Quarterly Report (10-q)

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.

PNM Resources, Inc.

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-32462

IRS Employer Identification No. - 85-0468296

Public Service Company of New Mexico

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-06986

IRS Employer Identification No. - 85-0019030

Texas-New Mexico Power Company

(A Texas Corporation)

577 N. Garden Ridge Blvd.

Lewisville, Texas 75067

Telephone Number - (972) 420-4189

Commission File No. - 002-97230

IRS Employer Identification No. - 75-0204070

Securities registered pursuant to Section 12(b) of the Act:


Registrant	Title of each class	Trading Symbol(s)	Name of exchange on which registered
PNM Resources, Inc.	Common Stock, no par value	PNM	New York Stock Exchange

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

PNM Resources, Inc. (“PNMR”)

Yes

☑

☐

Public Service Company of New Mexico (“PNM”)

Yes

☑

☐

Texas-New Mexico Power Company (“TNMP”)

Yes

☐

☑

(NOTE: As a voluntary filer, not subject to the filing requirements, TNMP filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.)

Table of Contents

Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

PNMR

Yes

☑

☐

PNM

Yes

☑

☐

TNMP

Yes

☑

☐

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated

filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

PNMR

☑

☐

Large accelerated filer

Accelerated

filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

PNM

☐

☑

☐

Large accelerated filer

Accelerated

filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

TNMP

☐

☑

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of October 21, 2022, 85,834,874 shares of common stock, no par value per share, of PNMR were outstanding.

The total number of shares of common stock of PNM, no par value per share, outstanding as of October 21, 2022, was 39,117,799 all held by PNMR (and none held by non-affiliates).

The total number of shares of common stock of TNMP, $10 par value per share, outstanding as of October 21, 2022, was 6,358 all held indirectly by PNMR (and none held by non-affiliates).

PNM AND TNMP MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS (H) (1) (a) AND (b) OF FORM 10-Q AND ARE THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION (H) (2).

This combined Form 10-Q is separately filed by PNMR, PNM, and TNMP. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants. When this Form 10-Q is incorporated by reference into any filing with the SEC made by PNMR, PNM, or TNMP, as a registrant, the portions of this Form 10-Q that relate to each other registrant are not incorporated by reference therein.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

INDEX


			Page No.
GLOSSARY			4
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
PNM RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			7
Condensed Consolidated Statements of Comprehensive Income			8
Condensed Consolidated Statements of Cash Flows			9
Condensed Consolidated Balance Sheets			11
Condensed Consolidated Statements of Changes in Equity			13
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			14
Condensed Consolidated Statements of Comprehensive Income			15
Condensed Consolidated Statements of Cash Flows			16
Condensed Consolidated Balance Sheets			18
Condensed Consolidated Statements of Changes in Equity			20
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			21

Condensed Consolidated Statements of Cash Flows			22
Condensed Consolidated Balance Sheets			23
Condensed Consolidated Statements of Changes in Common Stockholder’s Equity			25
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			26
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			85
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			123
ITEM 4. CONTROLS AND PROCEDURES			125
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			126
ITEM 1A. RISK FACTORS			126
ITEM 5. OTHER INFORMATION			127
ITEM 6. EXHIBITS			127
SIGNATURE			128

Table of Contents

GLOSSARY


Definitions:
ABCWUA						Albuquerque Bernalillo County Water Utility Authority

ACE Rule						Affordable Clean Energy Rule
AEP OnSite Partners						AEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.




AMS						Advanced Meter System

AOCI						Accumulated Other Comprehensive Income

APS						Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
ARO						Asset Retirement Obligation
ARP						Alternative Revenue Program

Avangrid						Avangrid, Inc., a New York corporation
BART						Best Available Retrofit Technology

Board						Board of Directors of PNMR
BSER						Best system of emission reduction technology

CAA						Clean Air Act
CAISO						California Independent System Operator


CCAE						Coalition for Clean Affordable Energy

CCR						Coal Combustion Residuals
CFIUS						Committee on Foreign Investment in the United States
CFRE						Citizens for Fair Rates and the Environment

CO2						Carbon Dioxide
COVID-19						Novel coronavirus global pandemic


DC Circuit						United States Court of Appeals for the District of Columbia Circuit
DCOS						TNMP’s applications for a distribution cost recovery factor
DOE						United States Department of Energy
Effective Time						The time the Merger is consummated
EGU						Electric Generating Unit
EIM						Western Energy Imbalance Market developed and operated by CAISO
ELG						Effluent Limitation Guidelines
End Date						The date at which the Merger Agreement may be terminated if the Effective Time has not yet occurred; January 20, 2022, subsequently extended to April 20, 2023.
Energy Transition Charge						Rate rider established to collect non-bypassable customer charges for repayment of the Securitized Bonds
EPA						United States Environmental Protection Agency

