria are achieved at maximum levels and all executives remain eligible. On December 4, 2023, the Company entered into a 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 will vest 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 into restricted stock rights equal to $0.8 million of the fair value of one share of Company stock as of the first trading day after expiration of the current black-out period. The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares: Three Months Ended March 31, Restricted Stock 2024 2023 Weighted-average grant date fair value $ 32.43 $ 44.78 Total fair value of restricted shares that vested (in thousands) $ 5,395 $ 8,394

Financing

Financing	3 Months Ended
	Mar. 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 contains a single financial covenant that requires the maintenance of a debt-to-capitalization ratio. For the PNMR 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. Additional information concerning financing activities is contained in Note 7 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. On May 16, 2023, PNM filed a shelf registration statement that provides for the issuance of up to $650.0 million of SUNs that expires in May 2026. On March 2, 2022, PNMR filed a shelf registration that provides for the issuance of various types of debt and equity securities. The PNMR shelf registration statement expires in March 2025. Financing Activities 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 of $40.0 million and $128.0 million will be issued on or before July 1, 2024, at a 5.65% and 5.79% interest rate, respectively. The issuance of the third and fourth series is subject to the satisfaction of customary conditions, including continuing compliance with the representations, warranties and covenants of the TNMP 2024 Bond Purchase Agreement. The proceeds were and will be used to repay existing debt, including the $80.0 million of FMBs that are due in 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 PNMR 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 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 of PNM, 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 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 certain changes of control of PNMR or TNMP, 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 November 10, 2022, PNMR 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 “PNMR 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. PNMR did not initially receive any proceeds upon the execution of this agreement. Throughout 2023, PNMR entered into forward sale agreements listed below, for the sale of shares of PNMR common stock. On December 15, 2023, PNMR physically settled the forward purchases under the PNMR 2022 ATM Program and used the proceeds to repay borrowings under the PNMR Revolving Credit Facility and for other corporate purposes. Gross 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 At March 31, 2024, variable interest rates were 6.38% on the PNMR 2021 Delayed-Draw Term Loan that matures in May 2025 and 6.78% on the PNMR 2023 Term Loan that matures in June 2026. Hedging Arrangements PNMR 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 PNMR’s credit rating. As of March 31, 2024, PNMR’s hedging agreements are as follows: Variable Rate Established Effective Date Maturity Date Debt Hedged Fixed Rate (In millions) (Percent) 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 These hedge agreements are accounted for as cash flow hedges. The fair value of these hedges was a gain of $7.8 million and a loss of less than $0.1 million at March 31, 2024. The fair value gain of $7.6 million is included in Other current assets, $0.2 million is included in Other deferred charges, and less than $0.1 million for the loss is included in Other deferred credits on the Condensed Consolidated Balance Sheets. The fair value was 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. Short-term Debt and Liquidity As of March 31, 2024, the PNMR 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, PNMR and PNM amended their respective revolving credit facilities, extending their maturity March 30, 2029, with two one-year extension options that, if exercised, would extend the maturity to through March 30, 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 March 31, 2024, the TNMP Revolving Credit Facility had a capacity of $100.0 million and was 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 30, 2031, subject to approval by a majority of the lenders. Variable interest rates under the PNMR, PNM, and TNMP revolving credit facilities are based on SOFR. Short-term debt outstanding consists of: March 31, 2024 December 31, 2023 Balance Outstanding Weighted Average Interest Rate Balance Outstanding Weighted Average Interest Rate (In thousands) (In thousands) PNM: PNM Revolving Credit Facility $ 146,200 6.67% $ 107,500 6.69% PNM New Mexico Credit Facility 40,000 6.68 30,000 6.71 186,200 137,500 TNMP Revolving Credit Facility 18,300 6.29 55,100 6.32 PNMR Revolving Credit Facility 40,000 6.92 69,300 6.96 $ 244,500 $ 261,900 In addition to the above borrowings, PNMR, PNM, and TNMP had letters of credit outstanding of $3.1 million, zero, and zero at March 31, 2024 that reduce the available capacity under their respective revolving credit facilities. PNMR also had $30.3 million of letters of credit outstanding under the WFB LOC Facility. The above table excludes intercompany debt. As of March 31, 2024, PNM and TNMP had $2.3 million and zero in intercompany borrowings from PNMR. As of December 31, 2023, neither PNM nor TNMP had any intercompany borrowings from PNMR. PNMR Development had $2.3 million and $0.1 million in short-term borrowings outstanding from PNMR at December 31, 2023 and March 31, 2024. PNMR had no intercompany borrowings from PNMR Development at December 31, 2023 or March 31, 2024. PNM has $198.0 million of PCRBs that must be remarketed by June 1, 2024 as well as $2.5 million and $3.4 million in scheduled payments due for the ETBC I Securitized Bonds in August 2024 and February 2025. TNMP has $80.0 million of FMBs that are due in July 2024, which will be repaid with the $128.0 million proceeds from the TNMP 2024 Bonds that will be issued on or before July 1, 2024. The Company’s debt arrangements have various maturities and expiration dates. Additional information on debt maturities is contained in Note 7 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K.

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefit Plans	Pension and Other Postretirement Benefit Plans PNMR 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”). PNMR 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. The Company presents the service cost component of its net periodic benefit costs in administrative and general expenses and the non-service costs components in other income (deductions), net of amounts capitalized or deferred to regulatory assets and liabilities, on the Condensed Consolidated Statements of Earnings. PNM and TNMP receive a regulated return on the amounts funded for pension and OPEB plans in excess of accumulated periodic cost or income to the extent included in retail rates (a “prepaid pension asset”). Additional information concerning pension and OPEB plans is contained in Note 11 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. Annual net periodic benefit cost for the plans is actuarially determined using the methods and assumptions set forth in that note and is recognized ratably throughout the year. Differences between TNMP’s annual net periodic costs (income) and amounts included in its regulated rates are deferred to regulatory assets or liabilities, for recovery or refund in future rate proceedings. PNM Plans The following table presents the components of the PNM Plans’ net periodic benefit cost: Three Months Ended March 31, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ — $ — $ — $ — Interest cost 5,427 5,913 597 676 124 135 Expected return on plan assets (7,757) (7,299) (1,391) (1,243) — — Amortization of net loss 2,661 2,646 — — 50 38 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 331 $ 1,260 $ (794) $ (567) $ 174 $ 173 PNM did not make any contributions to its pension plan trust in the three months ended March 31, 2024 and 2023 and does not anticipate making any contributions to the pension plan in 2024 through 2028 based on current law, funding requirements, and estimates of portfolio performance. Funding assumptions were developed using a discount rate of 5.5%. Actual amounts to be funded in the future will be dependent on the actuarial assumptions at that time, including the appropriate discount rate. PNM may make additional contributions at its discretion. PNM did not make any cash contributions to the OPEB trust in the three months ended March 31, 2024 and 2023, however, a portion of the disbursements attributable to the OPEB trust is paid by PNM and are therefore considered to be contributions to the OPEB plan. Payments by PNM on behalf of the PNM OPEB plan were less than $0.1 million for the three months ended March 31, 2024 and $0.8 million for the three months ended March 31, 2023. These payments are expected to total $0.2 million in 2024 and $10.1 million for 2025-2028. Disbursements under the executive retirement program, which are funded by PNM and considered to be contributions to the plan, were $0.3 million in the three months ended March 31, 2024 and $0.1 million in the three months ended March 31, 2023 and are expected to total $1.2 million during 2024 and $4.4 million for 2025-2028. TNMP Plans The following table presents the components of the TNMP Plans’ net periodic benefit cost: Three Months Ended March 31, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 5 $ 5 $ — $ — Interest cost 553 601 96 106 4 3 Expected return on plan assets (687) (674) (129) (120) — — Amortization of net (gain) loss 139 110 (161) (190) — — Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 5 $ 37 $ (189) $ (199) $ 4 $ 3

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 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 12. 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. Additional information concerning commitments and contingencies is contained in Note 16 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. Commitments and Contingencies Related to the Environment 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 March 31, 2024 and December 31, 2023, PNM had a liability for interim storage costs of $11.7 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 In 2019, the Governor signed into New Mexico state law Senate Bill 489, known as the Energy Transition Act (“ETA”). The ETA became effective as of June 14, 2019 and 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. The ETA also directs the New Mexico Environmental Improvement Board to adopt standards of performance that limit CO 2 emissions to no more than 1,100 lbs. per MWh beginning January 1, 2023 for new or 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 12 of PNM’s Four Corners Abandonment Application. 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. In 2017, EPA published revisions to the regional haze rule in the Federal Register that delayed the due date for the next cycle of SIPs from 2019 to 2021 and altered the planning process that states must employ in determining whether to impose “reasonable progress” emission reduction measures. EPA’s new rule was challenged by numerous parties, but the litigation was held in abeyance after EPA granted various petitions for reconsideration. In 2018, EPA released a new guidance document on tracking visibility progress for the second planning period. EPA is allowing states discretion to develop SIPs that may differ from EPA’s guidance as long as they are consistent with the CAA and other applicable regulations. In 2019, EPA finalized the draft guidance that was previously released as a companion to the regional haze rule revisions, and EPA clarified that guidance in a memorandum issued in 2021. 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 starts a 2-year clock for it to issue a Federal Implementation Plan (FIP). NMED’s current timeline indicates the proposed SIP will be submitted to EPA by Summer 2024. 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. Multiple states, utilities, and trade groups challenged both the Carbon Pollution Standards for new sources and the Clean Power Plan for existing sources in separate cases. Challengers successfully petitioned the US Supreme Court for a stay of the Clean Power Plan. However, before the DC Circuit could issue an opinion regarding either the Carbon Pollution Standards or the Clean Power Plan, the Trump Administration asked that the case be held in abeyance while the rules were reevaluated, which was granted. In 2019, EPA repealed the Clean Power Plan, promulgated the ACE Rule, and revised the implementing regulations for all emission guidelines. EPA set the BSER for existing coal-fired power plants as heat rate efficiency improvements based on a range of “candidate technologies” that can be applied inside the fence line of an individual facility. The DC Circuit issued an order that granted motions by various petitioners, including industry groups and EPA, to dismiss the cases challenging the Clean Power Plan as moot due to EPA’s issuance of the ACE Rule. 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. While the DC Circuit rejected the ACE Rule, it did not reinstate the Clean Power Plan. Rather, the DC Circuit granted an EPA motion asking the court to withhold issuance of the mandate with respect to the repeal of the Clean Power Plan until EPA responds to the court’s remand in a new rulemaking action. 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, though the Court did not address the related issue of whether Section 111 of the CAA only authorizes EPA to require measures that can be implemented entirely within the fence line at an individual source. 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. On May 23, 2023, EPA published in the Federal Register proposed regulatory actions under CAA sections 111(b) and (d) to replace the Clean Power Plan and the ACE Rule. The proposed regulations cover: (1) New natural gas-based EGUs under section 111(b); (2) Existing large and frequently operated natural gas-based EGUs under section 111(d); and (3) Existing coal-based EGUs under section 111(d). Standards of performance for existing coal EGUs will be based on two technologies depending on retirement date: CCS or co-firing gas in lieu of coal. For gas-based EGUs, the standards will be based on CCS or the use of green hydrogen in lieu of natural gas. States will be required to develop SIPs to EPA that provide for the establishment, implementation and enforcement of these standards as they apply to existing sources. States may take into account remaining useful life and other factors when establishing the standards. EPA is proposing that existing coal units must start complying with their gas co-firing or CCS based standards of performance on January 1, 2030, unless they commit to retirement before 2032 (or retirement by 2035 if they also commit to a 20% annual operating limit). Existing combustion turbine units must start complying with their hydrogen or CCS based standards of performance on January 1, 2032, or January 1, 2035, depending on their subcategory, which is based on the control technology selected. The package also includes a proposed repeal of the ACE Rule and revisions to the standard for modified and reconstructed units, along with a notice of public rulemaking seeking data and information about setting standards for existing smaller natural gas-based generators. Comments on the rule were due to EPA by August 8, 2023. PNM filed company-specific comments and continues to review the proposed rule and its potential impacts on the company’s fossil generation resources. On April 25, 2024, EPA signed a final rule promulgating emission guidelines under Section 111 of the CAA requiring states to develop standards of performance for greenhouse gas emissions from new gas-fired combustion turbines and existing fossil-fuel-fired electric steam generating units. The standards for existing coal- or gas-fired steam generating units must be based on the use of CCS, natural gas co-firing, or early retirement, and 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). We are currently determining what impact, if any, the final rule will have on our business, results of operation, and financial condition. In late February 2024, EPA indicated that the CAA 111 rule will not contain provisions for existing natural gas units and will issue a new proposal for existing gas in the future after conducting additional stakeholder outreach. 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 will be open for public comment from March 26, 2024 to May 28, 2024 and the agency will hold a May 17 policy forum to bring stakeholders together to share ideas with EPA and others. The agency has indicated that it plans to promulgate a final rule by Summer 2024. On January 27, 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. PNM’s review of the GHG emission reductions standards that may occur as a result of legislation or regulation under the Biden Administration and in response to the court’s ruling on the ACE Rule is ongoing. PNM cannot predict the impact these standards may have on its operations or a range of the potential costs of compliance, if any. 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. NOx 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 will retain the current 1-hour standard for SO 2 , which is 75 parts per billion, based on the 3-year average of the 99th percentile of daily maximum 1-hour SO 2 concentrations. On March 26, 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. 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. EPA finalized its decision to retain the ozone NAAQS in a notice published on December 31, 2020 making it immediately effective. In response to lawsuits brought by states and environmental groups, on October 29, 2021, EPA filed a motion in the DC Circuit indicating it will reconsider the 2020 ozone NAAQS. On August 21, 2023, EPA announced an entirely new review of the ozone standard that will incorporate the work to date on the reconsideration, likely indicating a delay in the schedule for a decision on whether the standard should be revised. On January 3, 2024, EPA filed in the DC Circuit an unopposed motion for voluntary remand, without vacatur, of EPA’s final rule retaining the current ozone NAAQS. The filing was made in the consolidated cases challenging the 2020 ozone NAAQS rule. 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. The rule became effective May 8, 2018. NMED has responsibility for bringing the small area in Doña Ana County designated as marginal/non-attainment for ozone into compliance and will look at all sources of NOx and volatile organic compounds. NMED has submitted the required elements for the Sunland Park Ozone Non-attainment Area SIP. This includes a transportation conformity demonstration, a 2017 baseline emissions inventory and emissions statement, and an amendment to the state’s Non-attainment Permitting rules at 20.2.79 New Mexico Administrative Code to conform to EPA’s SIP Requirements Rule for 2015 Q3 NAAQS (i.e., “implementation rule”). The SIP elements had staggered deadlines and were done in three submissions: (1) the transportation conformity demonstration was completed by the El Paso Metropolitan Planning Organization on behalf of New Mexico in 2019, which is responsible for transportation planning in that area, and the submission received concurrence from EPA and the Federal Highway Administration; (2) the emissions inventory and statement SIP was submitted to EPA in September 2020; and (3) the Non-attainment New Source Review SIP was submitted to EPA on August 10, 2021. On October 15, 2021, EPA proposed to approve New Mexico’s SIP to meet the emissions inventory and statement requirements of the CAA for the Sunland Park Ozone Non-Attainment Area. PNM does not believe there will be material impacts to its facilities because of NMED’s 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. With respect to EPA’s reconsideration of the 2020 decision to retain the 2015 ozone standards, EPA is statutorily obligated to complete its review of the ozone standards by December 2025. 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. Nevertheless, when EPA failed to approve the SIP or issue a FIP within two years of the finding of failure to submit, multiple parties filed a deadline suit against EPA, resulting in a consent decree requiring EPA to issue a FIP or approve a SIP for New Mexico by a deadline of no later than June 1, 2024, which was later extended to August 30, 2024. 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 EPA had not proposed a FIP for the state because the most up to date modeling available at 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 Federal Implementation Plan (FIP) to apply to these states. In denying the NMED-submitted SIP, the EPA concluded that the SIP was incomplete and did not contain the necessary provisions to prohibit emission from sources within the state from interfering with maintenance of the 2015 ozone NAAQS in downwind areas, specifically a maintenance-only receptor in the El Paso area. The FIP aspect of the proposed rule would require fossil fuel-fired power plants in these five states to participate in an allowance-based ozone season NOX emissions trading program beginning in 2025. Comments on the proposed rule are due May 16, 2024. PNM is reviewing the impact of this proposal and will be submitting company-specific comments by the due date. EPA is targeting summer of 2024 for a final rule. Of importance in considering the possibility of a Good Neighbor plan FIP for New Mexico, are the many court challenges to EPA’s earlier rulemaking imposing a FIP on 23 states. On February 21, 2024, the US Supreme Court heard oral arguments on an Emergency Stay Application. Court issuances of state-by-state stays and remands may impact the viability of a multi-state trading program. PM Standard – On January 30, 2020, EPA published, in the Federal Register, a notice announcing the availability of a final Policy Assessment for the Review of the NAAQS for Particulate Matter (the “PA”). The 2020 final PA was prepared as part of the review of the primary and secondary PM NAAQS. In the 2020 final PA, EPA recommended lowering the primary annual PM 2.5 standard to between 8 µg/m3 and 10 µg/m3. However, on April 30, 2020, EPA published a proposed rule to retain the current standards for PM due to uncertainties in the data relied upon in the 2020 final PA and EPA published a notice of that final action on December 18, 2020, making it immediately effective. On January 14, 2021, several states and New York City filed a petition for review in the DC Circuit, challenging EPA’s final rule retaining the current primary and secondary PM NAAQS and a similar lawsuit was filed by the Center for Biological Diversity in the DC Circuit. On June 10, 2021, EPA announced that it will reconsider the previous administration’s December 2020 decision to retain the current primary and secondary PM NAAQS and on October 8, 2021, EPA announced the release of a new draft PA stating that available scientific evidence and technical information indicate that the current standards may not be adequate to protect public health and welfare, as required by the CAA. On June 1, 2022, EPA issued a new final PA that likewise indicates current standards may not be adequate and that available scientific evidence could support lowering the standards. On January 27, 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 particulate matter standard, the daily coarse particulate matter 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 is effective May 6, 2024. States will have until March 2032 to attain compliance with the new standard. During the multi-year implementation process, the NMED will designate attainment/nonattainment areas by March 6, 2026, and 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. Beginning May 6, 2024, the new standard will be used when conducting required modeling for permit applications and revisions. Although the lower standard is expected to result in new nonattainment areas throughout the country and could prompt additional PM control requirements, 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 determination. Compliance deadlines under the rule are tied to permit renewal and will be subject to a schedule of compliance established by the permitting authority. In 2018, several environmental groups sued EPA Region IX in the U.S. Court of Appeals for the Ninth Circuit Court 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, as EPA determined that the facility has 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 several requirements under the Clean Water Act and did not contain required provisions concerning certain revised ELG, existing-source regulations governing cooling-water intake structures, and effluent limit

