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PNM parent company meets 2024 earnings goals, projects increased growth
TXNM Energy, parent company of Public Service Company of New Mexico, met its 2024 expectations and has adjusted its long-term growth target, according to an earnings report released Friday.
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All was on track financially for TXNM Energy in 2024, and the energy company serving New Mexico and Texas anticipates even more stock profitability over the next five years.
Officials with TXNM Energy, formerly PNM Resources said the company met its 2024 expectations and has adjusted its long-term growth target, in an earnings report released Friday. The company reported an ongoing earnings per share, or EPS, of $2.74 — the higher end of its guidance.
And by 2029, TXNM expects 7-9% EPS growth, with a $2.79 midpoint. The guidance ranges from a low of $2.74 to a high of $2.84. Most of the quarterly EPS distributions are anticipated to come in the third quarter
From 2025-2029, TXNM has a $7.8 billion capital investment plan, a 26% increase from the previous five-year plan. TXNM is the parent company of the Public Service Company of New Mexico, the state’s largest electric utility serving about a quarter of the state.
Highlights for the Public Service Company of New Mexico included about 1,500 megawatts of solar and battery storage resources brought online in 2024 and plans for another 410 megawatts of solar and battery storage approved in May 2024.
By 2026, PNM anticipates its portfolio will comprise of 49% renewables, 21% natural gas, 20% storage, 6% nuclear and 4% coal.
PNM also settled last year in its rate increase request, agreeing to a $23 monthly bill increase over the next two years for the average residential customer using 600 kilowatt-hours of electricity. Pending approval from the New Mexico Public Regulation Commission, the first $11.12 increase would start July 2025.
“In New Mexico, the proposed settlement in our rate review is phased-in to assist our customers in managing the impact,” said TXNM Chair and CEO Pat Vincent-Collawn in a statement. She also said continued grid infrastructure advancement supporting energy growth and reliability in Texas helped TXNM’s financial expectations.
TXNM stocks stood at 52.34 Monday morning, up around 40% over the past year.
