TXNM News & Events

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.

At its regular meeting, the Board of Directors of TXNM Energy unanimously voted to increase the company's annual dividend payment by 6c, a 3.7% increase, to an indicated annual rate of $1.69 per share of common stock. The increased rate is contemplated within the proposed agreement under which affiliates of Blackstone Infrastructure will acquire the outstanding common stock of TXNM Energy. Quarterly dividends will continue during the pendency of the proposed transaction. Additionally, the board has declared the resulting quarterly stock dividend of 42.25c per share, payable February 13, 2026, to shareholders of record at the close of business January 30, 2026.

"Third quarter results incorporate the implementation of the first phase of approved rates in New Mexico and newly approved transmission recovery in Texas, along with additional equity issued during the quarter," said Don Tarry, President and CEO of TXNM Energy. "We have initiated the regulatory approval process for our transaction with Blackstone Infrastructure with filings that address the key issues raised during our conversations with local stakeholders and community groups. We look forward to continued conversations through the regulatory process and achieving the best path forward to invest in positive outcomes for our customers and communities across New Mexico and Texas."