TXNM Energy advances $10B investment plan as Blackstone merger nears H2 close

TXNM Energy (NYSE:TXNM) reported its first-quarter 2026 financial results today, delivering ongoing diluted earnings per share of $0.21, compared to $0.19 in the prior-year period.

On a GAAP basis, the company saw net earnings of $3.7 million, or $0.03 per diluted share.

The results reflect the steady implementation of a phased-in rate approach at Public Service Company of New Mexico (PNM) and continued load growth in its Texas operations.

A central highlight of the report was the significant expansion of the company’s long-term infrastructure strategy.

TXNM updated its 2026–2030 capital investment plan to $10.215 billion, a substantial commitment aimed at enhancing system reliability and supporting New Mexico’s carbon-free energy goals.

Consequently, the company’s rate base forecasts have been rolled forward to $7.6 billion for 2026, with a projected climb to $13.6 billion by 2030.

The company provided a key update on its pending $11.5 billion acquisition by affiliates of Blackstone Infrastructure.

The transaction, which will take TXNM private at $61.25 per share, has already secured approvals from the Federal Energy Regulatory Commission (FERC) and the Public Utility Commission of Texas (PUCT).

While approvals from the Nuclear Regulatory Commission and the New Mexico Public Regulation Commission remain outstanding, TXNM expects the deal to close in the second half of 2026.