TXNM Energy (formerly PNM Resources) is an energy holding company based in Albuquerque, New Mexico. TXNM was founded in 1917 as the Albuquerque Gas and Electric Company. TXNM Energy owns both PNM and Texas - New Mexico Power (TNMP)
| Company type | Public company |
|---|---|
| Headquarters | Albuquerque, New Mexico, U.S. |
Number of employees | 1,708 (2020) |
| Website | www |
Headquartered in Albuquerque, TXNM Energy has a diverse energy portfolio and combined with their purchased power resources contribute to a total generation capacity of approximately 2.7 gigawatts and serves electricity to 800,000 residential and business customers across New Mexico and Texas.[1]
Primary holdings
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TNMP
editTexas-New Mexico Power is a corporation that is wholly owned by TXNM Energy. It is a regulated electric utility operating in Texas. TNMP was sold in a leveraged buyout in 2000.[2] TXNM acquired Texas—New Mexico Power in 2005 and moved the New Mexico properties to TXNM in 2006.[3] TNMP is headquartered in Lewisville, Texas.
Merger developments with Avangrid
editDespite initial rejection by New Mexico regulators, the merger of PNM Resources with Avangrid has progressed favorably. Key factors supporting the likelihood of the deal's eventual approval include changes in the public commission structure and the resolution of legal concerns involving Avangrid's parent company, Iberdrola. The current market scenario reflects a high probability of regulatory approval for the merger.[4] In October 2020, PNM Resources entered into an agreement to be acquired by Avangrid, the US subsidiary of the Spanish multinational electric utility Iberdrola. The deal, valued at $8.3 billion, has received all the necessary approvals except from the New Mexico Public Regulation Commission (NMPRC). The merger faced initial rejection due to concerns about Avangrid's track record and legal issues involving Iberdrola, leading to an appeal to the Supreme Court. The resolution of these issues is expected within 12–18 months.[5]
Corporate organization and history
editTXNM was founded in 1917 as the Albuquerque Gas and Electric Company. TXNM sold the gas part of the business to Southern Union Gas Company of Dallas in 1949. These sold portions became the Gas Company of New Mexico. In 1985, however, PNM reacquired the Gas Company of New Mexico after Southern Union Gas Company reached a settlement stemming from federal antitrust litigation. In 1994, both electric and gas operations began serving customers as PNM.
In May 2003, TXNM Energy' utility subsidiary, PNM, was recognized by the American Wind Energy Association's Utility Leadership Award for PNM's role in the creation of the New Mexico Wind Energy Center. The award was presented at the National Wind Energy Conference in Austin, Texas.[6]
In 2008, PNM sold New Mexico Gas to Continental Energy, a company backed by the private equity firm Lindsay Goldberg. It was later acquired by TECO Energy.[7] It will soon become a division of Halifax, Canada-based Emera when its acquisition of TECO Energy closes by mid-2016.[8]
On October 21, 2020, the company announced a strategic merger with Avangrid, a subsidiary of Iberdrola.[9][10]
References
edit- ^ "About Us | Get to Know Your Utility Provider | PNM - pnmprod - pnm.com". pnmprod. Retrieved 2024-05-17.
- ^ Oppel Jr, Richard A. (2000-04-30). "Deregulation Has Given Power to the Power People". The New York Times. ISSN 0362-4331. Retrieved 2021-11-27.
- ^ "TNMP History | TNMP". Retrieved 2021-11-27.
- ^ Taurus, Dalius (2022-07-04). "PNM Resources Stock: Avangrid Merger Is Likely To Close | Seeking Alpha". seekingalpha.com. Retrieved 2023-12-07.
- ^ "PNM Resources and Avangrid agree to merger extension". Yahoo Finance. 2023-06-20. Retrieved 2023-12-07.
- ^ "PNM Honored for Role in Wind Energy Project".
- ^ Poole, Claire (2013-05-29). "Teco Energy pays $950M for New Mexico Gas". The Deal Pipeline. Archived from the original on 2015-02-14. Retrieved 2015-02-14.
- ^ Tampa Bay Times: "Tampa Electric announces its sale to Canadian company Emera", September 4, 2015.
- ^ "Iberdrola's Avangrid to Acquire Southwest Utility PNM". greentechmedia.com. 2020-10-21. Retrieved 2020-10-22.
- ^ "Major wind power company to acquire PNM". santafenewmexican.com. 2020-10-21. Retrieved 2020-10-22.
External links
edit- Official website
- Business data for TXNM Energy: