Related Party Transactions

3 Months Ended

Mar. 31, 2023

PNMR, PNM, TNMP, and NMRD are considered related parties, as is PNMR Services Company, a wholly-owned subsidiary of PNMR that provides corporate services to PNMR and its subsidiaries in accordance with shared services agreements. These services are billed at cost on a monthly basis to the business units. In addition, PNMR provides construction and operations and maintenance services to NMRD, a 50% owned subsidiary of PNMR Development. PNM purchases renewable energy from certain NMRD-owned facilities at a fixed price per MWh of energy produced. PNM also provides interconnection services to PNMR Development and NMRD. See Note 16 for additional discussion of NMRD.

The table below summarizes the nature and amount of related party transactions of PNMR, PNM, TNMP, and NMRD:


	Three Months Ended
	March 31,
	2023		2022
	(In thousands)
Services billings:
PNMR to PNM	$	31,539	$	27,693
PNMR to TNMP	12,413		10,304
PNM to TNMP	65		93
TNMP to PNMR	35		35

PNMR to NMRD	82		64
Renewable energy purchases:
PNM from NMRD	2,361		2,621
Interconnection and facility study billings:
PNM to NMRD	—		—
PNM to PNMR	—		—
NMRD to PNM	—		—
Interest billings:
PNMR to PNM	3		7
PNM to PNMR	130		23
PNMR to TNMP	11		45
Income tax sharing payments:
PNMR to PNM	—		—
TNMP to PNMR	—		—