Regulatory Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Regulatory assets and liabilities reflected in the Consolidated Balance Sheets are presented below.


	PNM				TNMP
	December 31,				December 31,
	2024		2023		2024		2023
Assets:	(In thousands)
Current:
FPPAC	$	30,487	$	65,251	$	—	$	—
NMPRC Hedging Plan	5,737		—		—		—
Transmission cost recovery factor	—		—		5,268		—
Energy efficiency costs	—		—		—		50
Renewable energy rider	—		5,021		—		—
SJGS Energy Transition Property	—		2,724		—		—
	36,224		72,996		5,268		50






Non-Current:
SJGS Energy Transition Property	$	336,079	$	340,629	$	—	$	—
SJGS ETA	24,996		—		—		—
SJGS - non-ETA	114,333		122,246		—		—
PVNGS leased interest	82,982		80,777		—		—

EIM	15,189		18,731		—		—
TEP	4,942		2,644		—		—
Loss on reacquired debt	12,507		13,806		23,721		25,019
Pension and OPEB	176,171		172,508		21,087		21,854
Deferred income taxes	74,925		71,359		8,570		8,882

Excess ADIT	—		—		6,542		—
AMS retirement and other costs	—		—		12,851		12,343
Deferred COVID-19 costs	3,328		5,664		—		—
Hurricane Beryl	—		—		20,958		—
Other	11,858		10,363		10,964		7,556
	857,310		838,727		104,693		75,654
Total regulatory assets	$	893,534	$	911,723	$	109,961	$	75,704



	PNM				TNMP
	December 31,				December 31,
	2024		2023		2024		2023



Liabilities:	(In thousands)
Current:

SJGS rate refunds	$	(157)	$	(113,372)	$	—	$	—
PVNGS rate refunds	(19,194)		(19,194)		—		—
Renewable energy rider	(4,786)		—		—		—
Energy efficiency costs	(2,459)		(1,454)		(602)		—
Transmission Cost Recovery Factor	—		—		—		(5,159)
SJGS Energy Transition Property	(6,975)		—
NMPRC hedging plan	—		(826)		—		—
	(33,571)		(134,846)		(602)		(5,159)
Non-Current:
Cost of removal	$	(247,280)	$	(247,627)	$	(147,296)	$	(117,759)
Deferred income taxes	(253,158)		(281,588)		(80,152)		(83,459)

Renewable energy tax benefits	(13,317)		(14,463)		—		—



PVNGS rate refunds	(3,277)		(19,194)		—		—
Pension and OPEB	—		—		(2,589)		(3,644)
COVID-19 cost savings	(469)		(900)		—		—
Other	(1,200)		(1,249)		—		(1,434)
	(518,701)		(565,021)		(230,037)		(206,296)
Total regulatory liabilities	$	(552,272)	$	(699,867)	$	(230,639)	$	(211,455)