v3.26.3
Variable Interest Entities (Tables)
9 Months Ended
Sep. 30, 2026
Variable Interest Entities [Abstract]  
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,
2026202520262025
(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,
20262025
(In thousands)
Current assets$4,719 $3,205 
Net property, plant, and equipment
44,417 41,570 
Total assets
49,136 44,775 
Current liabilities1,019 787 
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,
2026202520262025
(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, 2026December 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