<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:019fec7a-41c1-7aa3-b490-294fea030a6e,g:2205205b-cf0e-4460-9274-eb6bd389d7d5-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:arcroleRef arcroleURI="https://xbrl.org/2023/arcrole/summation-item" xlink:type="simple" xlink:href="https://www.xbrl.org/2023/calculation-1.1.xsd#summation-item"/>
  <link:roleRef roleURI="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFEARNINGSTXNMENERGYINCANDSUBSIDIARIES" xlink:type="simple" xlink:href="pnm-20260930.xsd#CONDENSEDCONSOLIDATEDSTATEMENTSOFEARNINGSTXNMENERGYINCANDSUBSIDIARIES"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFEARNINGSTXNMENERGYINCANDSUBSIDIARIES" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fec7a-468a-7848-bbc8-e89a8affb4a7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fec7a-468a-77cd-a0ae-6fa23823870a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019fec7a-468a-7848-bbc8-e89a8affb4a7" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fec7a-468a-77cd-a0ae-6fa23823870a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_019fec7a-468a-7171-b575-e3fe7ccfed84" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019fec7a-468a-7848-bbc8-e89a8affb4a7" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_019fec7a-468a-7171-b575-e3fe7ccfed84" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_019fec7a-468a-7f23-9a24-77fecf9eb2a1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-468a-791d-be86-e85923eceb42" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UtilitiesOperatingExpense"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019fec7a-468a-7f23-9a24-77fecf9eb2a1" xlink:to="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-468a-791d-be86-e85923eceb42" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019fec7a-468a-7145-ac70-dcad7861adb5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019fec7a-468a-7f23-9a24-77fecf9eb2a1" xlink:to="loc_us-gaap_Revenues_019fec7a-468a-7145-ac70-dcad7861adb5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fec7a-468a-7055-adb0-70affeb67ed8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_019fec7a-468a-7de9-b166-2a8c821c2a92" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fec7a-468a-7055-adb0-70affeb67ed8" xlink:to="loc_us-gaap_OperatingIncomeLoss_019fec7a-468a-7de9-b166-2a8c821c2a92" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_019fec7a-468a-7d56-91c2-251c27e6ed20" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fec7a-468a-7055-adb0-70affeb67ed8" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_019fec7a-468a-7d56-91c2-251c27e6ed20" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpense_019fec7a-468a-7518-a7b1-82424778578c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestExpense"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fec7a-468a-7055-adb0-70affeb67ed8" xlink:to="loc_us-gaap_InterestExpense_019fec7a-468a-7518-a7b1-82424778578c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_019fec7a-468a-7e52-8cb1-2fe1a77a256e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInterest_019fec7a-468a-72c8-8439-4c15945becae" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentIncomeInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense_019fec7a-468a-7e52-8cb1-2fe1a77a256e" xlink:to="loc_us-gaap_InvestmentIncomeInterest_019fec7a-468a-72c8-8439-4c15945becae" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnInvestments_019fec7a-468a-7cf6-a257-60a97e2cce31" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainLossOnInvestments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense_019fec7a-468a-7e52-8cb1-2fe1a77a256e" xlink:to="loc_us-gaap_GainLossOnInvestments_019fec7a-468a-7cf6-a257-60a97e2cce31" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherIncome_019fec7a-468a-753b-b781-7c6d502460a1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherIncome"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense_019fec7a-468a-7e52-8cb1-2fe1a77a256e" xlink:to="loc_us-gaap_OtherIncome_019fec7a-468a-753b-b781-7c6d502460a1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherExpenses_019fec7a-468a-798f-ae59-e500ebcbf37b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherExpenses"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense_019fec7a-468a-7e52-8cb1-2fe1a77a256e" xlink:to="loc_us-gaap_OtherExpenses_019fec7a-468a-798f-ae59-e500ebcbf37b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_OtherInvestmentIncomeExpense_019fec7a-468a-7f97-934b-309d6dc27d66" xlink:href="pnm-20260930.xsd#pnm_OtherInvestmentIncomeExpense"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense_019fec7a-468a-7e52-8cb1-2fe1a77a256e" xlink:to="loc_pnm_OtherInvestmentIncomeExpense_019fec7a-468a-7f97-934b-309d6dc27d66" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-468a-755c-b0f3-fbfae120fba8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fec7a-468a-747a-a374-084f5e011659" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-468a-755c-b0f3-fbfae120fba8" xlink:to="loc_us-gaap_ProfitLoss_019fec7a-468a-747a-a374-084f5e011659" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019fec7a-468a-798e-b390-9a96a8764727" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-468a-755c-b0f3-fbfae120fba8" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019fec7a-468a-798e-b390-9a96a8764727" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPreferredStock_019fec7a-468a-705d-924e-c390de9dd4ed" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DividendsPreferredStock"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-468a-755c-b0f3-fbfae120fba8" xlink:to="loc_us-gaap_DividendsPreferredStock_019fec7a-468a-705d-924e-c390de9dd4ed" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-468a-7ef2-8e0c-b7676e0e6339" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UtilitiesOperatingExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSold_019fec7a-468a-7748-858f-7bda4568f3ba" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostOfGoodsAndServicesSold"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-468a-7ef2-8e0c-b7676e0e6339" xlink:to="loc_us-gaap_CostOfGoodsAndServicesSold_019fec7a-468a-7748-858f-7bda4568f3ba" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_019fec7a-468a-7ef4-bfb4-8abbe38c5c9e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-468a-7ef2-8e0c-b7676e0e6339" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_019fec7a-468a-7ef4-bfb4-8abbe38c5c9e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_RegulatoryDisallowanceAndRestructuringCharges_01a114ae-ed9c-7aab-8bfb-1c95c71e2c30" xlink:href="pnm-20260930.xsd#pnm_RegulatoryDisallowanceAndRestructuringCharges"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-468a-7ef2-8e0c-b7676e0e6339" xlink:to="loc_pnm_RegulatoryDisallowanceAndRestructuringCharges_01a114ae-ed9c-7aab-8bfb-1c95c71e2c30" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization_019fec7a-468a-7c44-97fc-6d4c9c6e71f7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-468a-7ef2-8e0c-b7676e0e6339" xlink:to="loc_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization_019fec7a-468a-7c44-97fc-6d4c9c6e71f7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_TransmissionAndDistributionCosts_019fec7a-468a-7c5a-bd2b-8b7944ae5c6d" xlink:href="pnm-20260930.xsd#pnm_TransmissionAndDistributionCosts"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-468a-7ef2-8e0c-b7676e0e6339" xlink:to="loc_pnm_TransmissionAndDistributionCosts_019fec7a-468a-7c5a-bd2b-8b7944ae5c6d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UtilitiesOperatingExpenseTaxes_019fec7a-468a-7cf0-97cf-64ed31f0d226" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UtilitiesOperatingExpenseTaxes"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-468a-7ef2-8e0c-b7676e0e6339" xlink:to="loc_us-gaap_UtilitiesOperatingExpenseTaxes_019fec7a-468a-7cf0-97cf-64ed31f0d226" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOMETXNMENERGYINCANDSUBSIDIARIES" xlink:type="simple" xlink:href="pnm-20260930.xsd#CONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOMETXNMENERGYINCANDSUBSIDIARIES"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOMETXNMENERGYINCANDSUBSIDIARIES" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-468a-7543-88c7-0538a48946c1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_019fec7a-468a-75d3-98c0-8bb3a5b1c39f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-468a-7543-88c7-0538a48946c1" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_019fec7a-468a-75d3-98c0-8bb3a5b1c39f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_019fec7a-468a-72e1-a58e-0e5dfd5c8ed8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-468a-7543-88c7-0538a48946c1" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_019fec7a-468a-72e1-a58e-0e5dfd5c8ed8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax_019fec7a-468a-7b96-9506-6b144f34ea4e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-468a-7543-88c7-0538a48946c1" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax_019fec7a-468a-7b96-9506-6b144f34ea4e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax_019fec7a-468a-7fe6-9ade-f175c2eb0556" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-468a-7543-88c7-0538a48946c1" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax_019fec7a-468a-7fe6-9ade-f175c2eb0556" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_019fec7a-468a-7d26-a8a7-991e541c299a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-468a-7543-88c7-0538a48946c1" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_019fec7a-468a-7d26-a8a7-991e541c299a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468a-7146-b6c1-2ec5eb4d2073" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fec7a-468a-70eb-bba9-d06255b06ec2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468a-7146-b6c1-2ec5eb4d2073" xlink:to="loc_us-gaap_ProfitLoss_019fec7a-468a-70eb-bba9-d06255b06ec2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-468a-7b12-8edb-2a7abd9005f4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468a-7146-b6c1-2ec5eb4d2073" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-468a-7b12-8edb-2a7abd9005f4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_019fec7a-468a-71aa-8d17-bc3b6d135d1a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468a-7f95-9010-52796cd7e50a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019fec7a-468a-71aa-8d17-bc3b6d135d1a" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468a-7f95-9010-52796cd7e50a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_019fec7a-468a-7db6-8e4f-38bea78ee49e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019fec7a-468a-71aa-8d17-bc3b6d135d1a" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_019fec7a-468a-7db6-8e4f-38bea78ee49e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PreferredStockDividendRequirementsOfSubsidiary_019fec7a-468a-7a05-91b0-bfd20e1f04a9" xlink:href="pnm-20260930.xsd#pnm_PreferredStockDividendRequirementsOfSubsidiary"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019fec7a-468a-71aa-8d17-bc3b6d135d1a" xlink:to="loc_pnm_PreferredStockDividendRequirementsOfSubsidiary_019fec7a-468a-7a05-91b0-bfd20e1f04a9" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSTXNMENERGYINCANDSUBSIDIARIES" xlink:type="simple" xlink:href="pnm-20260930.xsd#CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSTXNMENERGYINCANDSUBSIDIARIES"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWSTXNMENERGYINCANDSUBSIDIARIES" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019fec7a-468a-7c94-ad36-dcc48c192fcb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7e34-9de2-154cc8012e57" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019fec7a-468a-7c94-ad36-dcc48c192fcb" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7e34-9de2-154cc8012e57" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fec7a-468a-7976-a101-ccf8b1dc1224" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019fec7a-468a-7c94-ad36-dcc48c192fcb" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fec7a-468a-7976-a101-ccf8b1dc1224" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-70f9-af0b-f55ec7d58061" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019fec7a-468a-7c94-ad36-dcc48c192fcb" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-70f9-af0b-f55ec7d58061" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromShortTermDebt_019fec7a-468a-7dca-903b-d678cafb5e16" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromShortTermDebt"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_us-gaap_ProceedsFromShortTermDebt_019fec7a-468a-7dca-903b-d678cafb5e16" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfShortTermDebt_019fec7a-468a-78da-be25-433196bbae4d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RepaymentsOfShortTermDebt"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_us-gaap_RepaymentsOfShortTermDebt_019fec7a-468a-78da-be25-433196bbae4d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_019fec7a-468a-7c7a-99b3-d85dc87431e4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_019fec7a-468a-7c7a-99b3-d85dc87431e4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLongTermDebt_019fec7a-468a-7a6b-8e7e-d9b00aeebbe0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