PNM and parties file Unopposed Stipulation in 2025 Rate Request

Core Points - PNM, a subsidiary of TXNM Energy, filed an unopposed comprehensive stipulation with the New Mexico Public Regulation Commission for a phased-in increase in customer rates to support grid investments [1][2] - The stipulation includes a $105.0 million increase in revenue requirements based on a 9.45$3.0 billion rate base [2][4] - The agreement maintains previously approved depreciation rates for Four Corners Power Plant and modifies the amortization period for unprotected Excess Deferred Federal Income Tax regulatory liabilities [3] - Customer rates will increase in two phases: 50% effective July 1, 2025, and the remaining increase effective April 1, 2026 [4] - Various parties, including regulatory staff and community organizations, support the stipulation, while some intervening parties do not oppose it [5] Financial Details - The stipulation allows for a regulatory asset or liability for differences in Energy Storage Agreement costs until PNM's next filing [2] - A reduction in operating expenses is included to achieve the stipulated $105.0 million increase [3] - The previously authorized rates were based on a 9.26% return on equity and a 50% equity capitalization structure [4] Regulatory Process - The stipulation is subject to approval by the New Mexico Public Regulation Commission, with a scheduling conference planned for December 4 [7] - Hearings are expected to begin in mid-February [7] Company Background - TXNM Energy is an energy holding company serving over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities [8]