ERCOT						Electric Reliability Council of Texas
ESG						Environmental, Social, and Governance principles
ETA						The New Mexico Energy Transition Act
EUEA						The New Mexico Efficient Use of Energy Act
Exchange Act						Securities Exchange Act of 1934



FCC						Federal Communications Commission
FERC						Federal Energy Regulatory Commission
Four Corners						Four Corners Power Plant
Four Corners Abandonment Application						PNM’s January 8, 2021 application for approval for the abandonment of Four Corners and issuance of a securitized financing order
Four Corners CSA						Four Corners’ coal supply contract with NTEC
Four Corners Purchase and Sale Agreement						PNM’s pending sale of its 13% ownership interest in Four Corners to NTEC
FPPAC						Fuel and Purchased Power Adjustment Clause
FTC						Federal Trade Commission

GAAP						Generally Accepted Accounting Principles in the United States of America
GHG						Greenhouse Gas Emissions
Grid Modernization Application						PNM's October 3, 2022 application for approval of grid modernization investments of approximately $344 million for the first six years of a broader 11-year strategy
GWh						Gigawatt hours
HSR Act						Hart-Scott Rodino Antitrust Improvement Act of 1976

Iberdrola						Iberdrola, S.A., a corporation organized under the laws of the Kingdom of Spain, and 81.5% owner of Avangrid
INDC						Intended Nationally Determined Contribution

IRA						Inflation Reduction Act
IRP						Integrated Resource Plan

Table of Contents


IRS						Internal Revenue Service

Joint Applicants						PNM, PNMR, Merger Sub, Avangrid and Iberdrola
kV						Kilovolt
KW						Kilowatt
KWh						Kilowatt Hour

La Joya Wind II						La Joya Wind Facility generating 140 MW of output that became operational in June 2021

Leased Interest						Leased capacity in PVNGS Unit 1 and Unit 2
Leeward						Leeward Renewable Energy Development, LLC
LIBOR						London Interbank Offered Rate




MD&A						Management’s Discussion and Analysis of Financial Condition and Results of Operations
Merger						The merger of Merger Sub with and into PNMR pursuant to the Merger Agreement, with PNMR surviving the Merger as a direct, wholly-owned subsidiary of Avangrid
Merger Agreement						The Agreement and Plan of Merger, dated October 20, 2020, between PNMR, Avangrid and Merger Sub, as amended by the amendment to the Merger Agreement dated January 3, 2022
Merger Sub						NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of Avangrid which will merge with and into PNMR at the effective time of the Merger (defined below)
Meta						Meta Platform, Inc., formerly known as Facebook Inc.
MMBTU						Million BTUs
Moody’s						Moody’s Investor Services, Inc.
MW						Megawatt
MWh						Megawatt Hour
NAAQS						National Ambient Air Quality Standards
NDT						Nuclear Decommissioning Trusts for PVNGS
NEE						New Energy Economy
NERC						North American Electric Reliability Corporation
New Mexico Wind						New Mexico Wind Energy Center
NM 2015 Rate Case						Request for a General Increase in Electric Rates Filed by PNM on August 27, 2015
NM 2016 Rate Case						Request for a General Increase in Electric Rates Filed by PNM on December 7, 2016




NM AREA						New Mexico Affordable Reliable Energy Alliance, formerly New Mexico Industrial Energy Consumers Inc.
NM District Court						United States District Court for the District of New Mexico
NM Supreme Court						New Mexico Supreme Court
NMAG						New Mexico Attorney General
NMED						New Mexico Environment Department
NMMMD						The Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRC						New Mexico Public Regulation Commission
NMRD						NM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOx						Nitrogen Oxides

NPDES						National Pollutant Discharge Elimination System
NRC						United States Nuclear Regulatory Commission
NTEC						Navajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OATT						Open Access Transmission Tariff
OCI						Other Comprehensive Income
OPEB						Other Post-Employment Benefits
OSM						United States Office of Surface Mining Reclamation and Enforcement
Paris Agreement						A legally binding international treaty on climate change adopted on December 12, 2015
Pattern Wind						Pattern New Mexico Wind, LLC, an affiliate of Western Spirit and Pattern Development

