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Equity Method Investment
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment Equity Method Investment
As discussed in Note 21 of the Company's 2022 Annual Reports on Form 10-K, PNMR Development and AEP OnSite Partners created NMRD in September 2017 to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. As of June 30, 2023, NMRD’s renewable energy capacity in operation was 135.1 MW. PNMR Development and AEP OnSite Partners each have a 50% ownership interest in NMRD. The investment in NMRD is accounted for using the equity method of accounting because PNMR’s ownership interest results in significant influence, but not control, over NMRD and its operations. PNMR Development, together with AEP OnSite Partners, has selected an adviser for the sale of NMRD.

In the six months ended June 30, 2023, PNMR Development and AEP OnSite Partners each made cash contributions to NMRD of $14.8 million for its construction activities. In the six months ended June 30, 2022, neither PNMR Development nor AEP OnSite Partners made any cash contributions to NMRD for its construction activities.

PNMR presents its share of net earnings from NMRD in other income on the Condensed Consolidated Statements of Earnings. Summarized financial information for NMRD is as follows:

Results of Operations
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In thousands)
Operating revenues
$3,975 $4,021 $6,505 $6,817 
Operating expenses1,965 2,387 4,384 4,791 
Net earnings
$2,010 $1,634 $2,121 $2,026 

Financial Position
June 30,December 31,
20232022
(In thousands)
Current assets$4,468 $8,357 
Net property, plant, and equipment200,071 169,440 
Non-current assets9,856 9,631 
Total assets
214,395 187,428 
Current liabilities1,162 5,822 
Non-current liabilities373 366 
Owners’ equity
$212,860 $181,240