Texas Public Utility Commission Approves Blackstone Acquisition of TXNM Energy
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 06 2026
0mins
The Public Utility Commission of Texas has approved a unanimous settlement filed in the application by Texas-New Mexico Power Company for TXNM Energy (TXNM), the parent company of TNMP, to be acquired by Blackstone Infrastructure (BX). The approval confirms that the acquisition is in the public interest. Terms of the settlement include $45M in rate credits to customers, strong governance and local oversight, dividend restrictions, financial protections and ring-fencing, local control and workforce protections, customer and regulatory protections, a commitment to fund the company's 5-year capital expenditure plans, and commitments to Texas communities.The settlement was reached in December with Staff of the Public Utility Commission of Texas, Texas Industrial Energy Consumers, Office of Public Utility Counsel, Cities served by TNMP, Walmart Inc. and Texas Energy Association for Marketers. The acquisition has received federal regulatory approval from the Federal Communications Commission, and the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired. TXNM Energy shareholders overwhelmingly approved the merger in August 2025. The merger also requires federal approval from the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission, along with state approval from the New Mexico Public Regulation Commission as it relates to Public Service Company of New Mexico, the New Mexico utility subsidiary of TXNM Energy.
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Analyst Views on TXNM
Wall Street analysts forecast TXNM stock price to rise
2 Analyst Rating
0 Buy
2 Hold
0 Sell
Hold
Current: 56.450
Low
61.25
Averages
61.25
High
61.25
Current: 56.450
Low
61.25
Averages
61.25
High
61.25
About TXNM
TXNM Energy, Inc. is a holding company providing electricity and electric services in New Mexico and Texas, with two regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). Its segments include PNM, TNMP, and Corporate and other. The PNM segment provides integrated electricity services that include the generation, transmission, and distribution of electricity for retail electric customers in New Mexico. The segment also includes the generation and sale of electricity into the wholesale market to serve its New Mexico retail customers. The TNMP segment 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. The segment also provides transmission services at regulated rates to other utilities that interconnect with TNMP’s facilities. The Corporate and Other segment includes TXNM holding company activities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
PNM Unveils Clean Energy Resource Plan
- Clean Energy Transition: PNM has submitted a plan to eliminate coal generation by 2031, transitioning to 100% carbon-free electricity, which aligns with New Mexico's clean energy requirements and marks a historic milestone for the state in renewable energy.
- Demand Growth Response: PNM forecasts a 40% increase in customer electricity demand by 2032, and the company plans to solicit an additional 50-250 MW of resources to meet this demand while ensuring existing customers are not burdened by costs from new large load customers.
- Tax Incentives: PNM will prioritize resource applications to benefit from federal tax credits under the Inflation Reduction Act, ensuring customers gain advantages from these resources before the credits expire, thus promoting the adoption of clean energy.
- Capital Investment and Community Benefits: PNM's $4.9 billion five-year investment plan will support wind, solar, and battery storage projects, expected to generate property tax revenue for New Mexico communities and create local job opportunities.
See More
PNM Submits Clean Energy Resource Plan
- Clean Energy Transition: PNM's plan to eliminate coal generation by 2031 and transition to 100% carbon-free electricity marks a significant milestone for New Mexico, expected to enhance the company's competitiveness in the renewable energy market.
- Resource Allocation Plan: PNM seeks to add 800 MW of wind, 240 MW of solar, and 610 MW of battery storage to meet a projected 40% increase in customer electricity demand by 2032, ensuring existing customers are not burdened by costs from new large load customers.
- Tax Incentives: By prioritizing resources in the current application, PNM aims to benefit customers from federal tax credits available under the Inflation Reduction Act before their expiration, maximizing economic advantages.
- Capital Investment and Community Benefits: PNM's $4.9 billion five-year investment plan will generate property tax revenue for New Mexico communities and support local jobs during project construction, further driving economic development.
See More
TNMP Files Settlement with Texas PUCT for Rate Review
- Settlement Details: TNMP's settlement filed with the Texas PUCT confirms a filed rate base of $2.8 billion as of June 30, 2025, maintaining a 9.65% return on equity and a 45% equity ratio, thereby ensuring the company's growth and grid reliability in Texas.
- Cost Recovery Plan: The settlement also includes a $20.5 million rate rider recovery over five years to cover Hurricane Beryl restoration costs, which will help TNMP maintain financial stability in the face of natural disasters.
