TXNM Energy

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American energy holding company whose regulated utilities serve electricity customers in New Mexico and Texas.

Last updated October 16, 2026

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Overview

TXNM Energy, Inc. is an American energy holding company headquartered in Albuquerque, New Mexico. The company was founded in 1917 as the Albuquerque Gas and Electric Company and developed through a long succession of utility reorganizations, asset sales, acquisitions, and changes in corporate identity. It is the parent of Public Service Company of New Mexico, commonly known as PNM, and Texas-New Mexico Power, commonly known as TNMP. Through those operating utilities, TXNM Energy supplies regulated electric service to residential, commercial, and other customers in New Mexico and Texas. The company's original business combined gas and electric operations in Albuquerque. In 1949, it sold its gas operations to Southern Union Gas Company, with those assets later becoming associated with the Gas Company of New Mexico. The company subsequently reassembled part of its former gas business when PNM reacquired the Gas Company of New Mexico in 1985 following a settlement connected with federal antitrust litigation involving Southern Union. By 1994, the company's electric and gas operations were operating under the PNM identity. The gas business was later separated again, with New Mexico Gas sold in 2008 to Continental Energy, an enterprise backed by Lindsay Goldberg. TXNM Energy's portfolio is primarily utility-based rather than centered on a consumer-facing retail energy brand. PNM is the group's New Mexico electric utility, while TNMP is a regulated Texas electric utility headquartered in Lewisville, Texas. TXNM acquired Texas-New Mexico Power in 2005 and transferred the company's New Mexico properties to TXNM in 2006. TNMP's earlier history included a leveraged buyout in 2000. The two utilities give the holding company a presence across two neighboring but separately regulated electricity markets. Generation and purchased-power resources associated with the group provide approximately 2.7 gigawatts of total generation capacity, according to the cited reference material. The company also participates in renewable-energy development. In 2003, PNM received the American Wind Energy Association's Utility Leadership Award for its role in creating the New Mexico Wind Energy Center, reflecting the utility's early involvement in large-scale wind development. TXNM Energy's corporate strategy has included portfolio restructuring and attempted mergers. In October 2020, the company announced a strategic merger with Avangrid, a subsidiary of Iberdrola. The transaction did not become the company's completed ownership structure. In 2025, Blackstone's infrastructure business agreed to acquire TXNM Energy at an enterprise value of approximately $11.5 billion. The announced transaction represents a significant shift from public-market ownership to infrastructure-investment ownership, although the available reference material does not confirm that the transaction had closed. The company thus combines a century-old New Mexico utility heritage with a contemporary regulated electricity platform spanning New Mexico and Texas. Its principal activities are electricity generation procurement, transmission and distribution, utility customer service, and management of regulated energy infrastructure. The TXNM name reflects the company's current corporate identity, while PNM and TNMP remain the principal operating utility brands. The company was previously known as PNM Resources before being rebranded TXNM Energy.