PCRBs						Pollution Control Revenue Bonds
PM						Particulate Matter
PNM						Public Service Company of New Mexico and Subsidiaries
PNM 2017 New Mexico Credit Facility						PNM’s $40.0 million Unsecured Revolving Credit Facility










PNM 2021 Term Loan						PNM’s $75.0 million 18-month Unsecured Term Loan that matures December 18, 2022

PNM 2022 Delayed- Draw Term Loan						PNM's $225.0 million Unsecured Term Loan that matures February 5, 2024
PNM Revolving Credit Facility						PNM’s $400.0 million Unsecured Revolving Credit Facility


PNMR						PNM Resources, Inc. and Subsidiaries

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PNMR 2021 Delayed-Draw Term Loan						PNMR’s $1.0 billion Unsecured Delayed-Draw Term Loan that matures on May 18, 2025
PNMR Development						PNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR


PNMR Revolving Credit Facility						PNMR’s $300.0 million Unsecured Revolving Credit Facility
PPA						Power Purchase Agreement
PSD						Prevention of Significant Deterioration
PUCT						Public Utility Commission of Texas
PV						Photovoltaic
PVNGS						Palo Verde Nuclear Generating Station
PVNGS Leased Interest Abandonment Application						Application with the NMPRC requesting approval for the decertification and abandonment of 114MW of leased PVNGS capacity
RCT						Reasonable Cost Threshold
REA						New Mexico’s Renewable Energy Act of 2004
RECs						Renewable Energy Certificates
Red Mesa Wind						Red Mesa Wind Energy Center
REP						Retail Electricity Provider


RMC						Risk Management Committee
ROE						Return on Equity
RPS						Renewable Energy Portfolio Standard
S&P						Standard and Poor’s Ratings Services


SEC						United States Securities and Exchange Commission
Securitized Bonds						Energy transition bonds
SIP						State Implementation Plan
SJCC						San Juan Coal Company
SJGS						San Juan Generating Station
SJGS Abandonment Application						PNM’s July 1, 2019 consolidated application seeking NMPRC approval to retire PNM’s share of SJGS in 2022, for related replacement generating resources, and for the issuance of Securitized Bonds under the ETA
SJGS CSA						San Juan Generating Station Coal Supply Agreement
SNCR						Selective Non-Catalytic Reduction
SO2						Sulfur Dioxide
SOFR						Secured Overnight Financing Rate

SRP						Salt River Project
SUNs						Senior Unsecured Notes
Tax Act						Federal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act


TECA						Texas Electric Choice Act
Tenth Circuit						United States Court of Appeals for the Tenth Circuit
TEP						Transportation Electrification Program
TNMP						Texas-New Mexico Power Company and Subsidiaries









TNMP 2022 Bonds						TNMP's First Mortgage Bonds to be issued under the TNMP 2022 Bond Purchase Agreement
TNMP 2022 Bond Purchase Agreement						TNMP's Agreement for the sale of an aggregate $160.0 million of TNMP's 2022 Bonds

TNMP Revolving Credit Facility						TNMP’s $75.0 million Secured Revolving Credit Facility ($100.0 million as of May 13, 2022)

Tri-State						Tri-State Generation and Transmission Association, Inc.
TSAs						Transmission Service Agreements


U.S.						The Unites States of America
US Supreme Court						United States Supreme Court
Valencia						Valencia Energy Facility
VIE						Variable Interest Entity

Western Spirit Line						An approximately 150-mile 345-kV transmission line that PNM purchased in December 2021
Westmoreland						Westmoreland Coal Company
WFB LOC Facility						Letter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020
WRA						Western Resource Advocates

