TXNM Energy Reports Q1 EPS Growth and Unveils $10.2 Billion Capex Plan
TXNM Energy reported Q1 GAAP EPS of $0.03 versus $0.10 last year, and ongoing EPS rose to $0.21 from $0.19, driven by TNMP growth and PNM rate relief. The company unveiled a $10.2 billion 2026–2030 capital investment plan and expects its Blackstone Infrastructure acquisition to close in H2 2026.
1. First Quarter 2026 Results
TXNM Energy reported Q1 GAAP net earnings of $3.7 million ($0.03 EPS) compared with $8.9 million ($0.10 EPS) a year earlier, while ongoing net earnings rose to $23.8 million ($0.21 EPS) from $18.1 million ($0.19 EPS). TNMP segment EPS climbed to $0.27 as PNM benefited from phased-in rate relief despite milder weather and higher operating costs.
2. Capital Investment Plan Update
TXNM Energy rolled forward its 2026–2030 capital investment plan to $10.215 billion, including $4.94 billion for PNM, $4.926 billion for TNMP, and $349 million for corporate and other projects. Planned investments span generation, transmission, distribution, grid modernization, and storage to bolster reliability and support clean energy targets.
3. Blackstone Infrastructure Acquisition
TXNM Energy's $61.25-per-share acquisition by Blackstone Infrastructure has secured shareholder approval and clearances from FERC, PUCT, FCC, and HSR, with remaining approvals from the Nuclear Regulatory Commission and New Mexico Public Regulation Commission. The company expects the deal to close in the second half of 2026, subject to customary closing conditions.
4. Regulatory Updates
PNM filed its first annual grid modernization reconciliation, implementing a $7 million rider effective April 15, 2026, and received approval for a $165 million economic development investment and 30 MW of battery storage at $78 million. At TNMP, base rate review hearings were canceled as parties pursue a settlement agreement.