History

TXNM Energy traces its origins to 1917, when it was established as the Albuquerque Gas and Electric Company. Its early business combined electricity and gas service in Albuquerque, reflecting the integrated structure common among regional utilities at the time. The company later reshaped its portfolio through a series of divestitures and reacquisitions that separated, and in some cases reunited, its electric and gas activities. In 1949, the company sold its gas business to Southern Union Gas Company of Dallas. The divested operations became associated with the Gas Company of New Mexico. In 1985, PNM reacquired the Gas Company of New Mexico after Southern Union reached a settlement related to federal antitrust litigation. The reacquisition temporarily restored a broader gas-and-electric operating scope. By 1994, both the electric and gas operations were serving customers under the PNM identity. The company later concentrated more heavily on electricity and utility infrastructure. In 2000, Texas-New Mexico Power underwent a leveraged buyout. TXNM subsequently acquired Texas-New Mexico Power in 2005, and the company's New Mexico properties were transferred to TXNM in 2006. TNMP remained a regulated Texas electric utility and became one of the holding company's principal operating subsidiaries. It is headquartered in Lewisville, Texas, while the parent company is based in Albuquerque. Renewable energy became an important part of the group's utility development record. In 2003, PNM received the American Wind Energy Association's Utility Leadership Award at the National Wind Energy Conference in Austin, Texas. The recognition cited PNM's role in the creation of the New Mexico Wind Energy Center and marked the utility's contribution to the development of large-scale wind generation in the state. The company also continued to restructure its gas interests. In 2008, PNM sold New Mexico Gas to Continental Energy, a company backed by Lindsay Goldberg. The business was subsequently acquired by TECO Energy and was expected to become part of Halifax-based Emera when Emera's acquisition of TECO Energy closed. These transactions left TXNM's core operating identity more closely associated with regulated electric utilities than with gas distribution. In October 2020, the company announced a strategic merger with Avangrid, an Iberdrola subsidiary. The announcement illustrated the consolidation pressures affecting regulated utilities and the potential value of combining regional electric platforms. The cited material does not state that the proposed merger was completed, and TXNM continued to be described as an independent holding company in later material. The company was later rebranded TXNM Energy, having previously operated under the PNM Resources name. Its principal utility businesses remained PNM in New Mexico and TNMP in Texas. Together with purchased-power arrangements, the group was described as having approximately 2.7 gigawatts of generation capacity and serving about 800,000 residential and business customers across the two states. In 2025, Blackstone's infrastructure business agreed to acquire TXNM Energy at an enterprise value of approximately $11.5 billion. The announcement represented a significant proposed ownership transition from a publicly traded utility holding company to infrastructure-investment ownership. The available reference does not establish whether the acquisition had closed, so the transaction should be treated as announced rather than completed. Across its history, TXNM Energy has evolved from a local gas-and-electric company into a two-state regulated electricity platform built around PNM and TNMP.

2025
Blackstone agrees to acquire TXNM Energy
[1]TXNM Energyen.wikipedia.org
Blackstone's infrastructure business agrees to acquire the company for an enterprise value of approximately $11.5 billion.
2020
Strategic merger with Avangrid is announced
[1]TXNM Energyen.wikipedia.org
TXNM announces a strategic merger with Avangrid, an Iberdrola subsidiary; the available reference does not establish completion.
2008
New Mexico Gas is sold
[1]TXNM Energyen.wikipedia.org
PNM sells New Mexico Gas to Continental Energy, separating the gas business from the company's core electric-utility platform.
2006
New Mexico properties move to TXNM
[1]TXNM Energyen.wikipedia.org
TNMP's New Mexico properties are transferred to TXNM as part of the post-acquisition organizational structure.
2005
TXNM acquires Texas-New Mexico Power
[1]TXNM Energyen.wikipedia.org
TXNM acquires TNMP, expanding its regulated electric-utility platform into Texas.
2003
PNM is recognized for New Mexico wind development
[1]TXNM Energyen.wikipedia.org
The American Wind Energy Association gives PNM a Utility Leadership Award for its role in creating the New Mexico Wind Energy Center.
2000
Texas-New Mexico Power undergoes a leveraged buyout
[1]TXNM Energyen.wikipedia.org
TNMP is sold through a leveraged buyout before later returning to the TXNM corporate portfolio.
1994
Electric and gas operations adopt the PNM identity
[1]TXNM Energyen.wikipedia.org
The company's electric and gas operations begin serving customers under the PNM name.
1985
PNM reacquires the Gas Company of New Mexico
[1]TXNM Energyen.wikipedia.org
PNM reacquires the Gas Company of New Mexico after Southern Union reaches a settlement connected with federal antitrust litigation.
1949
Gas operations are sold to Southern Union Gas
[1]TXNM Energyen.wikipedia.org
The company divests its gas business to Southern Union Gas Company of Dallas; the divested assets later become associated with the Gas Company of New Mexico.
1917
Albuquerque Gas and Electric Company is founded
[1]TXNM Energyen.wikipedia.org
The company begins operations as the Albuquerque Gas and Electric Company, establishing the corporate lineage that later leads to TXNM Energy.

Products and positioning

A regulated electric-utility holding company focused on dependable electricity delivery, utility infrastructure, generation resources, and service to customers in New Mexico and Texas.

