joining today. Thank thank you, and Pat, everyone good and morning, you for us
impacts reform and our tax the Let's the into growth guidance to to through we've start with results, discussion out, been working on Slide reform our before targets. tax X of quarterly a updates books. getting Since came
regulated with income tax liabilities collected a balance returned regulatory were deferred rates assets rate associated As customers reclassified to revalued through and new previous were XX% the from were balances the over to and rate. tax to Changes result were with sheet XX% time. a on the liabilities items that
the resulted an statement. retail not when XXXX. that However, a recorded charge income through was in This was item to million recovered the the rates, is in total change associated with $XX.X change non-cash of non-recurring
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to any that exposure the material interest is the do expense have and we the allocation methodology We not across under supported believe for EI. used that industry by continue holding company
by been has to to the point apply IRS at guidance how firm this XX% EBITDA the related no Although limitation. released
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balances rate result, and base been to the ADIT this compared reduced otherwise. a would As will what an have increase liability be in it will cause
been to rating of As these counterbalance we reform high-end will reduce of agency the the our cash and have we issuance have discussed the From financial a effects. ranges equity ratings, tax Hathway manageable previously. impacts market that the expected flows for planned issuance at perspective, our program metrics and increased The which under credit helps not equity metrics. are
and are contact the of we impacts result, with As agencies they rating tax been have about in aware we the a reform expect.
to move both quarter year. the to cover Slide the the let's for X, Now and results
costs. increase quarter XXXX. As Four XXXX to of outage planned in Pat and property at of taxes $X.XX overall by were indicated the the to to was and in were Similar depreciation $X.XX as increases compared continued to and Corners efforts at ongoing offset SERs three PNM the station. the quarters, $X.XX fourth by $X.XX reduced per due down generation for low. [indiscernible] earnings share earnings primarily including fourth higher flat outages any expected [acting] [ph] cost our were quarter reduced an first O&M was control
we for higher this Verde, fund X the our looking also were opportunities in transmission with Resources quarter contributions developers their by to XXXX. California. than that power higher discussed arise business PNM to area The in Palo partially development continue offset to as send we revenues Unit earnings FEDC We prices market to see decrease programs of renewable third and in our additional call. economic was have Foundation of
down. merchant fourth As offset a expense higher and final that the other serve income quarter power down a was increases reminder to has and as from is depreciation increased by lower dedicated Corporate temperatures Westmorland investment. was as down we to see as debt resource were rate now colder O&M interest the expenses and from and a to been and TNMP loan as agreement $X.XX capital TCOS Verde was paid Palo higher on relief, tax load quarter increases continue expected $X.XX jurisdiction. balances X of net interest property retail
rate As to more on million last to for we company. of a look of through year opportunities and continue reminder, interest variable the rate holding $XXX our will interest debt fix swaps we fixed at rate the debt
by a the PNM. year-over-year $X.XX. XXXX primarily For earnings $X.XX, for full at rate had results year, increased we changes the of earnings strong were review Rate the from relief
decommissioning realized PNM's our performance plans market We in expected rebalance due the This we nuclear had stronger as portfolio. trust. than gains to was executed also to
not the for for income. was XXXX growth coming the and continues with country. our primarily of with $X.XX in with have incorporates that we were Slide decrease ended for XXXX XXXX. XXXX to in the returns a the Turn changed to to forecast $X.X earnings much and outpace details. Economic loan a for conservative opposed X XXXX as items these and our expectations expected. rest line Results compared XXXX to for guidance more increase Our asset interest year to allocation from full Texas We the
also our service our territories Texas interconnection We in region. West and demand particularly with request see strong in
than to Economic as provide to Albuquerque end stable employment economy continue will remain area tracking lower addition there. Albuquerque continue our growth results local The the recovers. average. conditions load in relatively their remainder the operations although of We in user slowly the our metro national stability of Facebook slightly see to expanding the