Regulatory and Rate Matters

Regulatory and Rate Matters	3 Months Ended
	Mar. 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 11. Additional information concerning regulatory and rate matters is contained in Note 17 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. PNM New Mexico General Rate Case 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. For additional details related to the initial application, see Note 17 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. In the year ended December 31, 2023, PNM evaluated the outcome of the NMPRC final order in the 2024 Rate Change and 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. Statements of issues from appellants are due June 5, 2024. 2025 Rate Change As previously indicated, PNM anticipates filing a general rate case during 2024 with rates requested to be implemented during 2025. On March 18, 2024, PNM filed a motion for variance with the NMPRC, requesting a 16-day variance which would allow for the filing of its next general rate case to be on or before June 14, 2024. The proposed rate case will include a FTY beginning on July 1, 2025 and a base period ending December 31, 2023. On April 18, 2024, the motion for variance was granted. Renewable Energy Portfolio Standard As discussed in Note 11, 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 289.3 MW at March 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. PNM recorded revenues from the rider of $15.3 million and $18.6 million in the three months ended March 31, 2024 and 2023. 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 did not exceed such limitation in 2023. Energy Efficiency and Load Management Program Costs and Incentives/Disincentives The New Mexico Efficient Use of Energy Act (“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. On April 17, 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. PNM cannot predict the outcome of this matter. 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 request for proposals (“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. On November 22, 2023, the NM Supreme Court scheduled oral arguments for May 13, 2024. PNM cannot predict the outcome of this matter. 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 May 2, 2024, the NMPRC issued an order appointing an independent monitor who will report the results of PNM’s 2023 IRP. 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. 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. PNM continues to work with the other Four Corners owners to update the necessary project agreements to reflect this continued participation. Summer Peak Resource Adequacy Beginning in 2021 PNM began providing notices of delays, as received from developers, and status updates to the NMPRC for the approved SJGS replacement resource projects as well as delays in replacement resources for the PVNGS leased capacity that expired in January 2023 and January 2024. While PNM continues to experience new system peaks, PNM’s generation resources performed sufficiently with no challenges to resource adequacy during the 2023 summer peak season. While some of the replacement resources have come online, other replacement resources have experienced additional developer delays and PNM has entered into additional firm energy market purchases necessary to meet customer load during the 2024 summer season. See Note 7. 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 includes approval of a 100 MW solar PPA and three battery storage agreements of 100 MW, 100 MW, and 50 MW. In addition, PNM is seeking approval of a CCN for a 60 MW battery storage system to be owned by PNM. The resources are necessary for PNM to safely and reliably meet its projected system load. A hearing was held on March 20 and 21, 2024. PNM is unable to predict the outcome of this matter. Grid Modernization Application 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 methodology to determine PNM’s proposed cost-based 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 began on April 23, 2024. PNM is unable to predict the outcome of this matter. 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 is charged with administering the Community Solar Act program, establishing a total maximum capacity of 200 MW community solar (applicable until November 2024) facilities and allocating proportionally to the New Mexico electric investor-owned utilities and participating cooperatives. On March 30, 2022, the NMPRC issued an order that adopted a rule on the administration of the Community Solar Act program. The rule required utilities to file proposed community solar tariffs with the NMPRC within 60 days from the publication of the rule. A number of motions for rehearing and requests for clarification were filed between April 7 and May 2, 2022. On May 18, 2022, the NMPRC issued an order partially granting motions for rehearing, reconsideration and clarification and staying implementation pending further rulemaking. On June 16, 2022, PNM requested clarification related to the existing interconnection queue, which would not delay implementation of the Community Solar Act program. On July 12, 2022, the NMPRC provided notice of publication of its final rule in the New Mexico Register, starting the 60-day clock for utilities to file their proposed community solar tariffs, forms, and other relevant agreements. On September 14, 2022, PNM filed Community Solar tariffs. On October 12, 2022, the NMPRC issued an order to suspend PNM’s and two other investor-owned utilities tariffs and required the utilities to file information NMPRC Staff has identified as necessary for a complete evaluation of the tariffs but did not appoint a hearing examiner or schedule a public hearing. Another investor-owned utility has filed an appeal with the NM Supreme Court seeking review of the NMPRC’s decisions, to which PNM has intervened. The NM Supreme Court held oral arguments on March 11, 2024 and issued an order upholding the Community Solar Rule and affirming without further delay the implementation of the Community Solar Act program. On November 16, 2022, PNM filed its Community Solar tariff which establishes the Community Solar bill credit to be applied to an eligible retail customer of PNM who is a subscriber to a community solar facility. On December 23, 2022, PNM filed an updated Community Solar tariff under protest and filed a motion for clarification, suspension, and timely hearing on PNM’s Community Solar tariff. On January 18, 2023, the NMPRC suspended PNM’s Community Solar tariff. On March 1, 2023, the NMPRC 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 will address all issues concerning proposed tariffs, agreements and forms that are not addressed in the first phase. On May 31, 2023, the utilities filed a Consolidated Reply Brief to the NMPRC and the Joint Intervenors-Appellee filed Answer Briefs in the NM Supreme Court proceeding. On September 21, 2023, the NMPRC issued an order approving an uncontested stipulation on the first phase and on October 30, 2023, 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. PNM cannot predict the outcome of the pending matters. 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. A hearing was held on December 13, 2023. On February 2, 2024, the hearing examiners in the case issued a RD largely approving PNM’s 2024 Plan but with modifications to certain TEP programs. On February 23, 2024, the NMPRC approved the RD with additional modifications that reduced the three-year budget by $4.0 million, for a total revised budget of $32.9 million. TNMP Transmission Cost of Service Rates TNMP can update its TCOS rates twice per year to reflect changes in its invested capital although updates are not allowed while a general rate case is in process. Updated rates reflect the addition and retirement of transmission facilities, including appropriate depreciation, federal income tax and other associated taxes, and the approved rate of return on such facilities. 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) May 12, 2023 $ 150.5 $ 19.4 September 6, 2023 21.4 4.2 March 15, 2024 97.4 13.1 Periodic Distribution Rate Adjustment PUCT rules permit interim rate adjustments to reflect changes in investments in distribution assets. Historically, distribution utilities have been restricted to a single, annual periodic rate adjustment through a DCRF submitted between April 1 and April 8 of each year as long as the electric utility was not earning more than its authorized rate of return using weather-normalized data. However, the recent passage of Senate Bill 1015 now permits DCRF proceedings to be filed twice per year with a 60-day administrative deadline that can be extended for 15 days on good cause. Additionally, a DCRF may be filed during a pending rate case proceeding as long as that DCRF request is not filed until the 185th day after the rate case proceeding was initiated. The following sets forth TNMP’s recent interim distribution rate increases: 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 On April 1, 2024, TNMP filed its 2024 DCRF that requested an increase in TNMP annual distribution revenue requirement of $15.9 million based on an increase in rate base of $207.4 million. The case is pending review by the PUCT. Energy Efficiency TNMP recovers the costs of its energy efficiency programs through an energy efficiency cost recovery factor (“EECRF”), which includes projected program costs, under and over collected costs from prior years, rate case expenses, and performance bonuses (if programs exceed mandated savings goals). TNMP’s 2022 EECRF filing requested recovery of $7.3 million, including a performance bonus of $1.9 million, and became effective March 1, 2023. On May 26, 2023, TNMP filed its request to adjust the EECRF to reflect changes in costs for 2024. On September 28, 2023, the PUCT approved a unanimous stipulation, authorizing recovery of $6.6 million, including a performance bonus of $1.2 million based on TNMP’s energy efficiency achievements in the 2022 plan year.