RepaymentsOfLongTermDebt"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_us-gaap_RepaymentsOfLongTermDebt_019fec7a-468a-7a6b-8e7e-d9b00aeebbe0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_019fec7a-468a-7928-bfea-a8b162a09178" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_019fec7a-468a-7928-bfea-a8b162a09178" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PaymentForCancellationOfCommonStockPreviouslyIssued_01a16212-f09d-7645-a4a6-e87e4f3d259b" xlink:href="pnm-20260930.xsd#pnm_PaymentForCancellationOfCommonStockPreviouslyIssued"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_pnm_PaymentForCancellationOfCommonStockPreviouslyIssued_01a16212-f09d-7645-a4a6-e87e4f3d259b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019fec7a-468a-79e5-af92-6e9e23083714" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019fec7a-468a-79e5-af92-6e9e23083714" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock_019fec7a-468a-7080-ad81-c21d1682b0e5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_us-gaap_PaymentsOfDividendsCommonStock_019fec7a-468a-7080-ad81-c21d1682b0e5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PaymentForReturnOfDividends_01a1523b-3b41-7a55-8afe-550b6acb08a7" xlink:href="pnm-20260930.xsd#pnm_PaymentForReturnOfDividends"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_pnm_PaymentForReturnOfDividends_01a1523b-3b41-7a55-8afe-550b6acb08a7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_ProceedsPaymentsOfOrdinaryDividendsNoncontrollingInterest_019fec7a-468a-7855-859e-da9f9ebbcefb" xlink:href="pnm-20260930.xsd#pnm_ProceedsPaymentsOfOrdinaryDividendsNoncontrollingInterest"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_pnm_ProceedsPaymentsOfOrdinaryDividendsNoncontrollingInterest_019fec7a-468a-7855-859e-da9f9ebbcefb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_ProceedsFromTransmissionInterconnectionAndSecurityDepositArrangements_019fec7a-468a-7601-9f8f-12f5c4dd74a2" xlink:href="pnm-20260930.xsd#pnm_ProceedsFromTransmissionInterconnectionAndSecurityDepositArrangements"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_pnm_ProceedsFromTransmissionInterconnectionAndSecurityDepositArrangements_019fec7a-468a-7601-9f8f-12f5c4dd74a2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_RepaymentsFromTransmissionInterconnectionArrangementAndSecurityDepositArrangements_019fec7a-468a-7a77-a774-af8e08484d7b" xlink:href="pnm-20260930.xsd#pnm_RepaymentsFromTransmissionInterconnectionArrangementAndSecurityDepositArrangements"/>
    <link:calculationArc order="12" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_pnm_RepaymentsFromTransmissionInterconnectionArrangementAndSecurityDepositArrangements_019fec7a-468a-7a77-a774-af8e08484d7b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_019fec7a-468a-7222-8068-2f7dc513fdfb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>
    <link:calculationArc order="13" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_019fec7a-468a-7222-8068-2f7dc513fdfb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromContributionsFromParent_019fec7a-468a-785c-b968-38db4ee86998" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromContributionsFromParent"/>
    <link:calculationArc order="14" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fec7a-468a-716a-befb-f748b19758e5" xlink:to="loc_us-gaap_ProceedsFromContributionsFromParent_019fec7a-468a-785c-b968-38db4ee86998" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fec7a-468a-7edb-9a6d-6692688e4842" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireProductiveAssets_019fec7a-468a-707e-bdaf-4ab7d095be4c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToAcquireProductiveAssets"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fec7a-468a-7edb-9a6d-6692688e4842" xlink:to="loc_us-gaap_PaymentsToAcquireProductiveAssets_019fec7a-468a-707e-bdaf-4ab7d095be4c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities_019fec7a-468a-788b-8bfe-4ff6d462b275" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fec7a-468a-7edb-9a6d-6692688e4842" xlink:to="loc_us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities_019fec7a-468a-788b-8bfe-4ff6d462b275" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireMarketableSecurities_019fec7a-468a-73dd-9b38-d55af88f8f1d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToAcquireMarketableSecurities"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fec7a-468a-7edb-9a6d-6692688e4842" xlink:to="loc_us-gaap_PaymentsToAcquireMarketableSecurities_019fec7a-468a-73dd-9b38-d55af88f8f1d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_019fec7a-468b-79a5-ab98-bff9f2cc687c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fec7a-468a-7edb-9a6d-6692688e4842" xlink:to="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_019fec7a-468b-79a5-ab98-bff9f2cc687c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fec7a-468a-759a-b895-e59e59140ea5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_ProfitLoss_019fec7a-468a-759a-b895-e59e59140ea5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_019fec7a-468a-7073-8226-b821948c8c1c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationDepletionAndAmortization"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_DepreciationDepletionAndAmortization_019fec7a-468a-7073-8226-b821948c8c1c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_019fec7a-468a-7817-aa95-dbf02247578d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_019fec7a-468a-7817-aa95-dbf02247578d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnSaleOfInvestments_019fec7a-468a-72a9-8da4-9bc4a220f447" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainLossOnSaleOfInvestments"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_GainLossOnSaleOfInvestments_019fec7a-468a-72a9-8da4-9bc4a220f447" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation_019fec7a-468a-744b-817e-6ad0ef16c615" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ShareBasedCompensation"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_ShareBasedCompensation_019fec7a-468a-744b-817e-6ad0ef16c615" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_RegulatoryDisallowanceAndRestructuringCharges_01a114c3-004c-7305-af26-4339a2b278e7" xlink:href="pnm-20260930.xsd#pnm_RegulatoryDisallowanceAndRestructuringCharges"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_pnm_RegulatoryDisallowanceAndRestructuringCharges_01a114c3-004c-7305-af26-4339a2b278e7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAllowanceForEquityFundsUsedDuringConstruction_019fec7a-468a-7d2a-8884-2dd71b879e19" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInAllowanceForEquityFundsUsedDuringConstruction"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_IncreaseDecreaseInAllowanceForEquityFundsUsedDuringConstruction_019fec7a-468a-7d2a-8884-2dd71b879e19" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoncashIncomeExpense_019fec7a-468a-7a50-b3f4-203ed6af51f4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNoncashIncomeExpense"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_OtherNoncashIncomeExpense_019fec7a-468a-7a50-b3f4-203ed6af51f4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_IncreaseDecreaseInAccountsReceivableAndUnbilledRevenues_019fec7a-468a-7407-9eb1-c5c6e9215475" xlink:href="pnm-20260930.xsd#pnm_IncreaseDecreaseInAccountsReceivableAndUnbilledRevenues"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_pnm_IncreaseDecreaseInAccountsReceivableAndUnbilledRevenues_019fec7a-468a-7407-9eb1-c5c6e9215475" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInInventories_019fec7a-468a-79e4-abcb-3bee0fdd4e6a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInInventories"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_IncreaseDecreaseInInventories_019fec7a-468a-79e4-abcb-3bee0fdd4e6a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherCurrentAssets_019fec7a-468a-78b2-9cf3-45d45ea683f2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets"/>
    <link:calculationArc order="11" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherCurrentAssets_019fec7a-468a-78b2-9cf3-45d45ea683f2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets_019fec7a-468a-78d0-a6ec-2e7fb781d6e0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentAssets"/>
    <link:calculationArc order="12" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets_019fec7a-468a-78d0-a6ec-2e7fb781d6e0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayable_019fec7a-468a-7062-b86e-188cf00bd19b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInAccountsPayable"/>
    <link:calculationArc order="13" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsPayable_019fec7a-468a-7062-b86e-188cf00bd19b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_IncreaseDecreaseInAccruedInterestAndTaxes_019fec7a-468a-7643-a9cd-5eceac0edd89" xlink:href="pnm-20260930.xsd#pnm_IncreaseDecreaseInAccruedInterestAndTaxes"/>
    <link:calculationArc order="14" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_pnm_IncreaseDecreaseInAccruedInterestAndTaxes_019fec7a-468a-7643-a9cd-5eceac0edd89" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherCurrentLiabilities_019fec7a-468a-7392-a79b-b78b4f4eaaa2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherCurrentLiabilities"/>
    <link:calculationArc order="15" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherCurrentLiabilities_019fec7a-468a-7392-a79b-b78b4f4eaaa2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_019fec7a-468a-767f-b386-ea2fe325c756" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities"/>
    <link:calculationArc order="16" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fec7a-468a-7a52-9ea3-99241c927895" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_019fec7a-468a-767f-b386-ea2fe325c756" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSTXNMENERGYINCANDSUBSIDIARIES" xlink:type="simple" xlink:href="pnm-20260930.xsd#CONDENSEDCONSOLIDATEDBALANCESHEETSTXNMENERGYINCANDSUBSIDIARIES"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETSTXNMENERGYINCANDSUBSIDIARIES" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PublicUtilitiesPropertyPlantAndEquipmentInServiceNet_019fec7a-468b-7b01-af46-87919becc342" xlink:href="pnm-20260930.xsd#pnm_PublicUtilitiesPropertyPlantAndEquipmentInServiceNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_019fec7a-468b-705b-a794-d88f63fbb7c9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_PublicUtilitiesPropertyPlantAndEquipmentInServiceNet_019fec7a-468b-7b01-af46-87919becc342" xlink:to="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_019fec7a-468b-705b-a794-d88f63fbb7c9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_019fec7a-468b-7759-ab79-2fc77403bd82" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_PublicUtilitiesPropertyPlantAndEquipmentInServiceNet_019fec7a-468b-7b01-af46-87919becc342" xlink:to="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_019fec7a-468b-7759-ab79-2fc77403bd82" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_TotalDeferredChargesAndOtherAssets_019fec7a-468b-7604-bd82-cad22c0be272" xlink:href="pnm-20260930.xsd#pnm_TotalDeferredChargesAndOtherAssets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAssetsNoncurrent_019fec7a-468b-7ace-be00-600b9ec565db" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RegulatoryAssetsNoncurrent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_TotalDeferredChargesAndOtherAssets_019fec7a-468b-7604-bd82-cad22c0be272" xlink:to="loc_us-gaap_RegulatoryAssetsNoncurrent_019fec7a-468b-7ace-be00-600b9ec565db" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill_019fec7a-468b-7c57-b4e5-8470211e35bf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Goodwill"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_TotalDeferredChargesAndOtherAssets_019fec7a-468b-7604-bd82-cad22c0be272" xlink:to="loc_us-gaap_Goodwill_019fec7a-468b-7c57-b4e5-8470211e35bf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset_019fec7a-468b-714b-a947-c8948c0a2a96" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_TotalDeferredChargesAndOtherAssets_019fec7a-468b-7604-bd82-cad22c0be272" xlink:to="loc_us-gaap_OperatingLeaseRightOfUseAsset_019fec7a-468b-714b-a947-c8948c0a2a96" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_OtherDeferredCostsNetIncludingDeferredFinanceCosts_019fec7a-468b-76d5-ba2f-7616226aa978" xlink:href="pnm-20260930.xsd#pnm_OtherDeferredCostsNetIncludingDeferredFinanceCosts"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_TotalDeferredChargesAndOtherAssets_019fec7a-468b-7604-bd82-cad22c0be272" xlink:to="loc_pnm_OtherDeferredCostsNetIncludingDeferredFinanceCosts_019fec7a-468b-76d5-ba2f-7616226aa978" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesCurrent"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityCurrent_019fec7a-468b-74c5-90cc-cdb02252858b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLiabilityCurrent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_us-gaap_OperatingLeaseLiabilityCurrent_019fec7a-468b-74c5-90cc-cdb02252858b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_AccruedInterestAndTaxesPayable_019fec7a-468b-7d31-917b-b30c808cb61d" xlink:href="pnm-20260930.xsd#pnm_AccruedInterestAndTaxesPayable"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_pnm_AccruedInterestAndTaxesPayable_019fec7a-468b-7d31-917b-b30c808cb61d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryLiabilityCurrent_019fec7a-468b-7711-8162-d08989a5df84" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RegulatoryLiabilityCurrent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_us-gaap_RegulatoryLiabilityCurrent_019fec7a-468b-7711-8162-d08989a5df84" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermBorrowings_019fec7a-468b-78e5-b0e6-0b6633494fd3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ShortTermBorrowings"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_us-gaap_ShortTermBorrowings_019fec7a-468b-78e5-b0e6-0b6633494fd3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_TransmissionInterconnectionArrangementLiabilities_019fec7a-468b-70f0-804c-138ec828f0ce" xlink:href="pnm-20260930.xsd#pnm_TransmissionInterconnectionArrangementLiabilities"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_pnm_TransmissionInterconnectionArrangementLiabilities_019fec7a-468b-70f0-804c-138ec828f0ce" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtCurrent_019fec7a-468b-7410-b0ac-8701072bef95" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtCurrent"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_us-gaap_LongTermDebtCurrent_019fec7a-468b-7410-b0ac-8701072bef95" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesCurrent_019fec7a-468b-7ba8-a4ca-ea373e2b1b0b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherLiabilitiesCurrent"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_us-gaap_OtherLiabilitiesCurrent_019fec7a-468b-7ba8-a4ca-ea373e2b1b0b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerLiabilityCurrent_019fec7a-468b-7217-bfdb-b8dbf15f88fa" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ContractWithCustomerLiabilityCurrent"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_us-gaap_ContractWithCustomerLiabilityCurrent_019fec7a-468b-7217-bfdb-b8dbf15f88fa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrent_019fec7a-468b-7ed4-91b8-01d942f4a2d2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DividendsPayableCurrent"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_us-gaap_DividendsPayableCurrent_019fec7a-468b-7ed4-91b8-01d942f4a2d2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableCurrent_019fec7a-468b-7018-a296-2c7ab4096131" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsPayableCurrent"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7677-bddb-7ab2c73877c1" xlink:to="loc_us-gaap_AccountsPayableCurrent_019fec7a-468b-7018-a296-2c7ab4096131" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsCurrent"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxesReceivable_019fec7a-468b-75d3-afef-f60f9d2d5bd1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxesReceivable"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_IncomeTaxesReceivable_019fec7a-468b-75d3-afef-f60f9d2d5bd1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019fec7a-468b-7038-a3c5-4bdad4abe502" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019fec7a-468b-7038-a3c5-4bdad4abe502" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryNet_019fec7a-468b-74b7-9881-7ae625d73154" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InventoryNet"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_InventoryNet_019fec7a-468b-74b7-9881-7ae625d73154" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherReceivablesNetCurrent_019fec7a-468b-7a28-84a9-0deea073dd13" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherReceivablesNetCurrent"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_OtherReceivablesNetCurrent_019fec7a-468b-7a28-84a9-0deea073dd13" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseCurrent_019fec7a-468b-7497-bfdf-65bf6fd5ed0a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseCurrent"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_PrepaidExpenseCurrent_019fec7a-468b-7497-bfdf-65bf6fd5ed0a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent_019fec7a-468b-77f0-8723-374165a44403" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsReceivableNetCurrent"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_AccountsReceivableNetCurrent_019fec7a-468b-77f0-8723-374165a44403" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnbilledReceivablesCurrent_019fec7a-468b-713a-8be0-26d8538a3ddb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnbilledReceivablesCurrent"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_UnbilledReceivablesCurrent_019fec7a-468b-713a-8be0-26d8538a3ddb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAssetsCurrent_019fec7a-468b-7d3e-9b51-fccba7e725e7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RegulatoryAssetsCurrent"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_RegulatoryAssetsCurrent_019fec7a-468b-7d3e-9b51-fccba7e725e7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsCurrent_019fec7a-468b-766f-992d-132e88f8f3a0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAssetsCurrent"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_OtherAssetsCurrent_019fec7a-468b-766f-992d-132e88f8f3a0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019fec7a-468b-7c23-91b8-61425f49e9d4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent_019fec7a-468b-7a5e-82e0-ba2a12c7d132" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_019fec7a-468b-7c23-91b8-61425f49e9d4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_TotalOtherPropertyAndInvestments_019fec7a-468b-7d4d-87b1-fa38d95f3200" xlink:href="pnm-20260930.xsd#pnm_TotalOtherPropertyAndInvestments"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentOtherNet_019fec7a-468b-77ea-88d2-2ea28b218792" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PropertyPlantAndEquipmentOtherNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_TotalOtherPropertyAndInvestments_019fec7a-468b-7d4d-87b1-fa38d95f3200" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentOtherNet_019fec7a-468b-77ea-88d2-2ea28b218792" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLongTermInvestments_019fec7a-468b-73e2-a959-d02d306f7b75" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherLongTermInvestments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_TotalOtherPropertyAndInvestments_019fec7a-468b-7d4d-87b1-fa38d95f3200" xlink:to="loc_us-gaap_OtherLongTermInvestments_019fec7a-468b-73e2-a959-d02d306f7b75" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecurities_019fec7a-468b-7cac-9c39-5c1ddf529b1e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