| Schedule of Summarized Financial Information |
Summarized financial information for Valencia is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Results of Operations | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (In thousands) | Operating revenues | $ | 6,777 | | | $ | 6,825 | | | $ | 18,558 | | | $ | 18,173 | | Operating expenses | 2,337 | | | 1,363 | | | 5,988 | | | 4,664 | | | | | | | | | | Earnings attributable to non-controlling interest | $ | 4,440 | | | $ | 5,462 | | | $ | 12,570 | | | $ | 13,509 | |
| | | | | | | | | | | | Financial Position | | September 30, | | December 31, | | 2026 | | 2025 | | (In thousands) | | Current assets | $ | 4,719 | | | $ | 3,205 | | Net property, plant, and equipment | 44,417 | | | 41,570 | | Total assets | 49,136 | | | 44,775 | | | Current liabilities | 1,019 | | | 787 | | Owners’ Equity – Non-controlling Interest | $ | 48,117 | | | $ | 43,988 | | The following tables summarize the impact of ETBC I on PNM’s Financial Statements:
| | | | | | | | | | | | | | | | | | | | | | | | | Results of Operations | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (In thousands) | Electric Operating Revenues | $ | 6,794 | | | $ | 6,766 | | | $ | 20,178 | | | $ | 20,174 | | Depreciation and amortization | 1,850 | | | 1,748 | | | 5,473 | | | 5,172 | | Interest Charges | 4,821 | | | 4,922 | | | 14,539 | | | 14,840 | | Other | 123 | | | 96 | | | 166 | | | 162 | | Net Earnings | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | |
| | | | | | | | | | | | Financial Position | | September 30, 2026 | | December 31, 2025 | | (In thousands) | | | | | Restricted cash (included in Other current assets) | $ | 4,222 | | | $ | 11,954 | | Restricted cash (included in Other deferred charges) | 1,729 | | | 1,743 | | Securitized Cost (included in Regulatory assets - Deferred) | 323,661 | | | 329,134 | | Current installments of long-term debt | 7,721 | | | 7,303 | | Accrued interest and taxes | 2,384 | | | 7,306 | | Regulatory liabilities - Current | 2,514 | | | 3,009 | | Long-term Debt | 316,892 | | | 324,531 | | | | | |
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