TXNM · CIK 0001108426
What TXNM Energy, Inc. told the SEC could break it.
TXNM's two utilities each carry a concentration. At its New Mexico utility PNM, revenue is geographically concentrated — the Albuquerque metro alone was 41.3% of 2025 PNM revenue, with Rio Rancho, Los Lunas and Santa Fe adding roughly 20% more — tying it to that region's economy and weather. At its Texas utility TNMP, revenue runs through a few intermediaries, with its two largest retail electric providers accounting for 24% and 19% of TNMP's 2025 operating revenue. On top of those sits policy and rate risk: the OBBBA accelerates the phase-out of IRA renewable tax credits and restricts credits for 'foreign entities of concern,' raising future renewable-development costs, while NMPRC and PUCT rate regulation and EPA greenhouse-gas rules bear on its 25.3% fossil generation.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- TNMP: two largest REPs = 24% and 19% of operating revenuesmedium
At TXNM's Texas utility TNMP, the two largest Retail Electric Providers (REPs) accounted for 24% and 19% of TNMP's 2025 operating revenues, concentrating that segment's revenue in a few intermediaries.
“In 2025, the two largest REPs accounted for 24% and 19% of TNMP's operating revenues. No other consumer accounted for more than 10% of revenues.”
SEC filing →As of 2026
Geographic concentration
- PNM revenue concentrated in Albuquerque metro (41.3%) / New Mexicomedium
PNM's revenue is geographically concentrated in New Mexico — the Albuquerque metro alone was 41.3% of 2025 PNM revenues (with Rio Rancho, Los Lunas and Santa Fe adding ~20% more) — tying it to that region's economy and weather.
“The Albuquerque, Rio Rancho, Los Lunas, and Santa Fe metropolitan areas accounted for 41.3%, 8.5%, 5.7% and 5.9% of PNM's 2025 revenues.”
SEC filing →As of 2026
Regulatory & policy
- OBBBA IRA renewable tax-credit phase-out & FEOC + EPA GHG / rate regulationmedium
TXNM faces OBBBA-accelerated phase-out of IRA renewable energy tax credits and 'foreign entity of concern' restrictions (raising future renewable-development costs), atop NMPRC/PUCT rate regulation and EPA GHG rules affecting its 25.3% fossil generation.
“The OBBBA also accelerates the phase-out of certain Inflation Reduction Act of 2022 energy tax credits and restricts the availability of credits for “foreign entities of concern.” As a result, TXNM anticipates potentially higher costs associated with any future renewable energy development”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Arizona Public Service (Pinnacle West Capital)
“Plant Operator 2025 2024 Four Corners APS 75.2% 78.1% PVNGS APS 92.3 91.8 Joint Projects SJGS, PVNGS, Four Corners, and Luna are joint projects each owned or leased by several different entities.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch