TXNM Energy Posts Profit Growth Amid Pending Blackstone Acquisition

Ongoing earnings for the quarter reached $0.58 per diluted share, up from $0.25 in 2025. CEO Don Tarry attributed the financial performance to rising retail demand across both PNM and TNMP service territories. The company recorded all-time system peaks this summer, fueling a push for accelerated grid investment to maintain reliability.

Regulatory activity remains a primary focus as the company works to finalize the Blackstone deal. While the Federal Energy Regulatory Commission and the Public Utility Commission of Texas have granted approvals, the transaction still requires clearance from the Nuclear Regulatory Commission and the New Mexico Public Regulation Commission. To accommodate these timelines, the parties extended the merger termination date to May 31, 2027. Separately, the company is managing a major resource transition, recently filing for approval of a new portfolio that includes extensive wind, solar, and battery storage projects to replace capacity as it prepares to exit the Four Corners Power Plant by 2031.