Lease Commitments

Lease Commitments	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lease Commitments	Lease Commitments The Company leases office buildings, vehicles, battery storage facilities, and other equipment. In addition certain rights-of-way agreements are classified as leases. All of the Company’s leases with terms in excess of one year are recorded on the balance sheet 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 Condensed Consolidated Statements of Earnings. See additional discussion of the Company’s leasing activities in Note 8 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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 SRP entered into an Asset Purchase and Sale Agreement, pursuant to which PNM agreed to sell to SRP 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 SRP, receiving payments of $33.7 million, of which $28.4 million was recorded as a reduction to Net utility plant on the Condensed Consolidated Balance Sheets and is presented as cash flows from investing activities on the Condensed Consolidated Statement of Cash Flows. In addition, $5.3 million was recorded as a reduction to materials, supplies, and fuel stock on the Condensed Consolidated Balance Sheets and is presented as cash flows from operating activities on the Condensed Consolidated Statement of Cash Flows. In January 2024, the Unit 2 leases expired, and PNM closed on the associated sale to SRP, receiving payments of $3.4 million, of which $2.8 million was recorded as a reduction to Net utility plant on the Condensed Consolidated Balance Sheets and is presented as cash flows from investing activities on the Condensed Consolidated Statement of Cash Flows. In addition, $0.6 million was recorded as a reduction to Materials, supplies and fuel stock on the Condensed Consolidated Balance Sheets and is presented as cash flows from operating activities on the Condensed 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 2023 payment for the amount due under the Navajo Nation right-of-way lease was $8.3 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 Condensed Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Condensed Consolidated Statement of Earnings over their term. As of March 31, 2024 and December 31, 2023, the unamortized balance of these rights-of-ways was $71.3 million and $56.2 million. PNM recognized amortization expense associated with these agreements of $1.1 million and $0.9 million in the three months ended March 31, 2024 and 2023. 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 March 31, 2024, residual value guarantees on fleet vehicle and equipment leases are $0.8 million, $1.0 million, and $1.8 million for PNM, TNMP, and PNMR Consolidated. Battery Storage Agreements The Company has entered into various battery storage agreements for 20-year terms and have fixed payments over the life of the agreements. The Company accounts for these agreements as operating leases and records the initial lease liabilities with corresponding right-of-use assets. In addition, the Company has elected to separate lease components from non-lease components for battery storage agreements and accordingly, does not include non-lease components in the measurement of the lease liability or right-of-use asset. The non-lease components, currently not included in the measurement of the lease liability or the corresponding right-of-use asset, comprise of 25.5% of the value of the agreements. Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets is presented below: March 31, 2024 December 31, 2023 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 177,865 $ 1,615 $ 179,480 $ 180,370 $ 1,814 $ 182,201 Current portion of operating lease liabilities 10,925 887 11,811 11,371 895 12,267 Long-term portion of operating lease liabilities 165,199 643 165,842 166,191 809 167,000 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 Condensed Consolidated Balance Sheets is presented below: March 31, 2024 December 31, 2023 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 23,262 $ 25,400 $ 48,826 $ 25,425 $ 24,487 $ 49,981 Accumulated depreciation (10,975) (13,058) (24,095) (11,984) (11,869) (23,905) Non-utility property, net 12,287 12,342 24,731 13,441 12,618 26,076 Other current liabilities $ 3,836 $ 4,604 $ 8,473 $ 4,146 $ 4,616 $ 8,776 Other deferred credits 8,469 7,760 16,299 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 as of March 31, 2024 is presented below: PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 16.59 1.57 16.46 Financing leases 3.67 3.02 3.35 Weighted average discount rate: Operating leases 5.61 % 4.22 % 5.60 % Financing leases 4.65 % 4.80 % 4.72 % Information for the components of lease expense is as follows: Three Months Ended March 31, 2024 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: Battery storage leases $ 2,947 $ — $ 2,947 Other operating leases 2,059 270 2,329 Amounts capitalized (35) (232) (267) Total operating lease expense 4,971 38 5,009 Financing lease cost: Amortization of right-of-use assets 1,218 1,316 2,542 Interest on lease liabilities 144 152 297 Amounts capitalized (841) (1,182) (2,023) Total financing lease expense 521 286 816 Variable lease expense 360 — 360 Short-term lease expense 204 6 216 Total lease expense for the period $ 6,056 $ 330 $ 6,401 Three Months Ended March 31, 2023 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: $ 3,908 $ 429 $ 4,337 Amounts capitalized (160) (353) (513) Total operating lease expense 3,748 76 3,824 Financing lease cost: Amortization of right-of-use assets 1,008 1,064 2,093 Interest on lease liabilities 122 111 234 Amounts capitalized (690) (1,000) (1,690) Total financing lease expense 440 175 637 Variable lease expense 262 — 262 Short-term lease expense 147 — 151 Total lease expense for the period $ 4,597 $ 251 $ 4,874 Supplemental cash flow information related to the Company’s leases is as follows: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,826 $ 14 $ 3,840 $ 9,193 $ 126 $ 9,319 Operating cash flows from financing leases 44 29 74 42 14 55 Finance cash flows from financing leases 464 256 728 377 161 560 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 27 $ 63 $ 90 $ — $ — $ — Financing leases 263 1,040 1,398 2,730 1,347 4,077 Capitalized lease costs are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. Future expected lease payments are shown below: As of March 31, 2024 PNM TNMP PNMR Consolidated Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) Remainder of 2024 $ 3,333 $ 8,840 $ 7,117 $ 3,909 $ 708 $ 7,271 $ 8,840 $ 7,825 2025 3,636 11,786 7,082 4,262 785 7,926 11,786 7,867 2026 3,117 11,786 7,031 3,038 90 6,181 11,786 7,121 2027 1,885 11,786 7,035 1,615 14 3,526 11,786 7,049 2028 856 11,786 7,038 383 11 1,241 11,786 7,049 Later years 614 172,254 10,587 93 — 707 172,254 10,587 Total minimum lease payments 13,441 228,238 45,890 13,300 1,608 26,852 228,238 47,498 Less: Imputed interest 1,136 92,547 5,457 936 78 2,080 92,547 5,536 Lease liabilities $ 12,305 $ 135,691 $ 40,433 $ 12,364 $ 1,530 $ 24,772 $ 135,691 $ 41,962 The above table includes $11.9 million, $12.0 million, and $23.8 million for PNM, TNMP, and PNMR at March 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 March 31, 2024, the Company has various lease arrangements that have been executed but have not yet commenced, which are primarily related to battery storage agreements. The Company currently expects lease commencement dates in 2024, with lease terms expiring in 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 $1.1 billion over the 20-year terms of the agreements.
Lease Commitments	Lease Commitments The Company leases office buildings, vehicles, battery storage facilities, and other equipment. In addition certain rights-of-way agreements are classified as leases. All of the Company’s leases with terms in excess of one year are recorded on the balance sheet 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 Condensed Consolidated Statements of Earnings. See additional discussion of the Company’s leasing activities in Note 8 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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 SRP entered into an Asset Purchase and Sale Agreement, pursuant to which PNM agreed to sell to SRP 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 SRP, receiving payments of $33.7 million, of which $28.4 million was recorded as a reduction to Net utility plant on the Condensed Consolidated Balance Sheets and is presented as cash flows from investing activities on the Condensed Consolidated Statement of Cash Flows. In addition, $5.3 million was recorded as a reduction to materials, supplies, and fuel stock on the Condensed Consolidated Balance Sheets and is presented as cash flows from operating activities on the Condensed Consolidated Statement of Cash Flows. In January 2024, the Unit 2 leases expired, and PNM closed on the associated sale to SRP, receiving payments of $3.4 million, of which $2.8 million was recorded as a reduction to Net utility plant on the Condensed Consolidated Balance Sheets and is presented as cash flows from investing activities on the Condensed Consolidated Statement of Cash Flows. In addition, $0.6 million was recorded as a reduction to Materials, supplies and fuel stock on the Condensed Consolidated Balance Sheets and is presented as cash flows from operating activities on the Condensed 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 2023 payment for the amount due under the Navajo Nation right-of-way lease was $8.3 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 Condensed Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Condensed Consolidated Statement of Earnings over their term. As of March 31, 2024 and December 31, 2023, the unamortized balance of these rights-of-ways was $71.3 million and $56.2 million. PNM recognized amortization expense associated with these agreements of $1.1 million and $0.9 million in the three months ended March 31, 2024 and 2023. 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 March 31, 2024, residual value guarantees on fleet vehicle and equipment leases are $0.8 million, $1.0 million, and $1.8 million for PNM, TNMP, and PNMR Consolidated. Battery Storage Agreements The Company has entered into various battery storage agreements for 20-year terms and have fixed payments over the life of the agreements. The Company accounts for these agreements as operating leases and records the initial lease liabilities with corresponding right-of-use assets. In addition, the Company has elected to separate lease components from non-lease components for battery storage agreements and accordingly, does not include non-lease components in the measurement of the lease liability or right-of-use asset. The non-lease components, currently not included in the measurement of the lease liability or the corresponding right-of-use asset, comprise of 25.5% of the value of the agreements. Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets is presented below: March 31, 2024 December 31, 2023 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 177,865 $ 1,615 $ 179,480 $ 180,370 $ 1,814 $ 182,201 Current portion of operating lease liabilities 10,925 887 11,811 11,371 895 12,267 Long-term portion of operating lease liabilities 165,199 643 165,842 166,191 809 167,000 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 Condensed Consolidated Balance Sheets is presented below: March 31, 2024 December 31, 2023 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 23,262 $ 25,400 $ 48,826 $ 25,425 $ 24,487 $ 49,981 Accumulated depreciation (10,975) (13,058) (24,095) (11,984) (11,869) (23,905) Non-utility property, net 12,287 12,342 24,731 13,441 12,618 26,076 Other current liabilities $ 3,836 $ 4,604 $ 8,473 $ 4,146 $ 4,616 $ 8,776 Other deferred credits 8,469 7,760 16,299 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 as of March 31, 2024 is presented below: PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 16.59 1.57 16.46 Financing leases 3.67 3.02 3.35 Weighted average discount rate: Operating leases 5.61 % 4.22 % 5.60 % Financing leases 4.65 % 4.80 % 4.72 % Information for the components of lease expense is as follows: Three Months Ended March 31, 2024 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: Battery storage leases $ 2,947 $ — $ 2,947 Other operating leases 2,059 270 2,329 Amounts capitalized (35) (232) (267) Total operating lease expense 4,971 38 5,009 Financing lease cost: Amortization of right-of-use assets 1,218 1,316 2,542 Interest on lease liabilities 144 152 297 Amounts capitalized (841) (1,182) (2,023) Total financing lease expense 521 286 816 Variable lease expense 360 — 360 Short-term lease expense 204 6 216 Total lease expense for the period $ 6,056 $ 330 $ 6,401 Three Months Ended March 31, 2023 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: $ 3,908 $ 429 $ 4,337 Amounts capitalized (160) (353) (513) Total operating lease expense 3,748 76 3,824 Financing lease cost: Amortization of right-of-use assets 1,008 1,064 2,093 Interest on lease liabilities 122 111 234 Amounts capitalized (690) (1,000) (1,690) Total financing lease expense 440 175 637 Variable lease expense 262 — 262 Short-term lease expense 147 — 151 Total lease expense for the period $ 4,597 $ 251 $ 4,874 Supplemental cash flow information related to the Company’s leases is as follows: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,826 $ 14 $ 3,840 $ 9,193 $ 126 $ 9,319 Operating cash flows from financing leases 44 29 74 42 14 55 Finance cash flows from financing leases 464 256 728 377 161 560 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 27 $ 63 $ 90 $ — $ — $ — Financing leases 263 1,040 1,398 2,730 1,347 4,077 Capitalized lease costs are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. Future expected lease payments are shown below: As of March 31, 2024 PNM TNMP PNMR Consolidated Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) Remainder of 2024 $ 3,333 $ 8,840 $ 7,117 $ 3,909 $ 708 $ 7,271 $ 8,840 $ 7,825 2025 3,636 11,786 7,082 4,262 785 7,926 11,786 7,867 2026 3,117 11,786 7,031 3,038 90 6,181 11,786 7,121 2027 1,885 11,786 7,035 1,615 14 3,526 11,786 7,049 2028 856 11,786 7,038 383 11 1,241 11,786 7,049 Later years 614 172,254 10,587 93 — 707 172,254 10,587 Total minimum lease payments 13,441 228,238 45,890 13,300 1,608 26,852 228,238 47,498 Less: Imputed interest 1,136 92,547 5,457 936 78 2,080 92,547 5,536 Lease liabilities $ 12,305 $ 135,691 $ 40,433 $ 12,364 $ 1,530 $ 24,772 $ 135,691 $ 41,962 The above table includes $11.9 million, $12.0 million, and $23.8 million for PNM, TNMP, and PNMR at March 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 March 31, 2024, the Company has various lease arrangements that have been executed but have not yet commenced, which are primarily related to battery storage agreements. The Company currently expects lease commencement dates in 2024, with lease terms expiring in 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 $1.1 billion over the 20-year terms of the agreements.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 income taxes. Certain unusual or infrequently occurring items are excluded from the estimated annual rate calculation. Such items include regulatory disallowances and excess tax benefits or deficiencies related to stock awards. At March 31, 2024, PNMR, PNM, and TNMP estimated their effective income tax rates for the year ended December 31, 2024 would be 14.64%, 13.09%, and 20.72%. The primary difference between the statutory income tax rates and the effective tax rates is the effect of the reduction in income tax expense resulting from the amortization of excess deferred federal income taxes. During the three months ended March 31, 2024, income tax expense calculated by applying the expected annual effective income tax rate to earnings before income taxes was further increased by excess tax benefits related to stock awards of $0.2 million for PNMR, of which $0.1 million was allocated to PNM and $0.1 million was allocated to TNMP.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions PNMR, PNM, TNMP, and NMRD are considered related parties, as is PNMR Services Company, a wholly-owned subsidiary of PNMR that provides corporate services to PNMR 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. See Note 16 for additional discussion of NMRD. The table below summarizes the nature and amount of related party transactions of PNMR, PNM, TNMP, and NMRD: Three Months Ended March 31, 2024 2023 (In thousands) Services billings: PNMR to PNM $ 35,407 $ 31,539 PNMR to TNMP 14,237 12,413 PNM to TNMP 81 65 TNMP to PNMR 10 35 PNMR to NMRD 66 82 Renewable energy purchases: PNM from NMRD 1,523 2,361 Interest billings: PNMR to PNM 14 3 PNM to PNMR 155 130 PNMR to TNMP 14 11 Income tax sharing payments: PNMR to PNM — — TNMP to PNMR — —

Equity Method Investment

Equity Method Investment	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment As discussed in Note 21 of the Company’s 2023 Annual Reports on Form 10-K, PNMR Development and AEP OnSite Partners created NMRD in September 2017 to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. On February 27, 2024, PNMR Development and AEP Onsite Partners sold their respective interests in NMRD. PNMR Development received 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. In the three months ended March 31, 2024 and 2023, PNMR Development and AEP OnSite Partners each made cash contributions to NMRD of $12.6 million and $11.5 million for its construction activities. Until the sale closing on February 27, 2024, PNMR presented its share of net earnings from NMRD in Other income on the Condensed Consolidated Statements of Earnings. Summarized financial information for NMRD through the closing date of the sale is as follows: Results of Operations Three Months Ended March 31, 2024 2023 (In thousands) Operating revenues $ 3,204 $ 2,531 Operating expenses 3,378 2,434 Net earnings (loss) $ (174) $ 97 Financial Position March 31, 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

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 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