Regulated electric utility
PNM
PNM is TXNM Energy's New Mexico electric utility. It provides regulated electricity service to residential and business customers, manages electric distribution and related utility infrastructure, and uses a combination of owned generation and purchased power to meet system demand. PNM is also associated with the group's New Mexico renewable-energy development history, including its role in the New Mexico Wind Energy Center.
Regulated electric utility
Texas-New Mexico Power (TNMP)
Texas-New Mexico Power, commonly abbreviated TNMP, is a wholly owned TXNM Energy subsidiary and a regulated electric utility operating in Texas. The utility is headquartered in Lewisville, Texas. TXNM acquired TNMP in 2005, following its earlier leveraged buyout, and incorporated the business into the holding company's two-state electricity platform.
Natural-gas utility
New Mexico Gas
New Mexico Gas was a gas utility business historically associated with PNM and the company's predecessor operations. It was sold in 2008 to Continental Energy, ending its role as part of TXNM's operating portfolio. The business later changed ownership again through transactions involving TECO Energy and Emera.

Marketing campaigns

2003New Mexico Wind Energy Center development
New Mexico
PNM supported the creation of the New Mexico Wind Energy Center, a utility-scale renewable-energy project that became an important part of the company's renewable-energy development record.
Outcome. The American Wind Energy Association recognized PNM with a Utility Leadership Award for its role in the project.
Source

Brand decisions

2025
Proposed acquisition by Blackstone infrastructure fundsM&A
Background
TXNM's regulated utility assets and customer base attracted infrastructure-investment interest.
Action taken
Blackstone's infrastructure business agreed to acquire TXNM Energy for an enterprise value of approximately $11.5 billion.
Aftermath
The announced transaction would move TXNM toward infrastructure-investment ownership, but the available reference does not establish that the acquisition had closed.
Enterprise value. $11.5 billion (2025 announced transaction)
Source
2020
Proposed strategic merger with AvangridM&A
Background
TXNM announced a strategic merger with Avangrid, a subsidiary of Iberdrola, amid continued consolidation in the regulated utility sector.
Action taken
The company announced the proposed merger on October 21, 2020.
Aftermath
The available reference does not identify the merger as completed, and later material continues to describe TXNM as a separate company.
Source
2008
Sale of New Mexico GasStrategy
Background
The company continued reshaping its portfolio around electric utility operations after maintaining gas interests through the PNM era.
Action taken
PNM sold New Mexico Gas to Continental Energy, a company backed by Lindsay Goldberg.
Aftermath
New Mexico Gas left the TXNM portfolio and later became associated with ownership changes involving TECO Energy and Emera.
Source
2005
Acquisition of Texas-New Mexico PowerM&A
Background
TXNM sought to expand its regulated electric-utility platform beyond New Mexico after TNMP had undergone a leveraged buyout in 2000.
Action taken
TXNM acquired Texas-New Mexico Power in 2005 and subsequently transferred the company's New Mexico properties to TXNM in 2006.
Aftermath
TNMP became a wholly owned Texas operating utility within TXNM's two-state portfolio.
Source
1949
Divestiture of gas operationsStrategy
Background
The predecessor company operated both gas and electric businesses, but pursued a portfolio separation by selling its gas operations to Southern Union Gas Company.
Action taken
The gas business was sold in 1949, with the divested operations later becoming associated with the Gas Company of New Mexico.
Aftermath
PNM later reacquired the Gas Company of New Mexico in 1985, temporarily restoring a broader gas-and-electric portfolio.
Source

Recent events

2025
Blackstone infrastructure business agrees to acquire TXNM Energy[1]TXNM Energyen.wikipedia.org
M&A
Blackstone's infrastructure business agreed to acquire TXNM Energy for an enterprise value of approximately $11.5 billion, subject to the transaction's applicable conditions and completion process.
2020
TXNM Energy announces strategic merger with Avangrid[1]TXNM Energyen.wikipedia.org
M&A
The company announced a proposed strategic merger with Avangrid, the Iberdrola subsidiary. The available reference does not identify the transaction as completed.
2003
PNM receives utility leadership recognition for New Mexico wind development[1]TXNM Energyen.wikipedia.org
Campaign · Other
PNM was recognized by the American Wind Energy Association for its role in creating the New Mexico Wind Energy Center.

Sources7 sources

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