TXNM is a regulated utility holding company that owns and operates two electric utilities—PNM and TNMP—serving approximately 842,000 customers across New Mexico and Texas. PNM generates, transmits, and distributes electric power directly to retail customers in New Mexico, while TNMP provides transmission and distribution services to retail electric providers in Texas. Both utilities earn revenue through rates regulated by state public utility commissions, with PNM also recovering fuel costs through adjustment clauses, and the company is executing a transition to carbon-free generation through investments in renewable energy, grid modernization, and distributed solar programs.