the discussed quarters, we primarily solar PNM programs of customer growth efficiency successful as prior the adoption offset private at energy systems. that our in as As is being by see I've well
which the earnings XXXX last in the our PNM's tax rate to XXXX revised week the amount and reform. range in We turn a review XX customer Slide tax reform let's the resulting as bill to for a X%. guidance. reflects XXXX more a of incorporate settlement $X.XX total a increase order and rate Now primarily revised $X.XX than the of review guidance of lowered impact impacts to little reduction final of to impact to the rate guidance total
As a of no XXXX. tax a as reform, the the immediate to of result of through much pass including has the final earnings reduction [indiscernible] order longer in
supports that our preventive O&M such for XXXX and substations. additional in as trimming costs maintenance doing some reliability on planned also have We tree
have order items PNM of match all new tax at that bringing reform reduction We provided million cost after XXXX December PNM. reflect confidence of questions bottom-end if guidance to reach the call. any the and Jimmie in $X.XX appendix. the and us the in in The Please have narrowed in They on of we rates reflects drivers the to detailed you those on revenue realignment the drivers. by review rate Updates XXXX up tax calculation these Guidance the our estimates. also the the changes out greater to today's to Lisa, are the final from $X. also $X.X in gives resolution our range of
to view begin forward growth the rate we out XXXX rolling and earnings measuring next base to base that a I targets want period. from Before our slides, we two with point are
rate growth. Slide the and a Let's turn at look XX base capital to for
in chart from although in Our demand capital driven amounts that is the out plan growth within expansion transmission coming to being amounts give clarity have separated area. developers around invested related provided are forecast the December greater we to consistent with the this new
do to rate outcome particularly at discussed with XXXX growth to items rate smart to to through meters appeal growth a to the New has been XXXX. XXXX. PNM X.X% a Court XXXX impacts growth rate approval from tax due ADIT base Mexico, elimination I base of Mexico's period roll XX.X%, increased base base of liability earlier. the reduction percentages TNMP's Depending X% on bonus has range in forward XXXX Additionally base. depreciation X% through bringing a Rate X% New the that reform in when XXXX through rate reflect updated of Supreme of we base base The include remains the high range to XXXX and at consolidated of for of growth growth not under
grid opportunities, out look that moving power, efforts further modernization system replacement we by at We far. pieces have Driven investments at many transmission and PNM TNMP.
projects numbers the more targets. to begin our various include we based revised clarity As growth in rate gain these we'll around
XX look through potential. We a at turn to period for a target earnings growth impacts of X% XXXX. let's previously Slide how Now a this of from communicated base XXXX
we will base believe in that increase $XX $XXX growth point the reform to revised a through intervening the As away million the the in order out growth earlier. largely proceedings. FERC Corners calculated power investments forward, potential about final it's continue in parties midpoint, PNM by for this and by rate our to has Four guidance our driven business impact transition only to continues period discussed the million. rate coal the tax I and earnings earnings at the X% base XXXX that about combined power to XXXX retail The challenged our roll from want earnings that for is is XXXX. rate to by our TNMP PNM I potential of retail return We debt allowed be the case. reflects support
We confident therefore and be prudent investments that are our recoverable. should and justified are
target Moving growth period. to over this FERC provides transmission, good the
the need support discussed also as to as strong to maintaining customer system California to maintenance. developers system are transmitting a to who third-party earlier, the renewable expansions be TNMP reliability. I of power our well opportunity while system to development As as expand Mexico growth and we invest continues New support
here under to announced and program. more We at to current expect assumptions updated XXXX equity related a We've some our in price. the dilution reflect market the XXXX issuance stock previously
cash ATM and I reform the remain our before But strong has our project flows. credit program. tax not As impact to any additional an did metrics needs mentioned we through equity
earnings As you our achievable. can to original plan a power, XXXX from deliver into is solid see performance
at to expecting has TNMP, subsequently our return our earn rate PNM allowed are been and case We once at finalized.
achieve earnings to growth our expect through X% also We XXXX.
call the turn to Pat. I'll Now over back
