Electric Operating Revenues (Tables)

9 Months Ended

Sep. 30, 2025

A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below.


	PNM		TNMP		TXNM
Three Months Ended September 30, 2025	(In thousands)
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential	$	187,307	$	77,362	$	264,669
Commercial	149,470		51,458		200,928
Industrial	38,725		17,812		56,537
Public authority	7,789		2,212		10,001
Economy energy service	5,772		—		5,772
Transmission	37,874		43,021		80,895
Wholesale energy sales	34,774		—		34,774

Miscellaneous	1,739		973		2,712
Total revenues from contracts with customers	463,450		192,838		656,288
Alternative revenue programs	(2,236)		(9,396)		(11,632)
Other electric operating revenues	2,506		—		2,506
Total Electric Operating Revenues	$	463,720	$	183,442	$	647,162


Nine Months Ended September 30, 2025
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential	$	431,870	$	180,319	$	612,189
Commercial	363,468		142,879		506,347
Industrial	107,016		43,663		150,679
Public authority	18,502		6,194		24,696
Economy energy service	23,770		—		23,770
Transmission	109,243		124,519		233,762
Wholesale energy sales	71,598		—		71,598

Miscellaneous	4,600		2,878		7,478
Total revenues from contracts with customers	1,130,067		500,452		1,630,519
Alternative revenue programs	154		(3,550)		(3,396)
Other electric operating revenues	5,251		—		5,251
Total Electric Operating Revenues	$	1,135,472	$	496,902	$	1,632,374


	PNM		TNMP		TXNM
Three Months Ended September 30, 2024	(In thousands)
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential	$	174,765	$	67,004	$	241,769
Commercial	149,245		45,735		194,980
Industrial	31,841		7,106		38,947
Public authority	7,433		1,920		9,353
Economy energy service	3,662		—		3,662
Transmission	35,671		39,195		74,866
Wholesale energy sales	8,311		—		8,311
Miscellaneous	1,511		916		2,427
Total revenues from contracts with customers	412,439		161,876		574,315
Alternative revenue programs	(7,864)		861		(7,003)
Other electric operating revenues	1,944		—		1,944
Total Electric Operating Revenues	$	406,519	$	162,737	$	569,256

Nine Months Ended September 30, 2024
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential	$	416,216	$	155,812	$	572,028
Commercial	358,511		121,777		480,288
Industrial	90,811		24,878		115,689
Public authority	17,047		5,376		22,423
Economy energy service	15,257		—		15,257
Transmission	105,153		117,120		222,273
Wholesale energy sales	43,508		—		43,508

Miscellaneous	4,324		2,835		7,159
Total revenues from contracts with customers	1,050,827		427,798		1,478,625
Alternative revenue programs	(5,128)		18,132		13,004
Other electric operating revenues	2,606		—		2,606
Total Electric Operating Revenues	$	1,048,305	$	445,930	$	1,494,235