TXNM Energy
| Company type | Private |
|---|---|
| Industry | Energy |
| Predecessor | Albuquerque Gas and Electric Company |
| Founded | 1917 |
| Fate | Planned merger with Avangrid |
| Headquarters | Albuquerque , United States |
Area served | New Mexico, Texas |
| Products | Electricity generation and distribution |
TXNM Energy, Inc.—previously known as PNM Resources—is an energy holding enterprise headquartered in Albuquerque, New Mexico. Established in 1917 under the name Albuquerque Gas and Electric Company, TXNM Energy currently owns both PNM and Texas-New Mexico Power (TNMP).
Based in Albuquerque, TXNM Energy manages a varied portfolio along with purchased power assets that collectively offer around 2.7 gigawatts of generation capacity. This infrastructure supports approximately 800,000 residential and commercial clients throughout New Mexico and Texas.
TNMP
Texas-New Mexico Power (TNMP), a fully owned subsidiary of TXNM Energy, operates as a regulated electric utility within Texas. TXNM acquired TNMP in 2005, and the New Mexico operations of TNMP were merged into TXNM the following year, in 2006. TNMP’s main office is located in Lewisville, Texas.
Merger developments with Avangrid
In October 2020, PNM Resources entered into an agreement to be acquired by Avangrid, the American division of the Spanish utility Iberdrola, in a transaction valued at $8.3 billion. Although most regulatory bodies have approved the merger, the New Mexico Public Regulation Commission initially declined approval due to concerns regarding Avangrid’s operational history and legal challenges faced by Iberdrola. Subsequent modifications to the commission’s structure and legal clarifications have improved prospects for approval, which is anticipated within 12 to 18 months.
Corporate organization and history
Originally founded as Albuquerque Gas and Electric Company in 1917, TXNM divested its gas operations in 1949 to Southern Union Gas Company based in Dallas; this entity later became known as the Gas Company of New Mexico. Following a federal antitrust resolution, PNM reacquired the gas business in 1985. By 1994, PNM consolidated its electric and gas services under a single brand identity.
In May 2003, PNM, TXNM’s utility subsidiary, was honored with the American Wind Energy Association's Utility Leadership Award for its contribution to establishing the New Mexico Wind Energy Center.
PNM divested New Mexico Gas in 2008, selling it to Continental Energy supported by private equity firm Lindsay Goldberg. The asset was subsequently purchased by TECO Energy and is planned to be integrated into Halifax-based Emera after Emera’s scheduled acquisition of TECO by mid-2016.
On October 21, 2020, TXNM announced a strategic merger with Avangrid, Iberdrola's subsidiary, emphasizing a commitment to growing renewable energy assets and enhancing market footprint.