WSJ LLC						Westmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands, except per share amounts)
Electric Operating Revenues:
Contracts with customers	$	531,966	$	481,881	$	1,320,779	$	1,197,359
Alternative revenue programs	(11,643)		(9,483)		(14,569)		(3,156)
Other electric operating revenue	209,565		82,153		367,526		151,595
Total electric operating revenues	729,888		554,551		1,673,736		1,345,798
Operating Expenses:
Cost of energy	334,339		199,380		698,349		467,452
Administrative and general	58,125		56,520		165,328		168,458
Energy production costs	34,469		32,374		110,534		106,709
Regulatory disallowances and restructuring costs	(567)		436		832		436
Depreciation and amortization	76,570		71,438		229,103		212,039
Transmission and distribution costs	21,538		19,996		61,160		56,166
Taxes other than income taxes	22,651		22,678		71,207		65,440
Total operating expenses	547,125		402,822		1,336,513		1,076,700
Operating income	182,763		151,729		337,223		269,098
Other Income and Deductions:
Interest income	3,969		3,329		11,588		10,466
Gains (losses) on investment securities	(15,736)		1,948		(84,104)		16,108
Other income	5,364		5,686		14,845		14,592
Other (deductions)	(1,647)		(5,098)		(7,529)		(13,836)
Net other income and deductions	(8,050)		5,865		(65,200)		27,330
Interest Charges	34,526		23,244		89,963		73,247
Earnings before Income Taxes	140,187		134,350		182,060		223,181
Income Taxes	13,450		16,668		16,982		26,533
Net Earnings	126,737		117,682		165,078		196,648
(Earnings) Attributable to Valencia Non-controlling Interest	(4,172)		(4,229)		(10,897)		(11,643)
Preferred Stock Dividend Requirements of Subsidiary	(132)		(132)		(396)		(396)
Net Earnings Attributable to PNMR	$	122,433	$	113,321	$	153,785	$	184,609
Net Earnings Attributable to PNMR per Common Share:
Basic	$	1.42	$	1.32	$	1.79	$	2.14
Diluted	$	1.42	$	1.32	$	1.78	$	2.14
Dividends Declared per Common Share	$	0.3475	$	0.3275	$	1.0425	$	0.9825

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Net Earnings	$	126,737	$	117,682	$	165,078	$	196,648
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net change in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(326), $329, $2,075, and $246	956		(968)		(6,095)		(722)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $129, $632, $870, and $2,062	(380)		(1,856)		(2,556)		(6,058)
Pension Liability Adjustment:

Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(451), $(530), $(1,353), and $(1,590)	1,325		1,557		3,975		4,671
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $(1,764), $0, $(2,640), and $(458)	5,179		—		7,751		1,346
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $148, $0, $449, and $229	(434)		—		(1,318)		(674)
Total Other Comprehensive Income (Loss)	6,646		(1,267)		1,757		(1,437)
Comprehensive Income	133,383		116,415		166,835		195,211
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(4,172)		(4,229)		(10,897)		(11,643)
Preferred Stock Dividend Requirements of Subsidiary	(132)		(132)		(396)		(396)
Comprehensive Income Attributable to PNMR	$	129,079	$	112,054	$	155,542	$	183,172

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine Months Ended September 30,
	2022		2021
	(In thousands)
Cash Flows From Operating Activities:
Net earnings	$	165,078	$	196,648
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	255,808		238,963
Deferred income tax expense	15,036		25,293

(Gains) losses on investment securities	84,104		(16,108)
Stock based compensation expense	5,972		6,728
Regulatory disallowances and restructuring costs	832		436
Allowance for equity funds used during construction	(9,232)		(8,867)
Other, net	1,323		4,594
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(66,713)		(46,649)
Materials, supplies, and fuel stock	(6,630)		(333)
Other current assets	3,687		(20,005)
Other assets	6,676		17,551
Accounts payable	11,845		5,934
Accrued interest and taxes	17,875		7,713
Other current liabilities	(26,082)		17,679

Other liabilities	(32,083)		(21,065)
Net cash flows from operating activities	427,496		408,512

Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(702,878)		(496,185)
Proceeds from sales of investment securities	323,251		396,870
Purchases of investment securities	(332,490)		(405,142)





Distributions from NMRD	—		572
Other, net	692		108
Net cash flows used in investing activities	(711,425)		(503,777)

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine Months Ended September 30,
	2022		2021
	(In thousands)
Cash Flows From Financing Activities:

Revolving credit facilities borrowings (repayments), net	$	(2,500)	$	(18,100)
Long-term borrowings	558,000		1,370,000
Repayment of long-term debt	(179,500)		(1,165,000)


Awards of common stock	(7,846)		(10,082)

Dividends paid	(89,879)		(84,729)
Valencia’s transactions with its owner	(12,455)		(14,238)
Transmission interconnection and security deposit arrangements	76,696		31,878
Refunds paid under transmission interconnection arrangements	(50,401)		(9,752)
Debt issuance costs and other, net	(3,668)		(3,159)

Net cash flows from financing activities	288,447		96,818

Change in Cash, Restricted Cash, and Equivalents	4,518		1,553
Cash, Restricted Cash, and Equivalents at Beginning of Period	1,104		47,928
Cash, Restricted Cash, and Equivalents at End of Period	$	5,622	$	49,481





Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$	79,246	$	69,965
Income taxes paid, net	$	904	$	892

Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$	56,948	$	63,281

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	September 30, 2022		December 31, 2021
	(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$	5,622	$	1,104
Accounts receivable, net of allowance for credit losses of $4,919 and $7,265	179,604		123,292
Unbilled revenues	63,889		57,736
Other receivables	22,089		18,784

Materials, supplies, and fuel stock	64,835		65,061
Regulatory assets	45,040		14,785

Prepaid assets	18,407		37,325
Income taxes receivable	3,835		4,878

Other current assets	6,453		1,635
Total current assets	409,774		324,600
Other Property and Investments:

Investment securities	376,662		463,126
Equity investment in NMRD	90,674		89,158
Other investments	160		265
Non-utility property, net	25,805		25,439
Total other property and investments	493,301		577,988
Utility Plant:
Plant in service, held for future use, and to be abandoned	8,832,929		9,357,849
Less accumulated depreciation and amortization	2,621,112		2,952,743
	6,211,817		6,405,106
Construction work in progress	485,023		248,856
Nuclear fuel, net of accumulated amortization of $47,734 and $41,181	97,545		98,937
Net utility plant	6,794,385		6,752,899
Deferred Charges and Other Assets:
Regulatory assets	820,832		514,258
Goodwill	278,297		278,297
Operating lease right-of-use assets, net of accumulated amortization	62,440		79,511

Other deferred charges	169,861		139,332
Total deferred charges and other assets	1,331,430		1,011,398
	$	9,028,890	$	8,666,885

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

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PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	September 30, 2022		December 31, 2021
	(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$	60,200	$	62,700
Current installments of long-term debt	184,684		179,339
Accounts payable	127,493		172,595
Customer deposits	5,917		5,095
Accrued interest and taxes	86,937		70,105
Regulatory liabilities	17,186		8,316
Operating lease liabilities	18,534		27,218

Dividends declared	29,960		132

Transmission interconnection arrangement liabilities	20,208		39,564
Other current liabilities	115,350		99,149
Total current liabilities	666,469		664,213
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	3,893,500		3,519,580
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	806,630		764,850
Regulatory liabilities	772,355		841,393
Asset retirement obligations	220,899		234,146
Accrued pension liability and postretirement benefit cost	9,416		19,057
Operating lease liabilities	41,701		55,993

Other deferred credits	350,663		333,195
Total deferred credits and other liabilities	2,201,664		2,248,634
Total liabilities	6,761,633		6,432,427
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529		11,529
Equity:
PNMR common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 85,834,874 shares)	1,427,383		1,429,257
Accumulated other comprehensive income (loss), net of income taxes	(70,179)		(71,936)
Retained earnings	844,677		810,203
Total PNMR common stockholders’ equity	2,201,881		2,167,524
Non-controlling interest in Valencia	53,847		55,405
Total equity	2,255,728		2,222,929
	$	9,028,890	$	8,666,885

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)


		Attributable to PNMR											Non- controlling Interest in Valencia
	Common Stock			AOCI			Retained Earnings			Total PNMR Common Stockholders’ Equity					Total Equity
		(In thousands)
Balance at June 30, 2022		$	1,426,448		$	(76,825)		$	781,899		$	2,131,522	$	54,165		$	2,185,687
Net earnings before subsidiary preferred stock dividends		—			—			122,565			122,565		4,172			126,737
Total other comprehensive income		—			6,646			—			6,646		—			6,646
Subsidiary preferred stock dividends		—			—			(132)			(132)		—			(132)
Dividends declared on common stock		—			—			(59,655)			(59,655)		—			(59,655)

Awards of common stock		(221)			—			—			(221)		—			(221)
Stock based compensation expense		1,156			—			—			1,156		—			1,156
Valencia’s transactions with its owner		—			—			—			—		(4,490)			(4,490)
Balance at September 30, 2022		$	1,427,383		$	(70,179)		$	844,677		$	2,201,881	$	53,847		$	2,255,728

Balance at December 31, 2021		$	1,429,257		$	(71,936)		$	810,203		$	2,167,524	$	55,405		$	2,222,929



Net earnings before subsidiary preferred stock dividends		—			—			154,181			154,181		10,897			165,078
Total other comprehensive income		—			1,757			—			1,757		—			1,757
Subsidiary preferred stock dividends		—			—			(396)			(396)		—			(396)
Dividends declared on common stock		—			—			(119,311)			(119,311)		—			(119,311)

Awards of common stock		(7,846)			—			—			(7,846)		—			(7,846)

Stock based compensation expense		5,972			—			—			5,972		—			5,972
Valencia’s transactions with its owner		—			—			—			—		(12,455)			(12,455)



Balance at September 30, 2022		$	1,427,383		$	(70,179)		$	844,677		$	2,201,881	$	53,847		$	2,255,728


Balance at June 30, 2021	$	1,425,700	$	(79,353)	$	741,884	$	2,088,231	$	57,167	$	2,145,398
Net earnings before subsidiary preferred stock dividends	—		—		113,453		113,453		4,229		117,682
Total other comprehensive income (loss)	—		(1,267)		—		(1,267)		—		(1,267)
Subsidiary preferred stock dividends	—		—		(132)		(132)		—		(132)
Dividends declared on common stock	—		—		(56,222)		(56,222)		—		(56,222)

Awards of common stock	(129)		—		—		(129)		—		(129)
Stock based compensation expense	1,016		—		—		1,016		—		1,016
Valencia’s transactions with its owner	—		—		—		—		(4,982)		(4,982)
Balance at September 30, 2021	$	1,426,587	$	(80,620)	$	798,983	$	2,144,950	$	56,414	$	2,201,364

Balance at December 31, 2020	$	1,429,941	$	(79,183)	$	698,707	$	2,049,465	$	59,009	$	2,108,474
Net earnings before subsidiary preferred stock dividends	—		—		185,005		185,005		11,643		196,648
Total other comprehensive income (loss)	—		(1,437)		—		(1,437)		—		(1,437)
Subsidiary preferred stock dividends	—		—		(396)		(396)		—		(396)
Dividends declared on common stock	—		—		(84,333)		(84,333)		—		(84,333)

Awards of common stock	(10,082)		—		—		(10,082)		—		(10,082)

Stock based compensation expense	6,728		—		—		6,728		—		6,728
Valencia’s transactions with its owner	—		—		—		—		(14,238)		(14,238)



Balance at September 30, 2021	$	1,426,587	$	(80,620)	$	798,983	$	2,144,950	$	56,414	$	2,201,364

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Electric Operating Revenues:
Contracts with customers	$	388,371	$	361,701	$	944,235	$	884,559
Alternative revenue programs	(599)		(8,331)		1,039		(5,469)
Other electric operating revenue	209,565		82,153		367,526		151,595
Total electric operating revenues	597,337		435,523		1,312,800		1,030,685
Operating Expenses:
Cost of energy	303,351		170,902		606,129		383,556
Administrative and general	51,900		49,906		149,361		143,176
Energy production costs	34,469		32,374		110,534		106,709
Regulatory disallowances and restructuring costs	(567)		436		832		436
Depreciation and amortization	45,361		42,673		137,132		127,111
Transmission and distribution costs	12,549		12,844		37,678		34,906
Taxes other than income taxes	10,359		11,825		36,768		35,411
Total operating expenses	457,422		320,960		1,078,434		831,305
Operating income	139,915		114,563		234,366		199,380
Other Income and Deductions:
Interest income	3,888		3,364		10,288		10,376
Gains (losses) on investment securities	(15,736)		1,948		(84,104)		16,108
Other income	2,086		2,940		7,997		8,232
Other (deductions)	(793)		(3,530)		(5,368)		(10,635)
Net other income and deductions	(10,555)		4,722		(71,187)		24,081
Interest Charges	15,467		12,509		44,562		38,441
Earnings before Income Taxes	113,893		106,776		118,617		185,020
Income Taxes (Benefits)	12,121		15,500		11,762		26,178
Net Earnings	101,772		91,276		106,855		158,842
(Earnings) Attributable to Valencia Non-controlling Interest	(4,172)		(4,229)		(10,897)		(11,643)
Net Earnings Attributable to PNM	97,600		87,047		95,958		147,199
Preferred Stock Dividend Requirements	(132)		(132)		(396)		(396)
Net Earnings Available for PNM Common Stock	$	97,468	$	86,915	$	95,562	$	146,803

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,

	2022		2021		2022		2021
	(In thousands)
Net Earnings	$	101,772	$	91,276	$	106,855	$	158,842
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net change in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(326), $329, $2,075, and $246	956		(968)		(6,095)		(722)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $129, $632, $870, and $2,062	(380)		(1,856)		(2,556)		(6,058)
Pension Liability Adjustment:

Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(451), $(530), $(1,353), and $(1,590)	1,325		1,557		3,975		4,671



