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PNM rate increase

Electric · New Mexico · Investor-owned utility · part of TXNM Energy, Inc.

Proposed

Last checked

PNM has a request pending with regulators: Proposed Blackstone Infrastructure acquisition of PNM's parent, with rate credits. See the details below for what the sources say about bill impacts.

Details and sources · Estimate for your home

Rate changes, newest first

Proposed Blackstone Infrastructure acquisition of PNM's parent, with rate credits

Other · Electric

Proposed

Typical residential bill

Not stated for a specific usage level. Any figures the sources give are in the summary below.

Filed
August 25, 2025
Decision expected
Not disclosed
Requested effective
Not disclosed
Requested increase
Not disclosed
Approved increase
Pending
Docket
25-00060-UT

TXNM Energy applied in August 2025 for approval of its sale to Blackstone Infrastructure, offering $105 million in PNM retail rate credits over four years. The PRC paused the case after ruling in July 2026 that a 2025 stock sale lacked required approval. The Paper reported in September 2026 that Blackstone would offer $220 million in rate credits over nearly 10 years in a revised bid.

Utility's stated reasons

  • Sale of TXNM Energy to Blackstone Infrastructure
  • Proposed bill credits for PNM retail customers
Sources (3) · Verified against regulator or utility filings

Last verified Oct 5, 2026

PNM 2025 rate request: two-phase base rate increase

Base rate case · Electric

In effect

Typical residential bill (600 kWh/month)

  • +$2.79/mostarting July 1, 2025Phase 1, average residential customer, per the November 2024 unopposed stipulation.
  • +$7.00/mothen from April 1, 2026Phase 2 per the stipulation. The PRC's April 2026 customer notice puts the phase 2 increase at about $6.23 a month for the average residential customer.

Combined: +$9.79/mo

Filed
June 14, 2024
Decided
May 15, 2025
Effective
July 1, 2025
Requested increase
$174.3 million
Approved increase
$105 million
Docket
24-00089-UT

PNM asked in June 2024 for $174.3 million, including $82.1 million of battery-storage costs. Regulators approved an unopposed settlement in May 2025 for $105 million and a 9.45% return on equity, phased in July 2025 and April 2026. The settlement put the impact at $9.79 a month for a 600 kWh home; the PRC's April 2026 notice cites about $6.23 for the second phase.

Utility's stated reasons

  • Distribution, transmission and generation investment
  • Higher operating costs, including wildfire risk mitigation
  • Costs of previously approved battery storage agreements
Sources (4) · Verified against regulator or utility filings

Last verified Oct 5, 2026

What it could mean for your bill

Sources state the impact for one typical home. Enter your own usage or bill for a rough estimate.

For: PNM 2025 rate request: two-phase base rate increase (in effect)

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Who decides

  • New Mexico Public Regulation Commission (New Mexico) · Search dockets

Utility website: www.pnm.com

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Last checked Oct 5, 2026. Spotted something out of date? Tell us.