- Regulatory Approval Needed: The settlement requires approval from the Texas PUCT, with final rates retroactive to May 22, 2026, impacting TNMP's cash flow and investment strategies moving forward.
- Broad Stakeholder Support: The settlement has garnered support from the Texas PUCT staff and various stakeholders, including the Alliance of Texas-New Mexico Power Municipalities and Walmart, indicating a strong consensus within the industry that could enhance TNMP's market credibility.
See More
TNMP Files Comprehensive Settlement in Base Rate Review with PUCT
- Rate Base Recovery: TNMP's settlement filed with the Public Utility Commission of Texas confirms a rate base of $2.8 billion as of June 30, 2025, ensuring the company's ability to sustain growth and maintain a reliable grid in Texas.
- Return on Equity Maintenance: The settlement maintains an authorized return on equity of 9.65% and a 45% equity ratio, which, despite rising operations and maintenance costs, is partially offset by adjustments in depreciation rates, ensuring financial stability.
- Hurricane Recovery Costs: TNMP will implement $20.5 million in rate rider recovery over five years to address costs associated with Hurricane Beryl restoration, aiding the company's rapid recovery and rebuilding customer trust after natural disasters.
- Broad Stakeholder Support: The settlement has garnered support from the Texas Public Utility Commission staff and various stakeholders, including the Alliance of Texas-New Mexico Power Municipalities and Walmart, indicating a strong consensus and willingness to collaborate within the industry.
See More
TXNM Energy Expands Use of ISNetworld Training Tools
- Training Expansion: TXNM Energy, in collaboration with PNM and TNMP, has expanded the use of ISNetworld training tools to enhance energy safety initiatives, enabling contractors to better recognize high-energy hazards and thereby improve workplace safety.
- Course Implementation: The launch of the Contractor Safety Orientation course has resulted in over 800 contractors completing training on the ISNetworld platform, demonstrating the company's proactive efforts in enhancing contractor safety awareness.
- Learning Management System Benefits: The ISNetworld Learning Management System provides contractors with access to over 700 training courses, including modules on high-energy hazard recognition, allowing contractors to enhance their safety skills at no additional cost, further promoting a culture of safety.
- Commitment to Continuous Improvement: ISN supports TXNM Energy's training deployment, emphasizing the company's ongoing commitment to driving safer practices across job sites, aiming to reduce workplace risks through education and training.
See More
TXNM Energy Q1 Earnings Miss Expectations with $0.21 EPS
- Disappointing Earnings: TXNM Energy reported a Q1 non-GAAP EPS of $0.21, missing expectations by $0.12, indicating pressure on profitability that could undermine investor confidence.
- Weak Revenue Growth: The company generated $504.9 million in revenue for Q1, a 4.6% year-over-year increase, yet fell short of expectations by $26.88 million, reflecting weaker-than-anticipated market demand.
- Dilution Impact: GAAP and ongoing EPS were reduced in Q1 2026 due to shares issued in June and August 2025 for $800 million and in March 2026 for $105 million, highlighting the negative impact of financing on per-share earnings.
- Increased Investment Losses: Q1 2026 GAAP earnings included $16.9 million in net unrealized losses on investment securities, up from $8.2 million in Q1 2025, indicating heightened financial pressure from market volatility.
See More
PNM Unveils Clean Energy Resource Plan
- Clean Energy Transition: PNM has submitted a plan to eliminate coal generation by 2031, transitioning to 100% carbon-free electricity, which aligns with New Mexico's clean energy requirements and marks a historic milestone for the state in renewable energy.
- Demand Growth Response: PNM forecasts a 40% increase in customer electricity demand by 2032, and the company plans to solicit an additional 50-250 MW of resources to meet this demand while ensuring existing customers are not burdened by costs from new large load customers.
- Tax Incentives: PNM will prioritize resource applications to benefit from federal tax credits under the Inflation Reduction Act, ensuring customers gain advantages from these resources before the credits expire, thus promoting the adoption of clean energy.
- Capital Investment and Community Benefits: PNM's $4.9 billion five-year investment plan will support wind, solar, and battery storage projects, expected to generate property tax revenue for New Mexico communities and create local job opportunities.
See More
PNM Submits Clean Energy Resource Plan
- Clean Energy Transition: PNM's plan to eliminate coal generation by 2031 and transition to 100% carbon-free electricity marks a significant milestone for New Mexico, expected to enhance the company's competitiveness in the renewable energy market.