Significant Accounting Polici_2

Significant Accounting Policies and Responsibility for Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements of each of PNMR, 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. See Note 6. PNM owns undivided interests in several 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.
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 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07 enhancing disclosures about significant segment expenses. Disclosure requirements of this update include disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”); an amount for other segment items by reportable segment and a description of its composition; the title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources; and that a single reportable segment provides all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. The amendment also clarifies that in addition to the measure most consistent with the measurement principles under GAAP, reporting of additional measures of a segment’s profit or loss used by the CODM in assessing segment performance and determining allocation of resources is allowed. ASU 2023-07 is effective for the Company beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoption being permitted. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements. 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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Financial Information by Segment	The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. PNMR SEGMENT INFORMATION PNM TNMP Corporate PNMR Consolidated (In thousands) Three Months Ended March 31, 2024 Electric operating revenues $ 308,115 $ 128,762 $ — $ 436,877 Cost of energy 97,412 34,892 — 132,304 Utility margin 210,703 93,870 — 304,573 Other operating expenses 106,466 32,750 (8,420) 130,796 Depreciation and amortization 53,287 30,382 9,518 93,187 Operating income (loss) 50,950 30,738 (1,098) 80,590 Interest income (expense) 4,527 169 (116) 4,580 Other income (deductions) 20,546 876 (15,035) 6,387 Interest charges (25,116) (13,336) (15,310) (53,762) Segment earnings (loss) before income taxes 50,907 18,447 (31,559) 37,795 Income taxes (benefit) 5,811 3,864 (22,246) (12,571) Segment earnings (loss) 45,096 14,583 (9,313) 50,366 Valencia non-controlling interest (3,044) — — (3,044) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to PNMR $ 41,920 $ 14,583 $ (9,313) $ 47,190 At March 31, 2024: Total Assets $ 6,878,575 $ 3,204,936 $ 174,142 $ 10,257,653 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 PNM TNMP Corporate PNMR Consolidated (In thousands) Three Months Ended March 31, 2023 Electric operating revenues $ 430,165 $ 113,912 $ — $ 544,077 Cost of energy 209,853 31,833 — 241,686 Utility margin 220,312 82,079 — 302,391 Other operating expenses 98,722 32,852 (6,348) 125,226 Depreciation and amortization 43,686 27,440 6,948 78,074 Operating income (loss) 77,904 21,787 (600) 99,091 Interest income (expense) 4,849 114 (120) 4,843 Other income (deductions) 7,033 136 (127) 7,042 Interest charges (18,122) (10,425) (12,376) (40,923) Segment earnings (loss) before income taxes 71,664 11,612 (13,223) 70,053 Income taxes (benefit) 11,829 1,579 (3,628) 9,780 Segment earnings (loss) 59,835 10,033 (9,595) 60,273 Valencia non-controlling interest (5,127) — — (5,127) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to PNMR $ 54,576 $ 10,033 $ (9,595) $ 55,014 At March 31, 2023: Total Assets $ 6,306,396 $ 2,803,168 $ 243,572 $ 9,353,136 Goodwill $ 51,632 $ 226,665 $ — $ 278,297
Public Utilities General Disclosures	PNM and TNMP do not intend for utility margin to represent any financial measure as defined by GAAP however, the calculation of utility margin, as presented, most closely compares to gross margin as defined by GAAP. Reconciliations between utility margin and gross margin are presented below. PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Three Months Ended March 31, 2024 Gross margin $ 120,854 $ 55,074 $ — $ 175,928 Energy production costs 22,212 — — 22,212 Transmission and distribution costs 14,350 8,414 — 22,764 Depreciation and amortization 53,287 30,382 — 83,669 1 Utility margin $ 210,703 $ 93,870 $ — $ 304,573 Three Months Ended March 31, 2023 Gross margin $ 140,381 $ 46,330 $ — $ 186,711 Energy production costs 22,358 — — 22,358 Transmission and distribution costs 13,887 8,309 — 22,196 Depreciation and amortization 43,686 27,440 — 71,126 1 Utility margin $ 220,312 $ 82,079 $ — $ 302,391 1 Corporate and Other depreciation and amortization represents corporate level activities that are billed at cost and reflected as general and administrative expenses at PNM and TNMP and therefore are not a component of gross margin or utility margin. See Note 1.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Information regarding accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023 is as follows: Accumulated Other Comprehensive Income (Loss) PNM Corporate and Other PNMR Consolidated Unrealized Pension Fair Value Total Total (In thousands) Balance at December 31, 2023 $ 10,652 $ (77,157) $ (66,505) $ 3,665 $ (62,840) Amounts reclassified from AOCI (pre-tax) (10,910) 1,216 (9,694) 2,745 (6,949) Income tax impact of amounts reclassified 2,771 (309) 2,462 (697) 1,765 Other OCI changes (pre-tax) 491 — 491 67 558 Income tax impact of other OCI changes (125) — (125) (17) (142) Net after-tax change (7,773) 907 (6,866) 2,098 (4,768) Balance at March 31, 2024 $ 2,879 $ (76,250) $ (73,371) $ 5,763 $ (67,608) Balance at December 31, 2022 $ 7,422 $ (81,757) $ (74,335) $ 8,287 $ (66,048) Amounts reclassified from AOCI (pre-tax) (702) 1,194 492 (2,224) (1,732) Income tax impact of amounts reclassified 178 (303) (125) 565 440 Other OCI changes (pre-tax) 4,170 — 4,170 (168) 4,002 Income tax impact of other OCI changes (1,059) — (1,059) 43 (1,016) Net after-tax change 2,587 891 3,478 (1,784) 1,694 Balance at March 31, 2023 $ 10,009 $ (80,866) $ (70,857) $ 6,503 $ (64,354)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Computation of Earnings Per Share	Information regarding the computation of earnings per share is as follows: Three Months Ended March 31, 2024 2023 (In thousands, except per share amounts) Net Earnings Attributable to PNMR $ 47,190 $ 55,014 Average Number of Common Shares: Outstanding during period 90,200 85,835 Vested awards of restricted stock 283 266 Average Shares – Basic 90,483 86,101 Dilutive Effect of Common Stock Equivalents: Restricted stock 31 37 2023 Forward Sale Agreements — 3 Average Shares – Diluted 90,514 86,141 Net Earnings Per Share of Common Stock: Basic $ 0.52 $ 0.64 Diluted $ 0.52 $ 0.64

Electric Operating Revenues (Ta

Electric Operating Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. PNM TNMP PNMR Consolidated Three Months Ended March 31, 2024 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 120,385 $ 41,495 $ 161,880 Commercial 99,338 35,544 134,882 Industrial 24,769 9,856 34,625 Public authority 4,398 1,717 6,115 Economy energy service 7,563 — 7,563 Transmission 36,149 35,809 71,958 Wholesale energy sales (1) 11,690 — 11,690 Miscellaneous 1,422 954 2,376 Total revenues from contracts with customers 305,714 125,375 431,089 Alternative revenue programs 1,906 3,387 5,293 Other electric operating revenues 495 — 495 Total Electric Operating Revenues $ 308,115 $ 128,762 $ 436,877 Three Months Ended March 31, 2023 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 119,885 $ 36,366 $ 156,251 Commercial 98,062 34,730 132,792 Industrial 19,478 12,765 32,243 Public authority 4,417 1,619 6,036 Economy energy service 9,309 — 9,309 Transmission 49,007 30,058 79,065 Wholesale energy sales (1) 112,986 — 112,986 Miscellaneous 1,410 940 2,350 Total revenues from contracts with customers 414,554 116,478 531,032 Alternative revenue programs 7,325 (2,566) 4,759 Other electric operating revenues 8,286 — 8,286 Total Electric Operating Revenues $ 430,165 $ 113,912 $ 544,077 (1) Includes sales for resale activity resulting from PNM’s participation in the EIM.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Variable Interest Entities [Abstract]
Summarized Financial Information	Summarized financial information for Valencia is as follows: Results of Operations Three Months Ended March 31, 2024 2023 (In thousands) Operating revenues $ 5,189 $ 6,604 Operating expenses 2,145 1,477 Earnings attributable to non-controlling interest $ 3,044 $ 5,127 Financial Position March 31, December 31, 2024 2023 (In thousands) Current assets $ 3,265 $ 3,422 Net property, plant, and equipment 46,543 47,253 Total assets 49,808 50,675 Current liabilities 809 717 Owners’ equity – non-controlling interest $ 48,999 $ 49,958 The following tables summarize the impact of ETBC I on PNM’s Financial Statements: Results of Operations Three Months Ended March 31, 2024 (In thousands) Operating Revenues $ 5,946 Depreciation and amortization 821 Interest charges 5,025 Other 100 Net Earnings $ — Financial Position March 31, 2024 December 31, 2023 (In thousands) Regulatory Assets - Current $ 559 $ 2,724 Restricted Cash (included in Other Current Assets) 7,175 — Restricted Cash (included in Other Deferred Charges) 1,747 1,728 Securitized Cost (included in Deferred Regulatory Assets) 339,808 340,629 Current Installments of Long-Term Debt 5,935 2,529 Accrued Interest 7,505 2,502 Long-Term Debt 335,137 338,521

Fair Value of Derivative and _2

Fair Value of Derivative and Other Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value of Derivative and Other Financial Instruments [Abstract]
Summary of 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 Condensed Consolidated Balance Sheets: Economic Hedges March 31, December 31, (In thousands) Other current assets $ 835 $ 826 Other current liabilities — — Net $ 835 $ 826
Schedule of Commodity Contract Volume Positions	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 March 31, 2024 — (15,360) December 31, 2023 — (15,360)
Schedule of Gross Realized Gains and Losses	Gains and losses recognized on the Condensed Consolidated Statements of Earnings related to investment securities in the NDT, SJGS decommissioning, and coal mine reclamation trusts are presented in the following table: Three Months Ended March 31, 2024 2023 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 9,871 $ (844) Net gains (losses) from equity securities still held (1,205) 7,477 Total net gains on equity securities 8,666 6,633 Available-for-sale debt securities: Net gains (losses) on debt securities 9,332 (191) Net gains on investment securities $ 17,998 $ 6,442 Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $13.4 million and $2.0 million for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 (In thousands) Proceeds from sales $ 302,510 $ 91,211 Gross realized gains 13,679 3,428 Gross realized (losses) (7,912) (6,471)
Investments Classified by Contractual Maturity Date	At March 31, 2024, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 34,176 After 1 year through 5 years 11,915 After 5 years through 10 years 8,634 After 10 years through 15 years 9,998 After 15 years through 20 years 5,626 After 20 years 3,953 $ 74,302
Schedule of Investments	Items recorded at fair value by PNM on the Condensed 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 (Level 2) Unrealized Gains (In thousands) March 31, 2024 Cash and cash equivalents $ 122,332 $ 122,332 $ — Equity securities: Corporate stocks, common 81,045 81,045 — Corporate stocks, preferred — — — Mutual funds and other 131,306 131,306 — Uncategorized Collective Investment Trusts 39,179 Available-for-sale debt securities: U.S. government 27,041 27,041 — $ 1,874 International government — — — Municipals 35,260 — 35,260 1,227 Corporate and other 12,001 12,001 795 $ 448,164 $ 361,724 $ 47,261 $ 3,896 December 31, 2023 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 Amount and Fair Value of Items Not Recorded at Fair Value	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 Condensed Consolidated Balance Sheets, are presented below: Carrying Amount Fair Value March 31, 2024 (In thousands) PNMR $ 4,638,825 $ 4,335,572 PNM 2,262,325 2,086,662 TNMP 1,377,255 1,248,910 December 31, 2023 PNMR $ 4,521,811 $ 4,260,509 PNM 2,261,780 2,107,588 TNMP 1,260,880 1,152,922
Schedule Of Commodity Contract Contingent Consideration	PNM has contingent requirements to provide collateral under certain commodity contracts having an objectively determinable collateral provision, 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. At March 31, 2024 and December 31, 2023, PNM had zero contractual liability, zero posted cash collateral, and no such contracts in a net liability position.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Activity	The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Three Months Ended March 31, Restricted Shares and Performance Based Shares 2024 2023 Expected quarterly dividends per share $ 0.3875 $ 0.3675 Risk-free interest rate 4.27 % 4.46 % Market-Based Shares Dividend yield 4.21 % N/A Expected volatility 13.09 % N/A Risk-free interest rate 4.31 % N/A The following table summarizes activity in restricted stock awards, including performance-based and market-based shares for the three months ended March 31, 2024: Restricted Stock Shares Weighted- Outstanding at December 31, 2023 212,080 $ 40.33 Granted 188,019 32.43 Released (145,020) 37.18 Forfeited — — Outstanding at March 31, 2024 255,079 $ 36.30 The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares: Three Months Ended March 31, Restricted Stock 2024 2023 Weighted-average grant date fair value $ 32.43 $ 44.78 Total fair value of restricted shares that vested (in thousands) $ 5,395 $ 8,394

Financing (Tables)

Financing (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value	PNMR 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 PNMR’s credit rating. As of March 31, 2024, PNMR’s hedging agreements are as follows: Variable Rate Established Effective Date Maturity Date Debt Hedged Fixed Rate (In millions) (Percent) 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	Short-term debt outstanding consists of: March 31, 2024 December 31, 2023 Balance Outstanding Weighted Average Interest Rate Balance Outstanding Weighted Average Interest Rate (In thousands) (In thousands) PNM: PNM Revolving Credit Facility $ 146,200 6.67% $ 107,500 6.69% PNM New Mexico Credit Facility 40,000 6.68 30,000 6.71 186,200 137,500 TNMP Revolving Credit Facility 18,300 6.29 55,100 6.32 PNMR Revolving Credit Facility 40,000 6.92 69,300 6.96 $ 244,500 $ 261,900
Schedule of Forward Contracts Indexed to Issuer's Equity	Throughout 2023, PNMR entered into forward sale agreements listed below, for the sale of shares of PNMR common stock. On December 15, 2023, PNMR physically settled the forward purchases under the PNMR 2022 ATM Program and used the proceeds to repay borrowings under the PNMR Revolving Credit Facility and for other corporate purposes. Gross 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

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following table presents the components of the PNM Plans’ net periodic benefit cost: Three Months Ended March 31, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ — $ — $ — $ — Interest cost 5,427 5,913 597 676 124 135 Expected return on plan assets (7,757) (7,299) (1,391) (1,243) — — Amortization of net loss 2,661 2,646 — — 50 38 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 331 $ 1,260 $ (794) $ (567) $ 174 $ 173 The following table presents the components of the TNMP Plans’ net periodic benefit cost: Three Months Ended March 31, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 5 $ 5 $ — $ — Interest cost 553 601 96 106 4 3 Expected return on plan assets (687) (674) (129) (120) — — Amortization of net (gain) loss 139 110 (161) (190) — — Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 5 $ 37 $ (189) $ (199) $ 4 $ 3

Regulatory and Rate Matters (Ta

Regulatory and Rate Matters (Tables)	3 Months Ended
	Mar. 31, 2024
Regulated Operations [Abstract]
Schedule of Rate Increases for Transmission Costs	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) May 12, 2023 $ 150.5 $ 19.4 September 6, 2023 21.4 4.2 March 15, 2024 97.4 13.1
Schedule Of Interim Distribution Rate Increases	The following sets forth TNMP’s recent interim distribution rate increases: 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

Lease Commitments (Tables)