MarketableSecurities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_TotalOtherPropertyAndInvestments_019fec7a-468b-7d4d-87b1-fa38d95f3200" xlink:to="loc_us-gaap_MarketableSecurities_019fec7a-468b-7cac-9c39-5c1ddf529b1e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fec7a-468b-7b06-b3e6-efebc3d6d832" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_CumulativePreferredStockOfSubsidiaryWithoutMandatoryRedemptionRequirements_019fec7a-468b-71d7-875a-76b307f39956" xlink:href="pnm-20260930.xsd#pnm_CumulativePreferredStockOfSubsidiaryWithoutMandatoryRedemptionRequirements"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fec7a-468b-7b06-b3e6-efebc3d6d832" xlink:to="loc_pnm_CumulativePreferredStockOfSubsidiaryWithoutMandatoryRedemptionRequirements_019fec7a-468b-71d7-875a-76b307f39956" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_019fec7a-468b-7077-9c1d-70d43ec9b5f6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fec7a-468b-7b06-b3e6-efebc3d6d832" xlink:to="loc_us-gaap_CommitmentsAndContingencies_019fec7a-468b-7077-9c1d-70d43ec9b5f6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019fec7a-468b-7c7b-99c2-73fa2d0d46b7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fec7a-468b-7b06-b3e6-efebc3d6d832" xlink:to="loc_us-gaap_Liabilities_019fec7a-468b-7c7b-99c2-73fa2d0d46b7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468b-7d07-b15f-b57882454a21" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fec7a-468b-7b06-b3e6-efebc3d6d832" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468b-7d07-b15f-b57882454a21" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_019fec7a-468b-7ee5-a19d-424a1f049ca3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationsNoncurrent_019fec7a-468b-723e-affa-b6bf8b4a136f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetRetirementObligationsNoncurrent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_019fec7a-468b-7ee5-a19d-424a1f049ca3" xlink:to="loc_us-gaap_AssetRetirementObligationsNoncurrent_019fec7a-468b-723e-affa-b6bf8b4a136f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_019fec7a-468b-7108-99bd-d62308747985" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_019fec7a-468b-7ee5-a19d-424a1f049ca3" xlink:to="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_019fec7a-468b-7108-99bd-d62308747985" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCreditsAndOtherLiabilitiesNoncurrent_019fec7a-468b-7c59-96b3-b7551ba70dae" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredCreditsAndOtherLiabilitiesNoncurrent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_019fec7a-468b-7ee5-a19d-424a1f049ca3" xlink:to="loc_us-gaap_DeferredCreditsAndOtherLiabilitiesNoncurrent_019fec7a-468b-7c59-96b3-b7551ba70dae" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet_019fec7a-468b-74be-9c9d-596554ca3a0d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredIncomeTaxLiabilitiesNet"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_019fec7a-468b-7ee5-a19d-424a1f049ca3" xlink:to="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet_019fec7a-468b-74be-9c9d-596554ca3a0d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryLiabilityNoncurrent_019fec7a-468b-7fc4-8888-73c7c6799271" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RegulatoryLiabilityNoncurrent"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_019fec7a-468b-7ee5-a19d-424a1f049ca3" xlink:to="loc_us-gaap_RegulatoryLiabilityNoncurrent_019fec7a-468b-7fc4-8888-73c7c6799271" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityNoncurrent_019fec7a-468b-73d4-b3ea-980bce9632ca" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLiabilityNoncurrent"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_019fec7a-468b-7ee5-a19d-424a1f049ca3" xlink:to="loc_us-gaap_OperatingLeaseLiabilityNoncurrent_019fec7a-468b-73d4-b3ea-980bce9632ca" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019fec7a-468b-736d-8f1f-d4dde68f4385" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_019fec7a-468b-7f41-8797-dc864ced2989" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019fec7a-468b-736d-8f1f-d4dde68f4385" xlink:to="loc_us-gaap_CommonStockValue_019fec7a-468b-7f41-8797-dc864ced2989" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019fec7a-468b-74c9-8440-db8d0def6b47" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019fec7a-468b-736d-8f1f-d4dde68f4385" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019fec7a-468b-74c9-8440-db8d0def6b47" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019fec7a-468b-71ba-a188-49e644a97f05" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019fec7a-468b-736d-8f1f-d4dde68f4385" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019fec7a-468b-71ba-a188-49e644a97f05" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapital_019fec7a-468b-7e3e-b5ec-02a210f21e08" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdditionalPaidInCapital"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019fec7a-468b-736d-8f1f-d4dde68f4385" xlink:to="loc_us-gaap_AdditionalPaidInCapital_019fec7a-468b-7e3e-b5ec-02a210f21e08" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468b-7554-bc7e-2ee5c11afce9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019fec7a-468b-79b6-abde-5f087b41910d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468b-7554-bc7e-2ee5c11afce9" xlink:to="loc_us-gaap_StockholdersEquity_019fec7a-468b-79b6-abde-5f087b41910d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest_019fec7a-468b-713e-a7ad-bcbcd2f7c354" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MinorityInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019fec7a-468b-7554-bc7e-2ee5c11afce9" xlink:to="loc_us-gaap_MinorityInterest_019fec7a-468b-713e-a7ad-bcbcd2f7c354" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_019fec7a-468b-70a6-88d7-fbc7d78c3d7f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_019fec7a-468b-7962-aaac-f91331f86e12" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fec7a-468b-70a6-88d7-fbc7d78c3d7f" xlink:to="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_019fec7a-468b-7962-aaac-f91331f86e12" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsCurrent_019fec7a-468b-7c9a-b39a-e5d0fce51481" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsCurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fec7a-468b-70a6-88d7-fbc7d78c3d7f" xlink:to="loc_us-gaap_AssetsCurrent_019fec7a-468b-7c9a-b39a-e5d0fce51481" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_TotalDeferredChargesAndOtherAssets_019fec7a-468b-7f98-823c-a99900167f72" xlink:href="pnm-20260930.xsd#pnm_TotalDeferredChargesAndOtherAssets"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fec7a-468b-70a6-88d7-fbc7d78c3d7f" xlink:to="loc_pnm_TotalDeferredChargesAndOtherAssets_019fec7a-468b-7f98-823c-a99900167f72" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_TotalOtherPropertyAndInvestments_019fec7a-468b-7562-aad9-dec175bf7a3c" xlink:href="pnm-20260930.xsd#pnm_TotalOtherPropertyAndInvestments"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fec7a-468b-70a6-88d7-fbc7d78c3d7f" xlink:to="loc_pnm_TotalOtherPropertyAndInvestments_019fec7a-468b-7562-aad9-dec175bf7a3c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019fec7a-468b-7e5c-b856-e97202af8782" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7fd6-8913-fed695eda4c4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesCurrent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019fec7a-468b-7e5c-b856-e97202af8782" xlink:to="loc_us-gaap_LiabilitiesCurrent_019fec7a-468b-7fd6-8913-fed695eda4c4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtNoncurrent_019fec7a-468b-701a-a224-f08d65f23da6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtNoncurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019fec7a-468b-7e5c-b856-e97202af8782" xlink:to="loc_us-gaap_LongTermDebtNoncurrent_019fec7a-468b-701a-a224-f08d65f23da6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_019fec7a-468b-76c3-9533-80f5e1e26e84" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019fec7a-468b-7e5c-b856-e97202af8782" xlink:to="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_019fec7a-468b-76c3-9533-80f5e1e26e84" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_019fec7a-468b-770f-9073-e03049710727" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PublicUtilitiesPropertyPlantAndEquipmentInServiceNet_019fec7a-468b-7601-82f7-46831068cb4e" xlink:href="pnm-20260930.xsd#pnm_PublicUtilitiesPropertyPlantAndEquipmentInServiceNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_019fec7a-468b-770f-9073-e03049710727" xlink:to="loc_pnm_PublicUtilitiesPropertyPlantAndEquipmentInServiceNet_019fec7a-468b-7601-82f7-46831068cb4e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NuclearFuelNetOfAmortization_019fec7a-468b-7a7b-b192-9467221860f0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NuclearFuelNetOfAmortization"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_019fec7a-468b-770f-9073-e03049710727" xlink:to="loc_us-gaap_NuclearFuelNetOfAmortization_019fec7a-468b-7a7b-b192-9467221860f0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConstructionInProgressGross_019fec7a-468b-7311-9945-671326d6d916" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ConstructionInProgressGross"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_019fec7a-468b-770f-9073-e03049710727" xlink:to="loc_us-gaap_ConstructionInProgressGross_019fec7a-468b-7311-9945-671326d6d916" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFEARNINGSPUBLICSERVICECOMPANYOFNEWMEXICOANDSUBSIDIARIES" xlink:type="simple" xlink:href="pnm-20260930.xsd#CONDENSEDCONSOLIDATEDSTATEMENTSOFEARNINGSPUBLICSERVICECOMPANYOFNEWMEXICOANDSUBSIDIARIES"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFEARNINGSPUBLICSERVICECOMPANYOFNEWMEXICOANDSUBSIDIARIES" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019fec7a-468b-784c-9873-e66bca5a402f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fec7a-468b-710d-96a1-ede21c5dccc2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019fec7a-468b-784c-9873-e66bca5a402f" xlink:to="loc_us-gaap_ProfitLoss_019fec7a-468b-710d-96a1-ede21c5dccc2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019fec7a-468b-795f-b716-c1cbacf9c89e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019fec7a-468b-784c-9873-e66bca5a402f" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019fec7a-468b-795f-b716-c1cbacf9c89e" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/SegmentInformationScheduleofFinancialInformationbySegmentDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#SegmentInformationScheduleofFinancialInformationbySegmentDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/SegmentInformationScheduleofFinancialInformationbySegmentDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-7256-8b9b-ed7900221b94" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UtilitiesOperatingExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_TransmissionAndDistributionCosts_019fec7a-4729-714b-ae60-d003f2357d8d" xlink:href="pnm-20260930.xsd#pnm_TransmissionAndDistributionCosts"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-7256-8b9b-ed7900221b94" xlink:to="loc_pnm_TransmissionAndDistributionCosts_019fec7a-4729-714b-ae60-d003f2357d8d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization_019fec7a-4729-7119-9c11-c3a13abb816b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-7256-8b9b-ed7900221b94" xlink:to="loc_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization_019fec7a-4729-7119-9c11-c3a13abb816b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_CustomerRelatedExpenses_019fec7a-4729-73d0-898d-aea3e833bfb9" xlink:href="pnm-20260930.xsd#pnm_CustomerRelatedExpenses"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-7256-8b9b-ed7900221b94" xlink:to="loc_pnm_CustomerRelatedExpenses_019fec7a-4729-73d0-898d-aea3e833bfb9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_RegulatoryDisallowance_01a06089-32ca-7e10-8d32-08ee510862cf" xlink:href="pnm-20260930.xsd#pnm_RegulatoryDisallowance"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-7256-8b9b-ed7900221b94" xlink:to="loc_pnm_RegulatoryDisallowance_01a06089-32ca-7e10-8d32-08ee510862cf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_GeneralAndAdministrativeExpenseDirect_019fec7a-4729-7e5c-9c35-0d04422e4e54" xlink:href="pnm-20260930.xsd#pnm_GeneralAndAdministrativeExpenseDirect"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-7256-8b9b-ed7900221b94" xlink:to="loc_pnm_GeneralAndAdministrativeExpenseDirect_019fec7a-4729-7e5c-9c35-0d04422e4e54" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_GeneralAndAdministrativeExpenseCorporate_019fec7a-4729-708c-8d0c-1b1be1d78367" xlink:href="pnm-20260930.xsd#pnm_GeneralAndAdministrativeExpenseCorporate"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-7256-8b9b-ed7900221b94" xlink:to="loc_pnm_GeneralAndAdministrativeExpenseCorporate_019fec7a-4729-708c-8d0c-1b1be1d78367" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UtilitiesOperatingExpenseTaxes_019fec7a-4729-7ea0-ab7d-e18831533388" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UtilitiesOperatingExpenseTaxes"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-7256-8