Total Other Comprehensive Income (Loss)	1,901		(1,267)		(4,676)		(2,109)
Comprehensive Income	103,673		90,009		102,179		156,733
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(4,172)		(4,229)		(10,897)		(11,643)
Comprehensive Income Attributable to PNM	$	99,501	$	85,780	$	91,282	$	145,090

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine Months Ended September 30,
	2022		2021
	(In thousands)
Cash Flows From Operating Activities:
Net earnings	$	106,855	$	158,842
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	161,303		151,775
Deferred income tax expense	11,762		24,034

(Gains) losses on investment securities	84,104		(16,108)
Regulatory disallowances and restructuring costs	832		436
Allowance for equity funds used during construction	(6,793)		(6,655)
Other, net	2,839		3,488
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(45,252)		(34,110)
Materials, supplies, and fuel stock	(3,809)		143
Other current assets	885		(20,398)
Other assets	7,958		14,541
Accounts payable	20,308		14,411
Accrued interest and taxes	14,799		13,370
Other current liabilities	(35,503)		12,442

Other liabilities	(24,717)		(34,394)
Net cash flows from operating activities	295,571		281,817

Cash Flows From Investing Activities:
Utility plant additions	(322,412)		(247,064)
Proceeds from sales of investment securities	323,251		396,870
Purchases of investment securities	(332,490)		(405,142)


Other, net	492		108
Net cash flows used in investing activities	(331,159)		(255,228)

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine Months Ended September 30,
	2022		2021
	(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	$	(7,400)	$	(10,000)

Long-term borrowings	298,000		235,000
Repayment of long-term debt	(179,500)		(200,000)

Dividends paid	(85,396)		(60,396)
Valencia’s transactions with its owner	(12,455)		(14,238)
Transmission interconnection and security deposit arrangements	70,296		28,278
Refunds paid under transmission interconnection arrangements	(41,401)		(2,450)
Debt issuance costs and other, net	(2,201)		(1,665)
Net cash flows from financing activities	39,943		(25,471)

Change in Cash, Restricted Cash, and Equivalents	4,355		1,118
Cash, Restricted Cash, and Equivalents at Beginning of Period	19		31,446
Cash, Restricted Cash, and Equivalents at End of Period	$	4,374	$	32,564





Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$	37,269	$	33,189
Income taxes paid (refunded), net	$	—	$	—

Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$	21,069	$	45,441

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	September 30, 2022		December 31, 2021
	(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$	4,374	$	19
Accounts receivable, net of allowance for credit losses of $4,919 and $7,265	138,203		98,151
Unbilled revenues	45,711		44,759
Other receivables	17,411		16,538
Affiliate receivables	8,906		8,837
Materials, supplies, and fuel stock	54,895		57,942
Regulatory assets	44,906		8,721

Prepaid assets	10,315		30,266

Other current assets	6,500		1,456
Total current assets	331,221		266,689
Other Property and Investments:

Investment securities	376,662		463,126
Other investments	24		129
Non-utility property, net	11,405		10,717
Total other property and investments	388,091		473,972
Utility Plant:
Plant in service, held for future use, and to be abandoned	5,908,807		6,602,015
Less accumulated depreciation and amortization	1,879,406		2,235,068
	4,029,401		4,366,947
Construction work in progress	281,506		182,520
Nuclear fuel, net of accumulated amortization of $47,734 and $41,181	97,545		98,937
Net utility plant	4,408,452		4,648,404
Deferred Charges and Other Assets:
Regulatory assets	740,175		428,981
Goodwill	51,632		51,632
Operating lease right-of-use assets, net of accumulated amortization	58,670		73,903

Other deferred charges	135,175		116,552
Total deferred charges and other assets	985,652		671,068
	$	6,113,416	$	6,060,133

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	September 30, 2022		December 31, 2021
	(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$	—	$	7,400

Current installments of long-term debt	184,684		179,339
Accounts payable	107,034		107,795
Affiliate payables	10,481		15,203
Customer deposits	5,917		5,095
Accrued interest and taxes	51,936		37,137
Regulatory liabilities	12,366		8,316
Operating lease liabilities	16,902		25,278

Dividends declared	132		132

Transmission interconnection arrangement liabilities	20,208		39,564
Other current liabilities	87,399		70,643
Total current liabilities	497,059		495,902
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,815,951		1,701,771
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	656,814		630,682

Regulatory liabilities	571,483		653,830
Asset retirement obligations	220,088		233,383
Accrued pension liability and postretirement benefit cost	9,122		18,718
Operating lease liabilities	39,754		52,552