Lease Commitments (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Assets and Liabilities, Lessee	Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets is presented below: March 31, 2024 December 31, 2023 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 177,865 $ 1,615 $ 179,480 $ 180,370 $ 1,814 $ 182,201 Current portion of operating lease liabilities 10,925 887 11,811 11,371 895 12,267 Long-term portion of operating lease liabilities 165,199 643 165,842 166,191 809 167,000 March 31, 2024 December 31, 2023 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 23,262 $ 25,400 $ 48,826 $ 25,425 $ 24,487 $ 49,981 Accumulated depreciation (10,975) (13,058) (24,095) (11,984) (11,869) (23,905) Non-utility property, net 12,287 12,342 24,731 13,441 12,618 26,076 Other current liabilities $ 3,836 $ 4,604 $ 8,473 $ 4,146 $ 4,616 $ 8,776 Other deferred credits 8,469 7,760 16,299 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 as of March 31, 2024 is presented below: PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 16.59 1.57 16.46 Financing leases 3.67 3.02 3.35 Weighted average discount rate: Operating leases 5.61 % 4.22 % 5.60 % Financing leases 4.65 % 4.80 % 4.72 %
Lease, Cost	Information for the components of lease expense is as follows: Three Months Ended March 31, 2024 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: Battery storage leases $ 2,947 $ — $ 2,947 Other operating leases 2,059 270 2,329 Amounts capitalized (35) (232) (267) Total operating lease expense 4,971 38 5,009 Financing lease cost: Amortization of right-of-use assets 1,218 1,316 2,542 Interest on lease liabilities 144 152 297 Amounts capitalized (841) (1,182) (2,023) Total financing lease expense 521 286 816 Variable lease expense 360 — 360 Short-term lease expense 204 6 216 Total lease expense for the period $ 6,056 $ 330 $ 6,401 Three Months Ended March 31, 2023 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: $ 3,908 $ 429 $ 4,337 Amounts capitalized (160) (353) (513) Total operating lease expense 3,748 76 3,824 Financing lease cost: Amortization of right-of-use assets 1,008 1,064 2,093 Interest on lease liabilities 122 111 234 Amounts capitalized (690) (1,000) (1,690) Total financing lease expense 440 175 637 Variable lease expense 262 — 262 Short-term lease expense 147 — 151 Total lease expense for the period $ 4,597 $ 251 $ 4,874
Schedule of Leases, Supplemental Cash Flows	Supplemental cash flow information related to the Company’s leases is as follows: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,826 $ 14 $ 3,840 $ 9,193 $ 126 $ 9,319 Operating cash flows from financing leases 44 29 74 42 14 55 Finance cash flows from financing leases 464 256 728 377 161 560 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 27 $ 63 $ 90 $ — $ — $ — Financing leases 263 1,040 1,398 2,730 1,347 4,077
Lessee, Operating Lease, Liability, Maturity	Future expected lease payments are shown below: As of March 31, 2024 PNM TNMP PNMR Consolidated Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) Remainder of 2024 $ 3,333 $ 8,840 $ 7,117 $ 3,909 $ 708 $ 7,271 $ 8,840 $ 7,825 2025 3,636 11,786 7,082 4,262 785 7,926 11,786 7,867 2026 3,117 11,786 7,031 3,038 90 6,181 11,786 7,121 2027 1,885 11,786 7,035 1,615 14 3,526 11,786 7,049 2028 856 11,786 7,038 383 11 1,241 11,786 7,049 Later years 614 172,254 10,587 93 — 707 172,254 10,587 Total minimum lease payments 13,441 228,238 45,890 13,300 1,608 26,852 228,238 47,498 Less: Imputed interest 1,136 92,547 5,457 936 78 2,080 92,547 5,536 Lease liabilities $ 12,305 $ 135,691 $ 40,433 $ 12,364 $ 1,530 $ 24,772 $ 135,691 $ 41,962
Finance Lease, Liability, Maturity	Future expected lease payments are shown below: As of March 31, 2024 PNM TNMP PNMR Consolidated Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) Remainder of 2024 $ 3,333 $ 8,840 $ 7,117 $ 3,909 $ 708 $ 7,271 $ 8,840 $ 7,825 2025 3,636 11,786 7,082 4,262 785 7,926 11,786 7,867 2026 3,117 11,786 7,031 3,038 90 6,181 11,786 7,121 2027 1,885 11,786 7,035 1,615 14 3,526 11,786 7,049 2028 856 11,786 7,038 383 11 1,241 11,786 7,049 Later years 614 172,254 10,587 93 — 707 172,254 10,587 Total minimum lease payments 13,441 228,238 45,890 13,300 1,608 26,852 228,238 47,498 Less: Imputed interest 1,136 92,547 5,457 936 78 2,080 92,547 5,536 Lease liabilities $ 12,305 $ 135,691 $ 40,433 $ 12,364 $ 1,530 $ 24,772 $ 135,691 $ 41,962

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below summarizes the nature and amount of related party transactions of PNMR, PNM, TNMP, and NMRD: Three Months Ended March 31, 2024 2023 (In thousands) Services billings: PNMR to PNM $ 35,407 $ 31,539 PNMR to TNMP 14,237 12,413 PNM to TNMP 81 65 TNMP to PNMR 10 35 PNMR to NMRD 66 82 Renewable energy purchases: PNM from NMRD 1,523 2,361 Interest billings: PNMR to PNM 14 3 PNM to PNMR 155 130 PNMR to TNMP 14 11 Income tax sharing payments: PNMR to PNM — — TNMP to PNMR — —

Equity Method Investment (Table

Equity Method Investment (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Marketable Securities	Summarized financial information for NMRD through the closing date of the sale is as follows: Results of Operations Three Months Ended March 31, 2024 2023 (In thousands) Operating revenues $ 3,204 $ 2,531 Operating expenses 3,378 2,434 Net earnings (loss) $ (174) $ 97 Financial Position March 31, 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

Significant Accounting Polici_3

Significant Accounting Policies and Responsibility for Financial Statements (Details) - USD ($)		1 Months Ended		3 Months Ended
	Apr. 30, 2024	Feb. 29, 2024	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Payment defaults under agreements				$ 0
Dividends declared per common share (dollars per share)		$ 0.3875	$ 0.3675	$ 0.3875	$ 0.3675
Dividends declared on common stock				$ 34,952,000	$ 31,545,000
PNMR | Subsequent event
Subsequent Event [Line Items]
Equity contribution from parent	$ 55,000,000
Texas-New Mexico Power Company
Subsequent Event [Line Items]
Dividends declared on common stock				$ 0	$ 0

Segment Information - Summarize

Segment Information - Summarized Financial Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	$ 436,877	$ 544,077
Utility margin	175,928	186,711
Other operating expenses	130,796	125,226
Depreciation and amortization	93,187	78,074
Operating income	80,590	99,091
Interest income (expense)	4,580	4,843
Other income (deductions)	6,387	7,042
Interest Charges	(53,762)	(40,923)
Earnings before Income Taxes	37,795	70,053
Income taxes (benefit)	(12,571)	9,780
Net Earnings	50,366	60,273
Valencia non-controlling interest	(3,044)	(5,127)
Subsidiary preferred stock dividends	(132)	(132)
Net Earnings Available for PNM Common Stock	47,190	55,014
Total Assets	10,257,653	9,353,136	$ 10,252,605
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]
Electric operating revenues	$ 308,115	430,165
Depreciation and amortization	53,287	43,686
Operating income	50,950	77,904
Interest Charges	(25,116)	(18,122)
Earnings before Income Taxes	50,907	71,664
Income taxes (benefit)	5,811	11,829
Net Earnings	45,096	59,835
Valencia non-controlling interest	(3,044)	(5,127)
Subsidiary preferred stock dividends	(132)	(132)
Net Earnings Available for PNM Common Stock	41,920	54,576
Total Assets	6,878,575		6,813,065
Goodwill	$ 51,632		51,632
TNMP
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	$ 128,762	113,912
Cost of energy	34,892	31,833
Depreciation and amortization	30,382	27,440
Operating income	30,738	21,787
Interest Charges	(13,336)	(10,425)
Earnings before Income Taxes	18,447	11,612
Income taxes (benefit)	3,864	1,579
Net Earnings	14,583	10,033
Total Assets	3,204,936		3,145,031
Goodwill	226,665		$ 226,665
PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Utility margin	120,854	140,381
Other operating expenses	106,466	98,722
Depreciation and amortization	53,287	43,686
Operating income	50,950	77,904
Interest income (expense)	4,527	4,849
Other income (deductions)	20,546	7,033
Interest Charges	(25,116)	(18,122)
Earnings before Income Taxes	50,907	71,664
Income taxes (benefit)	5,811	11,829
Net Earnings	45,096	59,835
Valencia non-controlling interest	(3,044)	(5,127)
Subsidiary preferred stock dividends	(132)	(132)
Net Earnings Available for PNM Common Stock	41,920	54,576
Total Assets	6,878,575	6,306,396
Goodwill	51,632	51,632
TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Utility margin	55,074	46,330
Other operating expenses	32,750	32,852
Depreciation and amortization	30,382	27,440
Operating income	30,738	21,787
Interest income (expense)	169	114
Other income (deductions)	876	136
Interest Charges	(13,336)	(10,425)
Earnings before Income Taxes	18,447	11,612
Income taxes (benefit)	3,864	1,579
Net Earnings	14,583	10,033
Valencia non-controlling interest	0	0
Subsidiary preferred stock dividends	0	0
Net Earnings Available for PNM Common Stock	14,583	10,033
Total Assets	3,204,936	2,803,168
Goodwill	226,665	226,665
Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Utility margin	0	0
Other operating expenses	(8,420)	(6,348)
Depreciation and amortization	9,518	6,948
Operating income	(1,098)	(600)
Interest income (expense)	(116)	(120)
Other income (deductions)	(15,035)	(127)
Interest Charges	(15,310)	(12,376)
Earnings before Income Taxes	(31,559)	(13,223)
Income taxes (benefit)	(22,246)	(3,628)
Net Earnings	(9,313)	(9,595)
Valencia non-controlling interest	0	0
Subsidiary preferred stock dividends	0	0
Net Earnings Available for PNM Common Stock	(9,313)	(9,595)
Total Assets	174,142	243,572
Goodwill	0	0
Energy
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	436,877	544,077
Cost of energy	132,304	241,686
Utility margin	304,573	302,391
Energy | PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of energy	97,412	209,853
Energy | PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	308,115	430,165
Cost of energy	97,412	209,853
Utility margin	210,703	220,312
Energy | TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	128,762	113,912
Cost of energy	34,892	31,833
Utility margin	93,870	82,079
Energy | Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	0	0
Cost of energy	0	0
Utility margin	$ 0	$ 0

Segment Information - Schedule

Segment Information - Schedule of Gross Margin (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Gross margin	$ 175,928	$ 186,711
Transmission and distribution costs	22,764	22,196
Depreciation and amortization	83,669	71,126
Utility margin	304,573	302,391
Energy Production
Segment Reporting Information [Line Items]
Energy production costs	22,212	22,358
Public Service Company of New Mexico
Segment Reporting Information [Line Items]
Gross margin	120,854	140,381
Transmission and distribution costs	14,350	13,887
Depreciation and amortization	53,287	43,686
Utility margin	210,703	220,312
Public Service Company of New Mexico | Energy Production
Segment Reporting Information [Line Items]
Energy production costs	22,212	22,358
Texas-New Mexico Power Company
Segment Reporting Information [Line Items]
Gross margin	55,074	46,330
Transmission and distribution costs	8,414	8,309
Depreciation and amortization	30,382	27,440
Utility margin	93,870	82,079
Texas-New Mexico Power Company | Energy Production
Segment Reporting Information [Line Items]
Energy production costs	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Gross margin	0	0
Transmission and distribution costs	0	0
Depreciation and amortization	0	0
Utility margin	0	0
Corporate and Other | Energy Production
Segment Reporting Information [Line Items]
Energy production costs	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 2,399,051	$ 2,244,926
Total Other Comprehensive Income (Loss)	(4,768)	1,694
Ending balance	2,404,730	2,264,802
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(62,840)	(66,048)
Amounts reclassified from AOCI (pre-tax)	(6,949)	(1,732)
Income tax impact of amounts reclassified	1,765	440
Other OCI changes (pre-tax)	558	4,002
Income tax impact of other OCI changes	(142)	(1,016)
Total Other Comprehensive Income (Loss)	(4,768)	1,694
Ending balance	(67,608)	(64,354)
Fair Value Adjustment for Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	3,665	8,287
Amounts reclassified from AOCI (pre-tax)	2,745	(2,224)
Income tax impact of amounts reclassified	(697)	565
Other OCI changes (pre-tax)	67	(168)
Income tax impact of other OCI changes	(17)	43
Total Other Comprehensive Income (Loss)	2,098	(1,784)
Ending balance	5,763	6,503
PNM
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	2,000,775	1,960,324
Total Other Comprehensive Income (Loss)	(6,866)	3,478
Ending balance	2,034,870	2,017,995
PNM | Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(66,505)	(74,335)
Amounts reclassified from AOCI (pre-tax)	(9,694)	492
Income tax impact of amounts reclassified	2,462	(125)
Other OCI changes (pre-tax)	491	4,170
Income tax impact of other OCI changes	(125)	(1,059)
Total Other Comprehensive Income (Loss)	(6,866)	3,478
Ending balance	(73,371)	(70,857)
PNM | Unrealized Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	10,652	7,422
Amounts reclassified from AOCI (pre-tax)	(10,910)	(702)
Income tax impact of amounts reclassified	2,771	178
Other OCI changes (pre-tax)	491	4,170
Income tax impact of other OCI changes	(125)	(1,059)
Total Other Comprehensive Income (Loss)	(7,773)	2,587
Ending balance	2,879	10,009
PNM | Pension Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(77,157)	(81,757)
Amounts reclassified from AOCI (pre-tax)	1,216	1,194
Income tax impact of amounts reclassified	(309)	(303)
Other OCI changes (pre-tax)	0	0
Income tax impact of other OCI changes	0	0
Total Other Comprehensive Income (Loss)	907	891
Ending balance	$ (76,250)	$ (80,866)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Earnings Attributable to PNMR	$ 47,190	$ 55,014
Average Number of Common Shares:
Outstanding during period (in shares)	90,200	85,835
Vested awards of restricted stock (in shares)	283	266
Average Shares – Basic (in shares)	90,483	86,101
Dilutive Effect of Common Stock Equivalents:
Restricted stock (in shares)	31	37
PNMR 2020 Forward Equity Sale Agreements (in shares)	0	3
Average Shares – Diluted (in shares)	90,514	86,141
Net Earnings Per Share of Common Stock:
Basic (in dollars per share)	$ 0.52	$ 0.64
Diluted (in dollars per share)	$ 0.52	$ 0.64

Electric Operating Revenues - N

Electric Operating Revenues - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) utility	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of regulated utilities | utility	2
Other receivables, allowance for credit loss, period increase	$ 0	$ 0
Contract assets	24,600,000		$ 22,100,000
PNM
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 75,400,000		$ 93,600,000

Electric Operating Revenues - D

Electric Operating Revenues - Disaggregation of revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 431,089	$ 531,032
Alternative revenue programs	5,293	4,759
Other electric operating revenue	495	8,286
Electric Operating Revenues	436,877	544,077
PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	305,714	414,554
Alternative revenue programs	1,906	7,325
Other electric operating revenue	495	8,286
Electric Operating Revenues	308,115	430,165
TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	125,375	116,478
Alternative revenue programs	3,387	(2,566)
Other electric operating revenue	0	0
Electric Operating Revenues	128,762	113,912
Energy
Disaggregation of Revenue [Line Items]
Electric Operating Revenues	436,877	544,077
Energy | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	161,880	156,251
Energy | Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	134,882	132,792
Energy | Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	34,625	32,243
Energy | Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	6,115	6,036
Energy | Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	7,563	9,309
Energy | PNM | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	120,385	119,885
Energy | PNM | Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	99,338	98,062
Energy | PNM | Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	24,769	19,478
Energy | PNM | Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4,398	4,417
Energy | PNM | Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	7,563	9,309
Energy | TNMP | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	41,495	36,366
Energy | TNMP | Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	35,544	34,730
Energy | TNMP | Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	9,856	12,765
Energy | TNMP | Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,717	1,619
Energy | TNMP | Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	71,958	79,065
Transmission | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	36,149	49,007
Transmission | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	35,809	30,058
Wholesale energy sales (1)
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	11,690	112,986
Wholesale energy sales (1) | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	11,690	112,986
Wholesale energy sales (1) | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Miscellaneous
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,376	2,350
Miscellaneous | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,422	1,410
Miscellaneous | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 954	$ 940

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) MW	Mar. 31, 2023 USD ($)	Dec. 05, 2022 MW	Jan. 31, 2016 USD ($)
San Juan Generating Station | Coal supply
Variable Interest Entity [Line Items]
Cash used to support bank letter or credit arrangement				$ 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 costs	$ 5.1	$ 5
Payment for variable costs	$ 0.1	$ 1.6
Long-term contract option to purchase, ownership percentage (up to)	50%
Long-term contract option to purchase, purchase price - percentage of adjusted NBV	50%
Long-term contract option to purchase, purchase price - percentage of FMV	50%
PNM | Purchased through May 2028 | Valencia
Variable Interest Entity [Line Items]
Number of megawatts purchased (in megawatts) | MW	155