- Resource Allocation Plan: PNM seeks to add 800 MW of wind, 240 MW of solar, and 610 MW of battery storage to meet a projected 40% increase in customer electricity demand by 2032, ensuring existing customers are not burdened by costs from new large load customers.
- Tax Incentives: By prioritizing resources in the current application, PNM aims to benefit customers from federal tax credits available under the Inflation Reduction Act before their expiration, maximizing economic advantages.
- Capital Investment and Community Benefits: PNM's $4.9 billion five-year investment plan will generate property tax revenue for New Mexico communities and support local jobs during project construction, further driving economic development.
See More
TNMP Files Settlement with Texas PUCT for Rate Review
- Settlement Details: TNMP's settlement filed with the Texas PUCT confirms a filed rate base of $2.8 billion as of June 30, 2025, maintaining a 9.65% return on equity and a 45% equity ratio, thereby ensuring the company's growth and grid reliability in Texas.
- Cost Recovery Plan: The settlement also includes a $20.5 million rate rider recovery over five years to cover Hurricane Beryl restoration costs, which will help TNMP maintain financial stability in the face of natural disasters.
- Regulatory Approval Needed: The settlement requires approval from the Texas PUCT, with final rates retroactive to May 22, 2026, impacting TNMP's cash flow and investment strategies moving forward.
- Broad Stakeholder Support: The settlement has garnered support from the Texas PUCT staff and various stakeholders, including the Alliance of Texas-New Mexico Power Municipalities and Walmart, indicating a strong consensus within the industry that could enhance TNMP's market credibility.
See More
TNMP Files Comprehensive Settlement in Base Rate Review with PUCT
- Rate Base Recovery: TNMP's settlement filed with the Public Utility Commission of Texas confirms a rate base of $2.8 billion as of June 30, 2025, ensuring the company's ability to sustain growth and maintain a reliable grid in Texas.
- Return on Equity Maintenance: The settlement maintains an authorized return on equity of 9.65% and a 45% equity ratio, which, despite rising operations and maintenance costs, is partially offset by adjustments in depreciation rates, ensuring financial stability.
- Hurricane Recovery Costs: TNMP will implement $20.5 million in rate rider recovery over five years to address costs associated with Hurricane Beryl restoration, aiding the company's rapid recovery and rebuilding customer trust after natural disasters.
- Broad Stakeholder Support: The settlement has garnered support from the Texas Public Utility Commission staff and various stakeholders, including the Alliance of Texas-New Mexico Power Municipalities and Walmart, indicating a strong consensus and willingness to collaborate within the industry.
See More
TXNM Energy Expands Use of ISNetworld Training Tools
- Training Expansion: TXNM Energy, in collaboration with PNM and TNMP, has expanded the use of ISNetworld training tools to enhance energy safety initiatives, enabling contractors to better recognize high-energy hazards and thereby improve workplace safety.
- Course Implementation: The launch of the Contractor Safety Orientation course has resulted in over 800 contractors completing training on the ISNetworld platform, demonstrating the company's proactive efforts in enhancing contractor safety awareness.
- Learning Management System Benefits: The ISNetworld Learning Management System provides contractors with access to over 700 training courses, including modules on high-energy hazard recognition, allowing contractors to enhance their safety skills at no additional cost, further promoting a culture of safety.
- Commitment to Continuous Improvement: ISN supports TXNM Energy's training deployment, emphasizing the company's ongoing commitment to driving safer practices across job sites, aiming to reduce workplace risks through education and training.
See More
TXNM Energy Q1 Earnings Miss Expectations with $0.21 EPS
- Disappointing Earnings: TXNM Energy reported a Q1 non-GAAP EPS of $0.21, missing expectations by $0.12, indicating pressure on profitability that could undermine investor confidence.
- Weak Revenue Growth: The company generated $504.9 million in revenue for Q1, a 4.6% year-over-year increase, yet fell short of expectations by $26.88 million, reflecting weaker-than-anticipated market demand.
- Dilution Impact: GAAP and ongoing EPS were reduced in Q1 2026 due to shares issued in June and August 2025 for $800 million and in March 2026 for $105 million, highlighting the negative impact of financing on per-share earnings.
- Increased Investment Losses: Q1 2026 GAAP earnings included $16.9 million in net unrealized losses on investment securities, up from $8.2 million in Q1 2025, indicating heightened financial pressure from market volatility.
See More