Other deferred credits	272,024		246,502
Total deferred credits and liabilities	1,769,285		1,835,667
Total liabilities	4,082,295		4,033,340
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529		11,529
Equity:
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,547,918		1,547,918
Accumulated other comprehensive income (loss), net of income taxes	(76,612)		(71,936)
Retained earnings	494,439		483,877
Total PNM common stockholder’s equity	1,965,745		1,959,859
Non-controlling interest in Valencia	53,847		55,405
Total equity	2,019,592		2,015,264
	$	6,113,416	$	6,060,133

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)


	Attributable to PNM
							Total PNM Common Stockholder’s Equity		Non- controlling Interest in Valencia

	Common Stock		AOCI		Retained Earnings						Total Equity

	(In thousands)
Balance at June 30, 2022	$	1,547,918	$	(78,513)	$	481,971	$	1,951,376	$	54,165	$	2,005,541
Net earnings	—		—		97,600		97,600		4,172		101,772
Total other comprehensive income	—		1,901		—		1,901		—		1,901
Dividends declared on preferred stock	—		—		(132)		(132)		—		(132)
Dividends declared on common stock	—		—		(85,000)		(85,000)		—		(85,000)
Valencia’s transactions with its owner	—		—		—		—		(4,490)		(4,490)
Balance at September 30, 2022	$	1,547,918	$	(76,612)	$	494,439	$	1,965,745	$	53,847	$	2,019,592

Balance at December 31, 2021	$	1,547,918	$	(71,936)	$	483,877	$	1,959,859	$	55,405	$	2,015,264


Net earnings	—		—		95,958		95,958		10,897		106,855
Total other comprehensive income (loss)	—		(4,676)		—		(4,676)		—		(4,676)
Dividends declared on preferred stock	—		—		(396)		(396)		—		(396)

Dividends declared on common stock	—		—		(85,000)		(85,000)		—		(85,000)
Valencia’s transactions with its owner	—		—		—		—		(12,455)		(12,455)





Balance at September 30, 2022	$	1,547,918	$	(76,612)	$	494,439	$	1,965,745	$	53,847	$	2,019,592


Balance at June 30, 2021	$	1,494,918	$	(79,353)	$	448,224	$	1,863,789	$	57,167	$	1,920,956
Net earnings	—		—		87,047		87,047		4,229		91,276
Total other comprehensive income (loss)	—		(1,267)		—		(1,267)		—		(1,267)
Dividends declared on preferred stock	—		—		(132)		(132)		—		(132)
Dividends declared on common stock	—		—		(60,000)		(60,000)		—		(60,000)
Valencia’s transactions with its owner	—		—		—		—		(4,982)		(4,982)
Balance at September 30, 2021	$	1,494,918	$	(80,620)	$	475,139	$	1,889,437	$	56,414	$	1,945,851

Balance at December 31, 2020	$	1,494,918	$	(78,511)	$	388,336	$	1,804,743	$	59,009	$	1,863,752
Net earnings	—		—		147,199		147,199		11,643		158,842
Total other comprehensive income (loss)	—		(2,109)		—		(2,109)		—		(2,109)
Dividends declared on preferred stock	—		—		(396)		(396)		—		(396)

Dividends declared on common stock	—		—		(60,000)		(60,000)		—		(60,000)
Valencia’s transactions with its owner	—		—		—		—		(14,238)		(14,238)





Balance at September 30, 2021	$	1,494,918	$	(80,620)	$	475,139	$	1,889,437	$	56,414	$	1,945,851

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

Table of Contents

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Electric Operating Revenues:
Contracts with customers	$	143,595	$	120,180	$	376,544	$	312,800
Alternative revenue programs	(11,044)		(1,152)		(15,608)		2,313

Total electric operating revenues	132,551		119,028		360,936		315,113
Operating Expenses:
Cost of energy	30,988		28,478		92,220		83,896
Administrative and general	12,548		11,708		35,746		34,960

Depreciation and amortization	24,960		23,031		72,914		67,696
Transmission and distribution costs	8,989		7,152		23,482		21,260
Taxes other than income taxes	11,229		9,817		30,495		26,730
Total operating expenses	88,714		80,186		254,857		234,542
Operating income	43,837		38,842		106,079		80,571
Other Income and Deductions:
Interest income	148		—		1,435		—
Other income	2,691		2,144		5,151		4,853
Other (deductions)	(448)		(1,000)		(848)

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