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Operations for Valencia (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Results of Operations
Electric Operating Revenues	$ 436,877	$ 544,077
Operating expenses	356,287	444,986
Earnings attributable to non-controlling interest	3,044	5,127
Financial Position
Current assets	407,843		$ 475,543
Assets	10,257,653	9,353,136	10,252,605
Total current liabilities	1,107,128		1,230,760
Non-controlling interest in Valencia	48,999		49,958
Public Service Company of New Mexico
Results of Operations
Electric Operating Revenues	308,115	430,165
Operating expenses	257,165	352,261
Earnings attributable to non-controlling interest	3,044	5,127
Financial Position
Current assets	335,426		377,837
Assets	6,878,575		6,813,065
Total current liabilities	855,327		839,194
Non-controlling interest in Valencia	48,999		49,958
Valencia | Public Service Company of New Mexico
Results of Operations
Electric Operating Revenues	5,189	6,604
Operating expenses	2,145	1,477
Earnings attributable to non-controlling interest	3,044	$ 5,127
Financial Position
Current assets	3,265		3,422
Net property, plant, and equipment	46,543		47,253
Assets	49,808		50,675
Total current liabilities	809		717
Non-controlling interest in Valencia	$ 48,999		$ 49,958

Variable Interest Entities - _2

Variable Interest Entities - Schedule of Impact on Results of Operation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Depreciation and amortization	$ 103,004	$ 87,128
Interest Charges	53,762	40,923
Public Service Company of New Mexico
Variable Interest Entity [Line Items]
Depreciation and amortization	60,356	51,438
Interest Charges	25,116	$ 18,122
Valencia | Public Service Company of New Mexico
Variable Interest Entity [Line Items]
Operating Revenues	5,946
Depreciation and amortization	821
Interest Charges	5,025
Other	100
Net Earnings	$ 0

Variable Interest Entities - _3

Variable Interest Entities - Schedule of Impact on Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Regulatory assets	$ 61,453	$ 73,046
Current Installments of Long-Term Debt	283,776	280,169
Long-Term Debt	4,355,049	4,241,642
Public Service Company of New Mexico
Variable Interest Entity [Line Items]
Regulatory assets	61,453	72,996
Current Installments of Long-Term Debt	203,802	200,222
Long-Term Debt	2,058,523	2,061,558
Valencia | Public Service Company of New Mexico
Variable Interest Entity [Line Items]
Regulatory assets	559	2,724
Securitized Cost (included in Deferred Regulatory Assets)	339,808	340,629
Current Installments of Long-Term Debt	5,935	2,529
Accrued Interest	7,505	2,502
Long-Term Debt	335,137	338,521
Valencia | Public Service Company of New Mexico | Other Current Assets
Variable Interest Entity [Line Items]
Restricted Cash	7,175	0
Valencia | Public Service Company of New Mexico | Other Deferred Charges
Variable Interest Entity [Line Items]
Restricted Cash	$ 1,747	$ 1,728

Fair Value of Derivative and _3

Fair Value of Derivative and Other Financial Instruments - Narrative (Details)		3 Months Ended		4 Months Ended
	Apr. 23, 2024 MW	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 MW	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Obligations to return cash					$ 200,000
PNM
Debt Securities, Available-for-sale [Line Items]
Amounts recognized for right to reclaim cash		$ 0			0
Cash collateral under margin arrangements		300,000			200,000
(Increase)/decrease in other than temporary losses of available-for-sale securities, net portion recognized in earnings		13,400,000	$ 2,000,000
PNM | Commodity derivatives | Designated as Hedging Instrument
Debt Securities, Available-for-sale [Line Items]
Other current assets		835,000			826,000
Current derivative liability		0			0
PNM | Portfolio One
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW				85
PNM | Portfolio One | Subsequent event
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	150
PNM | Portfolio Two
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW				50
PNM | Portfolio Two | Subsequent event
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	100
PNM | Portfolio Three
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW				50
PNM | Fuel and purchased power costs | Commodity derivatives | Designated as Hedging Instrument
Debt Securities, Available-for-sale [Line Items]
Other current assets					800,000
Current derivative liability					0
PNM | Recurring
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities		448,164,000			444,408,000
Nuclear Decommissioning Trust | PNM | Recurring
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities		371,000,000			361,000,000
SJGS Decommissioning Trust | PNM | Recurring
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities		11,700,000			12,300,000
Mine Reclamation Trust | PNM | Recurring
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities		$ 65,500,000			$ 71,100,000

Fair Value of Derivative and _4

Fair Value of Derivative and Other Financial Instruments - Overview and Commodity Derivatives (Details) - PNM - Designated as Hedging Instrument - Commodity derivatives - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Other current assets	$ 835	$ 826
Other current liabilities	0	0
Net	$ 835	$ 826

Fair Value of Derivative and _5

Fair Value of Derivative and Other Financial Instruments - Schedule of Commodity Contract Volume Positions (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 MMBTU	Mar. 31, 2024 MWh	Dec. 31, 2023 MMBTU	Dec. 31, 2023 MWh
Commodity derivatives | Designated as Hedging Instrument | Public Service Company of New Mexico
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Economic Hedges (in mmtbu and mwh)	0	(15,360)	0	(15,360)

Fair Value of Derivative and _6

Fair Value of Derivative and Other Financial Instruments - Investments in NDT and Gross Realized Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity securities:
Net gains (losses) from equity securities sold	$ 9,871	$ (844)
Net gains (losses) from equity securities still held	(1,205)	7,477
Total net gains on equity securities	8,666	6,633
Available-for-sale debt securities:
Net gains (losses) on debt securities	9,332	(191)
Net gains on investment securities	$ 17,998	$ 6,442

Fair Value Measures and Disclos

Fair Value Measures and Disclosures - Gross Realized (Losses) (Details) - PNM - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Proceeds from sales	$ 302,510	$ 91,211
Gross realized gains	13,679	3,428
Gross realized (losses)	$ (7,912)	$ (6,471)

Fair Value of Derivative and _7

Fair Value of Derivative and Other Financial Instruments - Maturities of Debt Securities (Details) - PNMR and PNM $ in Thousands	Mar. 31, 2024 USD ($)
Available-for-Sale
Within 1 year	$ 34,176
After 1 year through 5 years	11,915
After 5 years through 10 years	8,634
After 10 years through 15 years	9,998
After 15 years through 20 years	5,626
After 20 years	3,953
Available-for-sale debt securities	$ 74,302

Fair Value of Derivative and _8

Fair Value of Derivative and Other Financial Instruments - Items Recorded and Presented by Level of Hierarchy (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	$ 4,335,572		$ 4,260,509
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	4,638,825		4,521,811
PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	2,086,662		2,107,588
PNM | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	2,262,325		2,261,780
TNMP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	1,248,910		1,152,922
TNMP | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	1,377,255		1,260,880
Recurring | PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	448,164		444,408
Investments, unrealized gain	3,896	$ 14,316
Recurring | PNM | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	361,724		264,287
Recurring | PNM | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	47,261		180,121
Recurring | PNM | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	122,332		93,873
Recurring | PNM | Cash and cash equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	122,332		93,873
Recurring | PNM | Cash and cash equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Recurring | PNM | Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	81,045		77,422
Recurring | PNM | Corporate stocks, common | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	81,045		77,422
Recurring | PNM | Corporate stocks, common | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0		0
Recurring | PNM | Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0		4,323
Recurring | PNM | Corporate stocks, preferred | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0		504
Recurring | PNM | Corporate stocks, preferred | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0		3,819
Recurring | PNM | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	131,306		57,966
Recurring | PNM | Mutual funds and other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	131,306		57,966
Recurring | PNM | Mutual funds and other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0		0
Recurring | PNM | Uncategorized Collective Investment Trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	39,179
Recurring | PNM | Uncategorized Collective Investment Trusts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities
Recurring | PNM | Uncategorized Collective Investment Trusts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities
Recurring | PNM | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	27,041		35,113
Investments, unrealized gain	1,874	2,055
Recurring | PNM | U.S. government | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	27,041		34,522
Recurring | PNM | U.S. government | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0		591
Recurring | PNM | International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0		8,735
Investments, unrealized gain	0	104
Recurring | PNM | International government | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0		0
Recurring | PNM | International government | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities			8,735
Recurring | PNM | Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	35,260		53,436
Investments, unrealized gain	1,227	2,872
Recurring | PNM | Municipals | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0		0
Recurring | PNM | Municipals | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	35,260		53,436
Recurring | PNM | Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	12,001		113,540
Investments, unrealized gain	795	$ 9,285
Recurring | PNM | Corporate and other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities			0
Recurring | PNM | Corporate and other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 12,001		$ 113,540

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Apr. 08, 2024	Dec. 04, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Restricted Shares and Performance Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense related to stock awards			$ 8,400
Period of time stock expense is expected to be recognized			2 years 2 months 12 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested (in shares)			255,079		212,080
Fair value of restricted stock rights			$ 5,395	$ 8,394
Executive | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares awarded in year two (in shares)			138,978
Maximum number of shares awarded in year three (in shares)			133,960
Maximum number of shares awarded in year four (in shares)			186,951
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]
Maximum number of shares awarded in year one (in shares)			80,492
President And Chief Operating Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retention agreement, bonus		$ 1,000
President And Chief Operating Officer | Restricted Stock | Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock rights	$ 800
Performance Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Vesting rate			100%
Performance Equity Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Performance Equity Plan | Non-employee Members of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			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		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		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 (Detai

Stock-Based Compensation (Details) - Restricted Stock - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock, Shares
Outstanding at beginning of period (in shares)	212,080
Granted (in shares)	188,019
Exercised (in shares)	(145,020)
Forfeited (in shares)	0
Outstanding at end of period (in shares)	255,079
Restricted Stock, Weighted- Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 40.33
Granted (in dollars per share)	32.43	$ 44.78
Exercised (in dollars per share)	37.18
Forfeited (in dollars per share)	0
Outstanding at end of period (in dollars per share)	$ 36.30

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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
Risk-free interest rate	4.27%	4.46%
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 - Rest

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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)	$ 32.43	$ 44.78
Total fair value of restricted shares that vested	$ 5,395	$ 8,394

Financing - Financing Activitie

Financing - Financing Activities (Details)		1 Months Ended	3 Months Ended
	Nov. 10, 2022 USD ($)	Jul. 31, 2024 USD ($)	Mar. 31, 2024 shares	Jul. 01, 2024 USD ($)	Mar. 28, 2024 USD ($) debtInstrument	May 16, 2023 USD ($)	Apr. 28, 2023 USD ($) bond debtInstrument
Debt Instrument [Line Items]
Forward sale agreement (in shares) | shares			4,365,510
At-The-Market
Debt Instrument [Line Items]
Distribution agreement	$ 200,000,000
PNM
Debt Instrument [Line Items]
Maturity term over which financings require regulator approval (more than)			18 months
Texas-New Mexico Power Company | FMB Notes Due July 2024 | Forecast | Senior Unsecured Noted, Pollution Control Revenue Bonds
Debt Instrument [Line Items]
Repayments of unsecured debt		$ 80,000,000
Line of credit
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%
Unsecured Debt | PNM, Due May 2026
Debt Instrument [Line Items]
Aggregate principal amount						$ 650,000,000
Unsecured Debt | PNM | PNM 2023 Note Purchase Agreement
Debt Instrument [Line Items]
Aggregate principal amount							$ 200,000,000
Number of debt issuances | debtInstrument							2
Unsecured Debt | PNM | PNM 2023 SUNs At 5.1%, Due April 28, 2035
Debt Instrument [Line Items]
Aggregate principal amount							$ 150,000,000
Stated interest rate							5.51%
Unsecured Debt | PNM | PNM 2023 SUNs At 5.92%, Due April 28, 2053
Debt Instrument [Line Items]
Aggregate principal amount							$ 50,000,000
Stated interest rate							5.92%
Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond Purchase Agreement
Debt Instrument [Line Items]
Aggregate principal amount					$ 285,000,000
Number of debt issuances | debtInstrument					4
Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond, 5.26%, Due March 28, 2029
Debt Instrument [Line Items]
Aggregate principal amount					$ 32,000,000
Stated interest rate					5.26%
Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond, 5.55%, Due March 28, 2036
Debt Instrument [Line Items]
Aggregate principal amount					$ 85,000,000
Stated interest rate					5.55%
Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond, 5.65% | Forecast
Debt Instrument [Line Items]
Aggregate principal amount				$ 40,000,000
Stated interest rate				5.65%
Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond, 5.79% | Forecast
Debt Instrument [Line Items]
Aggregate principal amount				$ 128,000,000
Stated interest rate				5.79%
Secured Debt | PNM | TNMP 2023 Bond Purchase Agreement
Debt Instrument [Line Items]
Debt instrument, series of bond issuance | bond							2
Secured Debt | Texas-New Mexico Power Company | TNMP 2023 Bond Purchase Agreement
Debt Instrument [Line Items]
Aggregate principal amount							$ 185,000,000
Secured Debt | Texas-New Mexico Power Company | TNMP 2023 Bond Purchase Agreement At 5.01%, Due April 28, 2033
Debt Instrument [Line Items]
Aggregate principal amount							$ 130,000,000
Stated interest rate							5.01%
Secured Debt | Texas-New Mexico Power Company | TNMP 2023 Bond Purchase Agreement At 5.47%, Due July 28, 2053
Debt Instrument [Line Items]
Aggregate principal amount							$ 55,000,000
Stated interest rate							5.47%
Bonds | PNMR 2021 Delayed-Draw Term Loan
Debt Instrument [Line Items]
Variable interest rate			6.38%
Bonds | PNMR 2023 Delayed-Draw Term Loan
Debt Instrument [Line Items]
Variable interest rate			6.78%

Financing - Schedule of Forward

Financing - Schedule of Forward Contracts (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended	12 Months Ended
	Sep. 26, 2023	Jun. 30, 2023	May 30, 2023	Mar. 20, 2023	Mar. 15, 2023	Mar. 31, 2024	Dec. 31, 2023
Forward Contract Indexed to Issuer's Equity [Line Items]
Forward contracts, net cash proceeds							$ 198,200
Forward contracts, issuance costs							$ 1,000
Forward sale agreement (in shares)						4,365,510
Settlement amount						$ 199,210
Bank Of America, N.A.
Forward Contract Indexed to Issuer's Equity [Line Items]
Forward sale agreement (in dollars per share)					$ 48.49
Forward sale agreement (in shares)					504,452
Settlement price (in dollars per share)					$ 49
Settlement amount					$ 24,720
Wells Fargo Bank, N.A.
Forward Contract Indexed to Issuer's Equity [Line Items]
Forward sale agreement (in dollars per share)	$ 44.03			$ 48.30
Forward sale agreement (in shares)	2,283,860			528,082
Settlement price (in dollars per share)	$ 44.11			$ 48.78
Settlement amount	$ 100,734			$ 25,758
MUFG Securities EMEA plc
Forward Contract Indexed to Issuer's Equity [Line Items]
Forward sale agreement (in dollars per share)		$ 44.87	$ 47.56
Forward sale agreement (in shares)		804,477	244,639
Settlement price (in dollars per share)		$ 45.07	$ 47.99
Settlement amount		$ 36,257	$ 11,741

