PUBLIC SERVICE CO OF NEW MEXICO Business Summary

Public Service Co of New Mexico (PNM), the primary subsidiary of PNM Resources, Inc., operates as a regulated electric utility generating revenue through the generation, transmission, and distribution of electricity to over 540,000 residential and commercial customers. Its business model is predicated on rate-regulated returns authorized by the New Mexico Public Regulation Commission, with core operations segmented into integrated utility services in New Mexico and transmission-and-distribution-only services in Texas via its TNMP subsidiary. The company is currently focused on a capital-intensive transition toward a 100% carbon-free energy portfolio by 2040, leveraging a mix of solar, wind, and battery storage investments to replace retired coal and gas capacity. Key regional competitors include Xcel Energy (Southwestern Public Service Co), El Paso Electric, and Arizona Public Service (Pinnacle West). PNM occupies a leading market position as New Mexico’s largest utility, characterized by its strategic pivot toward renewable infrastructure and grid modernization following the 2024 termination of its merger agreement with Avangrid. Leadership is currently spearheaded by Don Tarry, who serves as President and Chief Executive Officer of PNM Resources, bringing over 25 years of utility experience to the role since his appointment in early 2024. The executive suite includes Elisabeth A. Eden as Senior Vice President and Chief Financial Officer, and Henry E. Monroy as Vice President, Corporate Development and Strategy, both of whom possess deep expertise in regulatory affairs and financial planning. The company’s strategic direction is overseen by a board chaired by Patricia K. Vincent-Collawn, the former CEO known for her influential role in national energy policy. Major institutional backing is provided by Tier-1 asset managers including BlackRock, Vanguard, and State Street, which hold substantial positions in the parent entity, signaling investor confidence in PNM’s long-term standalone roadmap and its ability to navigate the complex regulatory environment of the Southwest.