Financing - Short-term Debt and

Financing - Short-term Debt and Liquidity (Details)			1 Months Ended
	Jul. 01, 2024 USD ($)	Apr. 01, 2024 USD ($) extension_option	Feb. 28, 2025 USD ($)	Aug. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 20, 2022 USD ($)	May 13, 2022 USD ($)	Mar. 11, 2022 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding					$ 3,100,000
Short-term debt					244,500,000	$ 261,900,000
PNMR Development
Short-term Debt [Line Items]
Notes payable					0	0
ETBC 1 | Forecast
Short-term Debt [Line Items]
Scheduled payments			$ 3,400,000	$ 2,500,000
PNMR Revolving Credit Facility | WEB LOC Facility
Short-term Debt [Line Items]
Letters of credit outstanding					30,300,000
PNM
Short-term Debt [Line Items]
Letters of credit outstanding					0
Short-term debt					186,200,000	137,500,000
PNM | PNMR
Short-term Debt [Line Items]
Notes payable					2,300,000
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
Short-term debt					18,300,000	55,100,000
TNMP | PNMR
Short-term Debt [Line Items]
Notes payable					0
TNMP | TNMP 2024 Bond Purchase Agreement | Subsequent event | Unsecured Debt
Short-term Debt [Line Items]
Proceeds from issuance of unsecured debt	$ 128,000,000
PNMR Development | PNMR
Short-term Debt [Line Items]
Short-term debt					100,000	2,300,000
PNMR Development | PNMR Revolving Credit Facility
Short-term Debt [Line Items]
Short-term debt					40,000,000	$ 69,300,000
Revolving credit facility
Short-term Debt [Line Items]
Financing capacity					300,000,000
Revolving credit facility | PNM
Short-term Debt [Line Items]
Financing capacity					400,000,000
Revolving credit facility | TNMP
Short-term Debt [Line Items]
Financing capacity									$ 100,000,000
Revolving credit facility | TNMP | Subsequent event
Short-term Debt [Line Items]
Financing capacity		$ 200,000,000
Number of extensions | extension_option		2
Extension period		1 year
Revolving credit facility | TNMP | First mortgage bonds
Short-term Debt [Line Items]
Collateral amount								$ 100,000,000
Revolving credit facility | TNMP | First Mortgage Bonds Due 2029 | Subsequent event
Short-term Debt [Line Items]
Collateral amount		$ 200,000,000
Revolving credit facility | PNMR and PNM | Subsequent event
Short-term Debt [Line Items]
Number of extensions | extension_option		2
Extension period		1 year
Senior Unsecured Noted, Pollution Control Revenue Bonds | PNM | Pollution Control Revenue Bonds, Due June 2024
Short-term Debt [Line Items]
Financing capacity					198,000,000
Senior Unsecured Noted, Pollution Control Revenue Bonds | TNMP | FMB Notes Due July 2024
Short-term Debt [Line Items]
Financing capacity					$ 80,000,000

Financing - Hedging Arrangement

Financing - Hedging Arrangement (Details) $ in Millions	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedge agreements, assets	$ 7.8
Fair value of hedge agreements, liabilities	0.1
Other Current Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedge agreements, assets	7.6
Other Deferred Charges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedge agreements, assets	0.2
Other deferred credits
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedge agreements, liabilities	$ 0.1

Financing - Schedule of Hedging

Financing - Schedule of Hedging Arrangements (Details) - Designated as Hedging Instrument - Interest rate contract $ in Thousands	Mar. 31, 2024 USD ($)
Variable Rate Debt, 3.32%, Due December 2024 (1)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	3.32%
Variable Rate Debt, 3.32%, Due December 2024 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	3.32%
Variable Rate Debt, 3.38%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	3.38%
Variable Rate Debt, 3.62%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 150,000
Fixed interest rate	3.62%
Variable Rate Debt, 3.57%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 150,000
Fixed interest rate	3.57%
Variable Rate Debt, 4.18% Due December 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	4.18%
Variable Rate Debt, 4.18% Due December 2025 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	4.18%
Variable Rate Debt, 3.99% Due December 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	3.99%

Financing - Schedule of Short-T

Financing - Schedule of Short-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Short-term debt	$ 244,500	$ 261,900
PNM
Short-term Debt [Line Items]
Short-term debt	186,200	137,500
Texas-New Mexico Power Company
Short-term Debt [Line Items]
Short-term debt	18,300	55,100
PNM Revolving Credit Facility | PNM
Short-term Debt [Line Items]
Short-term debt	$ 146,200	$ 107,500
Line of credit facility, interest rate at period end	6.67%	6.69%
PNM New Mexico Credit Facility | PNM
Short-term Debt [Line Items]
Short-term debt	$ 40,000	$ 30,000
Line of credit facility, interest rate at period end	6.68%	6.71%
TNMP Revolving Credit Facility | Texas-New Mexico Power Company
Short-term Debt [Line Items]
Short-term debt	$ 18,300	$ 55,100
Line of credit facility, interest rate at period end	6.29%	6.32%
PNMR Revolving Credit Facility | PNMR Development
Short-term Debt [Line Items]
Short-term debt	$ 40,000	$ 69,300
Line of credit facility, interest rate at period end	6.92%	6.96%

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
PNM | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	$ 0	$ 0
Interest cost	5,427	5,913
Expected return on plan assets	(7,757)	(7,299)
Amortization of net loss	2,661	2,646
Amortization of prior service cost	0	0
Net Periodic Benefit Cost (Income)	331	1,260
PNM | OPEB Plan
Components of Net Periodic Benefit Cost
Service cost	0	0
Interest cost	597	676
Expected return on plan assets	(1,391)	(1,243)
Amortization of net loss	0	0
Amortization of prior service cost	0	0
Net Periodic Benefit Cost (Income)	(794)	(567)
PNM | Executive Retirement Program
Components of Net Periodic Benefit Cost
Service cost	0	0
Interest cost	124	135
Expected return on plan assets	0	0
Amortization of net loss	50	38
Amortization of prior service cost	0	0
Net Periodic Benefit Cost (Income)	174	173
Texas-New Mexico Power Company | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	0	0
Interest cost	553	601
Expected return on plan assets	(687)	(674)
Amortization of net loss	139	110
Amortization of prior service cost	0	0
Net Periodic Benefit Cost (Income)	5	37
Texas-New Mexico Power Company | OPEB Plan
Components of Net Periodic Benefit Cost
Service cost	5	5
Interest cost	96	106
Expected return on plan assets	(129)	(120)
Amortization of net loss	(161)	(190)
Amortization of prior service cost	0	0
Net Periodic Benefit Cost (Income)	(189)	(199)
Texas-New Mexico Power Company | Executive Retirement Program
Components of Net Periodic Benefit Cost
Service cost	0	0
Interest cost	4	3
Expected return on plan assets	0	0
Amortization of net loss	0	0
Amortization of prior service cost	0	0
Net Periodic Benefit Cost (Income)	$ 4	$ 3

Pension and Other Postretirem_4

Pension and Other Postretirement Benefit Plans - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Plan | PNM
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 0	$ 0
Estimated employer contributions for remainder of fiscal year through year four	$ 0
Pension Plan | PNM | Maximum
Defined Benefit Plan Disclosure [Line Items]
Assumptions used calculating net periodic benefit cost, discount rate	5.50%
Pension Plan | Texas-New Mexico Power Company
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 0	0
Estimated employer contributions for remainder of fiscal year through year four	0
Estimated future contributions, year five	$ 200,000
Pension Plan | Texas-New Mexico Power Company | Maximum
Defined Benefit Plan Disclosure [Line Items]
Assumptions used calculating net periodic benefit cost, discount rate	5.50%
OPEB Plan | PNM
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 0	0
Disbursements by employer	100,000	800,000
Disbursements by employer, year one through four	10,100,000
Estimated disbursement by employer, current year	200,000
OPEB Plan | Texas-New Mexico Power Company
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	0	0
Disbursements by employer, year one through four	0
Executive Retirement Program | PNM
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	300,000	100,000
Disbursements by employer, year one through four	4,400,000
Estimated disbursement by employer, current year	1,200,000
Executive Retirement Program | Texas-New Mexico Power Company
Defined Benefit Plan Disclosure [Line Items]
Disbursements by employer, year one through four	200,000
Estimated disbursement by employer, current year	100,000
Executive Retirement Program | Texas-New Mexico Power Company | Maximum
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 100,000	$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Nuclear Spent Fuel and Waste Disposal (Details) - PNM - Nuclear spent fuel and waste disposal - Palo Verde Nuclear Generating Station - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	$ 55.6
Other deferred credits
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	$ 11.7	$ 11

Commitments and Contingencies_2

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

Commitments and Contingencies_3

Commitments and Contingencies - Coal Supply (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2016
PNM | Loss on long-term purchase commitment | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	$ 44.5	$ 50
PNM | Loss on long-term purchase commitment | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	47.9	26.2
PNM | Loss on long-term purchase commitment | San Juan Generating Station | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	51.4
PNM | Loss on long-term purchase commitment | San Juan Generating Station | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	59.7
Coal supply | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Cash used to support bank letter or credit arrangement				$ 30.3
Coal supply | NM Capital | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Requirement to post reclamation bonds	118.7
Cash used to support bank letter or credit arrangement	30.3
Four Corners CSA | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Funds contributed, mine reclamation trust		0.2	$ 2.4
Reclamation trust funding, remainder of year	3.1
Reclamation trust funding, 2025	1.3
Reclamation trust funding, year 2026	1.5
San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Reclamation costs	20.9
Regulatory disallowance	4.5
San Juan Generating Station | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Increase in regulatory liabilities	4
Decrease in deferred regulatory assets	0.5
Reclamation, maximum collection from customers	100
San Juan Generating Station | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Increase in regulatory liabilities	17
San Juan Generating Station | Loss on long-term purchase commitment | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Annual funding post-term reclamation trust		$ 2.7
Annual funding post-term reclamation trust, remainder of year	20.7
Annual funding post-term reclamation trust, year one	3.9
Annual funding post-term reclamation trust, year two	4
San Juan Generating Station and Four Corners | Mine Reclamation Trust | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Customer reclamation funding cost	$ 100

Commitments and Contingencies_4

Commitments and Contingencies - San Juan County Decommissioning Ordinance (Details) - San Juan Generating Station - Coal-Fired Electricity Generating Facility Demolition And Remediation Ordinance - Public Service Company of New Mexico - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Nov. 09, 2021
Public Utilities, Commitments And Contingencies [Line Items]
Initial funding requirement	$ 14.7
Surety bond			$ 46
Decrease in decommissioning obligation		$ 21.1

Commitments and Contingencies_5

Commitments and Contingencies - PVNGS Liability and Insurance Matters (Details) - PNM - Palo Verde Nuclear Generating Station - Nuclear plant $ in Millions	Mar. 31, 2024 USD ($)
Public Utilities, Commitments And Contingencies [Line Items]
Maximum potential assessment per incident	$ 36.3
Annual payment limitation related to incident	5.4
Aggregate amount of all risk insurance	2,800
Maximum amount under nuclear electric insurance limited	4.9
Maximum
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage	16,300
Liability insurance coverage sublimit	2,250
Commercial providers
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage	500
Industry Wide Retrospective Assessment Program
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage	$ 15,800

Regulatory and Rate Matters - P

Regulatory and Rate Matters - PNM (Details) $ in Thousands					3 Months Ended		12 Months Ended
	Jan. 03, 2024 USD ($)	Jan. 01, 2024 USD ($)	Apr. 17, 2023 USD ($) program	Dec. 05, 2022 USD ($) lease MW	Mar. 31, 2024 USD ($) $ / MWh MW	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Public Utilities, Commitments And Contingencies [Line Items]
Increase in non-fuel based rate	$ 15,300
Regulatory liabilities return period	2 years						2 years
Operating revenues					$ (436,877)	$ (544,077)
Excess return on jurisdictional equity that would require refund					0.50%
PVNGS Leased Interest
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory liability	$ 38,400
Four Corners
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowances	$ 81,000
PNM
Public Utilities, Commitments And Contingencies [Line Items]
Operating revenues					$ (308,115)	(430,165)
Number of leases renewed | lease				5
Number of megawatts purchased (in megawatts) | MW				64.1
Renewable Portfolio Standard | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Number of megawatts of Solar PV facilities | MW					158
Current output in the geothermal facility (in megawatts) | MW					11
Solar generation capacity (in megawatts) | MW					289.3
2024 Plan | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Program costs related to energy efficiency, number of programs | program			10
Program costs related to energy efficiency, in year one			$ 34,500
Program costs related to energy efficiency, in year two			35,400
Program costs related to energy efficiency, in year three			$ 36,500
Integrated Resource Plan, 2011 | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Frequency of IRP filings					3 years
Planning period covered of IRP					20 years
NM 2022 Rate Case
Public Utilities, Commitments And Contingencies [Line Items]
Requested return on equity	9.26%
Requested debt capital structure	50.10%
Requested equity capital structure, percentage	0.29%
Requested equity capital structure	49.61%
NM 2022 Rate Case | Palo Verde Nuclear Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Approved regulatory asset	$ 51,300
Request regulatory asset	96,300
Disallowance of return	$ 45,000
NM 2022 Rate Case | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Recovery of base rate				$ 2,700,000
NM 2022 Rate Case | PNM | Non-Fuel Energy
Public Utilities, Commitments And Contingencies [Line Items]
Requested rate increase (decrease)				$ 63,800
2024 Rate Change
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory liability							$ 19,200
Deferred Regulatory Liability							19,200
2024 Rate Change | PVNGS Leased Interest
Public Utilities, Commitments And Contingencies [Line Items]
Operating revenues							38,400
2024 Rate Change | Palo Verde Nuclear Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowances							8,200
2024 Rate Change | Four Corners
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowances							$ 55,500
NMPRC
Public Utilities, Commitments And Contingencies [Line Items]
Requested return on equity				10.25%
Action plan, covered period					3 years
NMPRC | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Proposed revision to rider that will allow for recovery		$ 59,000
NMPRC | Renewable Energy Rider | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Recorded revenues from renewable rider					$ 15,300	$ 18,600
Minimum | Energy Efficiency and Load Management Program | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Profit incentive sliding scale multiplier			0.071
Maximum | Renewable Portfolio Standard | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Reasonable cost threshold in megawatts per hour | $ / MWh					60
Maximum | Energy Efficiency and Load Management Program | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Profit incentive sliding scale multiplier			0.0882
New Mexico Wind | Renewable Portfolio Standard 2014 | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Number of megawatts for wind energy | MW					200
Red Mesa Wind | Renewable Portfolio Standard 2014 | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Number of megawatts for wind energy | MW					102
La Joya Wind | Renewable Portfolio Standard | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Number of megawatts for wind energy | MW					140

Regulatory and Rate Matters - F

Regulatory and Rate Matters - Fours Corners, Summer Peak Resource Adequacy, 2026 Resource Application, Grid Modernization Application (Details) $ in Thousands				1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 25, 2023 MW batteryStorageAgreement	Oct. 03, 2022 USD ($)	Jan. 08, 2021 USD ($)	Nov. 30, 2020 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2020 USD ($)
Public Utilities, General Disclosures [Line Items]
Electric operating revenues					$ 436,877	$ 544,077
Number of battery storage agreements | batteryStorageAgreement	3
PNM
Public Utilities, General Disclosures [Line Items]
Electric operating revenues					$ 308,115	$ 430,165
Grid modernization investment		$ 344,000
Grid modernization, initial term		6 years
Grid modernization term		11 years
PNM | Four Corners
Public Utilities, General Disclosures [Line Items]
Request issuance of energy transition bonds			$ 300,000
Payments for relief from obligations				$ 15,000			$ 75,000
Final payment for relief from obligations							$ 60,000
PNM | Four Corners | PNM
Public Utilities, General Disclosures [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners							13%
PNM | Solar Agreement One
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	100
PNM | Solar Agreement Two
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	60
PNM | Battery Storage Agreement One
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	100
PNM | Battery Storage Agreement Two
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	100
PNM | Battery Storage Agreement Three
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	50

Regulatory and Rate Matters - T

Regulatory and Rate Matters - Transportation and Electrification Program (TEP) (Details) - Public Service Company of New Mexico - USD ($) $ in Millions	Feb. 23, 2024	Feb. 02, 2024	Jun. 01, 2023
Public Utilities, General Disclosures [Line Items]
Expected budgeted expenditures			$ 37.1
Budget period			3 years
Budge dedication to low-income customers			22%
Budget dedication to low-income customers			$ 8
Reduction in approved budget		$ 4
Total budget	$ 32.9

Regulatory and Rate Matters - S

Regulatory and Rate Matters - Schedule of Transmission Cost of Service Rates (Details) - PUCT - TNMP - USD ($) $ in Millions	Mar. 15, 2024	Sep. 06, 2023	May 12, 2023
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base	$ 97.4	$ 21.4	$ 150.5
Annual Increase in Revenue	$ 13.1	$ 4.2	$ 19.4

Regulatory and Rate Matters -_2

Regulatory and Rate Matters - TNMP Narrative (Details) - TNMP - USD ($) $ in Millions	Apr. 01, 2024	Sep. 28, 2023	Mar. 01, 2022
Public Utilities, Commitments And Contingencies [Line Items]
Energy efficiency cost recovery, requested change amount			$ 7.3
Energy efficiency cost recovery, requested bonus			$ 1.9
Energy efficiency cost recovery factor, recovery		$ 6.6
Energy efficiency cost recovery factor, approved performance bonus		$ 1.2
Subsequent event
Public Utilities, Commitments And Contingencies [Line Items]
Requested rate increase (decrease)	$ 15.9
Recovery of base rate	$ 207.4

Regulatory and Rate Matters -_3

Regulatory and Rate Matters - Schedule of Interim Distribution Rate Increases (Details) - Texas-New Mexico Power Company - Periodic Distribution Rate Adjustment - USD ($) $ in Millions	Sep. 01, 2023	Sep. 01, 2022
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base	$ 157	$ 95.7
Annual Increase in Revenue	$ 14.5	$ 6.8

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Jan. 31, 2024 USD ($)	Apr. 30, 2023 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 15, 2016 lease	Jan. 15, 2015 lease
Operating Leased Assets [Line Items]
Proceeds from sale of productive assets				$ 2,840	$ 28,372
Reduction to inventories				6,457	(2,443)
Unamortized cost, right-of-way lease payments				71,300		$ 56,200
Operating lease, right-of-use asset, amortization expense				$ 1,100	900
Non-lease component, percent of lease liability				25.50%
Operating lease, right-of-use asset				$ 179,480		182,201
Lessee, operating lease, unguaranteed residual value				23,800
Lease to be executed, fixed consideration				$ 1,100,000
Lease to be executed, term of contract				20 years
Materials, Supplies, and Fuel Stock
Operating Leased Assets [Line Items]
Reduction to inventories	$ (600)			$ (5,300)
PNM
Operating Leased Assets [Line Items]
Proceeds from sale of productive assets				2,840	28,372
Reduction to inventories				3,612	(2,916)
Operating lease, right-of-use asset				177,865		180,370
Lessee, operating lease, unguaranteed residual value				11,900
PNM | Palo Verde Nuclear Generating Station, Unit 1 and 4 Leases
Operating Leased Assets [Line Items]
Number of leases, expiring | lease								4
Number of leases under which lease term was extended | lease								4
PNM | Palo Verde Nuclear Generating Station, Unit 2 Leases
Operating Leased Assets [Line Items]
Number of leases, expiring | lease							4
Number of leases under which lease term was extended | lease							1
PNM | Navajo Nation
Operating Leased Assets [Line Items]
Annual lease payments				6,000
Right-of-way lease payments		$ 8,300
TNMP
Operating Leased Assets [Line Items]
Reduction to inventories				2,845	$ 473
Operating lease, right-of-use asset				1,615		$ 1,814
Lessee, operating lease, unguaranteed residual value				12,000
Equipment
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset				1,800
Equipment | PNM
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset				800
Equipment | TNMP
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset				1,000
PNM Owned Assets
Operating Leased Assets [Line Items]
Proceeds from sale of productive assets	3,400		$ 33,700
Net Utility Plant
Operating Leased Assets [Line Items]
Proceeds from sale of productive assets	$ 2,800			$ 28,400
Other
Operating Leased Assets [Line Items]
Operating lease, term of contract				20 years

Lease Commitments - Operating L

Lease Commitments - Operating Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating leases:
Operating lease assets, net of amortization	$ 179,480	$ 182,201
Current portion of operating lease liabilities	11,811	12,267
Long-term portion of operating lease liabilities	165,842	167,000
PNM
Operating leases:
Operating lease assets, net of amortization	177,865	180,370
Current portion of operating lease liabilities	10,925	11,371
Long-term portion of operating lease liabilities	165,199	166,191
TNMP
Operating leases:
Operating lease assets, net of amortization	1,615	1,814
Current portion of operating lease liabilities	887	895
Long-term portion of operating lease liabilities	$ 643	$ 809

Lease Commitments - Finance Lea

Lease Commitments - Finance Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing leases:
Non-utility property	$ 48,826	$ 49,981
Accumulated depreciation	(24,095)	(23,905)
Non-utility property, net	24,731	26,076
Other current liabilities	8,473	8,776
Other deferred credits	16,299	17,326
PNM
Financing leases:
Non-utility property	23,262	25,425
Accumulated depreciation	(10,975)	(11,984)
Non-utility property, net	12,287	13,441
Other current liabilities	3,836	4,146
Other deferred credits	8,469	9,300
TNMP
Financing leases:
Non-utility property	25,400	24,487
Accumulated depreciation	(13,058)	(11,869)
Non-utility property, net	12,342	12,618
Other current liabilities	4,604	4,616
Other deferred credits	$ 7,760	$ 8,023

Lease Commitments - Schedule of

Lease Commitments - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Mar. 31, 2024
Weighted average remaining lease term (years):
Operating leases	16 years 5 months 15 days
Financing leases	3 years 4 months 6 days
Weighted average discount rate:
Operating leases	5.60%
Financing leases	4.72%
PNM
Weighted average remaining lease term (years):
Operating leases	16 years 7 months 2 days
Financing leases	3 years 8 months 1 day
Weighted average discount rate:
Operating leases	5.61%
Financing leases	4.65%
TNMP
Weighted average remaining lease term (years):
Operating leases	1 year 6 months 25 days
Financing leases	3 years 7 days
Weighted average discount rate:
Operating leases	4.22%
Financing leases	4.80%

Lease Commitments - Components

Lease Commitments - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease, Cost [Line Items]
Operating lease cost:		$ 4,337
Amounts capitalized	$ (267)	(513)
Operating lease cost:	5,009	3,824
Financing lease cost:
Amortization of right-of-use assets	2,542	2,093
Interest on lease liabilities	297	234
Amounts capitalized	(2,023)	(1,690)
Total financing lease expense	816	637
Variable lease expense	360	262
Short-term lease expense	216	151
Total lease expense for the period	6,401	4,874
Battery Storage Leases
Lease, Cost [Line Items]
Operating lease cost:	2,947
Other Operating Leases
Lease, Cost [Line Items]
Operating lease cost:	2,329
PNM
Lease, Cost [Line Items]
Operating lease cost:		3,908
Amounts capitalized	(35)	(160)
Operating lease cost:	4,971	3,748
Financing lease cost:
Amortization of right-of-use assets	1,218	1,008
Interest on lease liabilities	144	122
Amounts capitalized	(841)	(690)
Total financing lease expense	521	440
Variable lease expense	360	262
Short-term lease expense	204	147
Total lease expense for the period	6,056	4,597
PNM | Battery Storage Leases
Lease, Cost [Line Items]
Operating lease cost:	2,947
PNM | Other Operating Leases
Lease, Cost [Line Items]
Operating lease cost:	2,059
TNMP
Lease, Cost [Line Items]
Operating lease cost:		429
Amounts capitalized	(232)	(353)
Operating lease cost:	38	76
Financing lease cost:
Amortization of right-of-use assets	1,316	1,064
Interest on lease liabilities	152	111
Amounts capitalized	(1,182)	(1,000)
Total financing lease expense	286	175
Variable lease expense	0	0
Short-term lease expense	6	0
Total lease expense for the period	330	$ 251
TNMP | Battery Storage Leases
Lease, Cost [Line Items]
Operating lease cost:	0
TNMP | Other Operating Leases
Lease, Cost [Line Items]
Operating lease cost:	$ 270

Lease Commitments - Schedule _2

Lease Commitments - Schedule of Supplemental Cash Flows Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3,840	$ 9,319
Operating cash flows from financing leases	74	55
Finance cash flows from financing leases	728	560
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	90	0
Financing leases	1,398	4,077
PNM
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,826	9,193
Operating cash flows from financing leases	44	42
Finance cash flows from financing leases	464	377
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	27	0
Financing leases	263	2,730
TNMP
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	14	126
Operating cash flows from financing leases	29	14
Finance cash flows from financing leases	256	161
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	63	0
Financing leases	$ 1,040	$ 1,347

Lease Commitments - Schedule _3

Lease Commitments - Schedule of Future Expected Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Financing
Remainder of 2024	$ 7,271
2025	7,926
2026	6,181
2027	3,526
2028	1,241
Later years	707
Total minimum lease payments	26,852
Less: Imputed interest	2,080
Lease liabilities	24,772
Battery Storage
Battery Storage
Remainder of 2024	7,825
2025	7,867
2026	7,121
2027	7,049
2028	7,049
Later years	10,587
Total minimum lease payments	47,498
Less: Imputed interest	5,536
Lease liabilities	41,962
Other
Battery Storage
Remainder of 2024	8,840
2025	11,786
2026	11,786
2027	11,786
2028	11,786
Later years	172,254
Total minimum lease payments	228,238
Less: Imputed interest	92,547
Lease liabilities	135,691
PNM
Financing
Remainder of 2024	3,333
2025	3,636
2026	3,117
2027	1,885
2028	856
Later years	614
Total minimum lease payments	13,441
Less: Imputed interest	1,136
Lease liabilities	12,305
PNM | Battery Storage
Battery Storage
Remainder of 2024	7,117
2025	7,082
2026	7,031
2027	7,035
2028	7,038
Later years	10,587
Total minimum lease payments	45,890
Less: Imputed interest	5,457
Lease liabilities	40,433
PNM | Other
Battery Storage
Remainder of 2024	8,840
2025	11,786
2026	11,786
2027	11,786
2028	11,786
Later years	172,254
Total minimum lease payments	228,238
Less: Imputed interest	92,547
Lease liabilities	135,691
TNMP
Financing
Remainder of 2024	3,909
2025	4,262
2026	3,038
2027	1,615
2028	383
Later years	93
Total minimum lease payments	13,300
Less: Imputed interest	936
Lease liabilities	12,364
Battery Storage
Remainder of 2024	708
2025	785
2026	90
2027	14
2028	11
Later years	0
Total minimum lease payments	1,608
Less: Imputed interest	78
Lease liabilities	$ 1,530

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2017
Income Tax Contingency [Line Items]
Effective tax rate	14.64%
Income tax assessment	$ 0.2
Deferred federal, state and local, income taxes	$ 23.3
PNM
Income Tax Contingency [Line Items]
Effective tax rate	13.09%
Income tax assessment	$ 0.1
Deferred federal, state and local, income taxes	$ 20.7
TNMP
Income Tax Contingency [Line Items]
Effective tax rate	20.72%
Income tax assessment	$ 0.1
Deferred federal, state and local, income taxes	$ 2.6
NMPRC
Income Tax Contingency [Line Items]
Period of time for proposed return to customers the benefit of the reduction in federal corporate income tax rate	5 years	23 years
Unprotected excess deferred income taxes	$ 62.7

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Services billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	$ 35,407	$ 31,539
Services billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	14,237	12,413
Services billings: | PNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	81	65
Services billings: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	10	35
Services billings: | PNMR to NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	66	82
Renewable energy purchases: | PNM from NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	1,523	2,361
Interest billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	14	3
Interest billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	14	11
Interest billings: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	155	130
Income tax sharing payments: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	0	0
Income tax sharing payments: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	$ 0	$ 0

Equity Method Investment - Narr

Equity Method Investment - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 27, 2024	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Investment tax credit	$ 15,700
Gain on sale of NMRD	4,400	$ 4,449	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | NMRD
Business Acquisition [Line Items]
Proceeds from interests	$ 117,000
PNMR Development | NMRD
Business Acquisition [Line Items]
Contribution to construction activities		$ 12,600	$ 11,500

Equity Method Investment - Summ

Equity Method Investment - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Results of Operations
Operating revenues	$ 436,877	$ 544,077
Financial Position
Net property, plant, and equipment	693,502		$ 589,834
Assets	10,257,653	9,353,136	10,252,605
Total PNM common stockholder’s equity	2,355,731		2,349,093
NMRD
Results of Operations
Operating revenues	3,204	2,531
Operating expenses	3,378	2,434
Net Earnings Attributable to PNM	(174)	$ 97
Financial Position
Current assets	0		2,589
Net property, plant, and equipment	0		235,791
Non-current assets	0		1,849
Assets	0		240,229
Current liabilities	0		730
Non-current liabilities	0		358
Total PNM common stockholder’s equity	$ 0		$ 239,141