b9b-ed7900221b94" xlink:to="loc_us-gaap_UtilitiesOperatingExpenseTaxes_019fec7a-4729-7ea0-ab7d-e18831533388" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSold_019fec7a-4729-757b-8b3f-02a620db9cb3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostOfGoodsAndServicesSold"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-7256-8b9b-ed7900221b94" xlink:to="loc_us-gaap_CostOfGoodsAndServicesSold_019fec7a-4729-757b-8b3f-02a620db9cb3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-4729-7fad-a5f4-de77378ae7e9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019fec7a-4729-7e89-a920-104e83e63dee" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-4729-7fad-a5f4-de77378ae7e9" xlink:to="loc_us-gaap_Revenues_019fec7a-4729-7e89-a920-104e83e63dee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019fec7a-4729-7b50-ad0b-82cf9485f6fd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-4729-7fad-a5f4-de77378ae7e9" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019fec7a-4729-7b50-ad0b-82cf9485f6fd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_019fec7a-4729-7603-bcb6-a6ad67ceaa4a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-4729-7fad-a5f4-de77378ae7e9" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_019fec7a-4729-7603-bcb6-a6ad67ceaa4a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_OtherIncomeDeductionsExcludingInterest_019fec7a-4729-76a7-8086-e16907fc1360" xlink:href="pnm-20260930.xsd#pnm_OtherIncomeDeductionsExcludingInterest"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-4729-7fad-a5f4-de77378ae7e9" xlink:to="loc_pnm_OtherIncomeDeductionsExcludingInterest_019fec7a-4729-76a7-8086-e16907fc1360" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_019fec7a-4729-76bc-b783-b239b5747f83" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-4729-7fad-a5f4-de77378ae7e9" xlink:to="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_019fec7a-4729-76bc-b783-b239b5747f83" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseNonoperating_019fec7a-4729-71d8-b37c-b3d2915ad422" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestExpenseNonoperating"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-4729-7fad-a5f4-de77378ae7e9" xlink:to="loc_us-gaap_InterestExpenseNonoperating_019fec7a-4729-71d8-b37c-b3d2915ad422" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-763b-9130-4997ab825b60" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UtilitiesOperatingExpense"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fec7a-4729-7fad-a5f4-de77378ae7e9" xlink:to="loc_us-gaap_UtilitiesOperatingExpense_019fec7a-4729-763b-9130-4997ab825b60" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/AccumulatedOtherComprehensiveIncomeLossDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#AccumulatedOtherComprehensiveIncomeLossDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/AccumulatedOtherComprehensiveIncomeLossDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-4729-7640-be15-32223806fae6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_019fec7a-4729-79c6-8c55-0699db054d71" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-4729-7640-be15-32223806fae6" xlink:to="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_019fec7a-4729-79c6-8c55-0699db054d71" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAociCurrentPeriodTax_019fec7a-4729-714c-8cab-cbb7e4ecd067" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ReclassificationFromAociCurrentPeriodTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-4729-7640-be15-32223806fae6" xlink:to="loc_us-gaap_ReclassificationFromAociCurrentPeriodTax_019fec7a-4729-714c-8cab-cbb7e4ecd067" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_019fec7a-4729-728c-8f05-d187efeaafeb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-4729-7640-be15-32223806fae6" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_019fec7a-4729-728c-8f05-d187efeaafeb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax_019fec7a-4729-7d0a-bb86-053f545ba5bd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fec7a-4729-7640-be15-32223806fae6" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax_019fec7a-4729-7d0a-bb86-053f545ba5bd" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/EarningsPerShareDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#EarningsPerShareDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/EarningsPerShareDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_019fec7a-4729-7f82-9170-081205f1063c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesIssuedBasic_019fec7a-4729-758f-8a5b-a2b22fb56f7e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfSharesIssuedBasic"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_019fec7a-4729-7f82-9170-081205f1063c" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesIssuedBasic_019fec7a-4729-758f-8a5b-a2b22fb56f7e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesRestrictedStock_019fec7a-4729-7074-ab88-9953c693ff9f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfSharesRestrictedStock"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_019fec7a-4729-7f82-9170-081205f1063c" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesRestrictedStock_019fec7a-4729-7074-ab88-9953c693ff9f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_019fec7a-4729-7f80-84cd-fe547a4f3611" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_019fec7a-4729-7301-ae8a-e2797dcaf522" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_019fec7a-4729-7f80-84cd-fe547a4f3611" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_019fec7a-4729-7301-ae8a-e2797dcaf522" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_019fec7a-4729-7ffa-a1bd-474b5301fb3c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_019fec7a-4729-7f80-84cd-fe547a4f3611" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_019fec7a-4729-7ffa-a1bd-474b5301fb3c" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/ElectricOperatingRevenuesScheduleofDisaggregationofrevenuesDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#ElectricOperatingRevenuesScheduleofDisaggregationofrevenuesDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/ElectricOperatingRevenuesScheduleofDisaggregationofrevenuesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019fec7a-472a-750f-822b-cede8217f7ab" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueNotFromContractWithCustomerOther_019fec7a-472a-7ab1-a7c4-b9e173156885" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevenueNotFromContractWithCustomerOther"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019fec7a-472a-750f-822b-cede8217f7ab" xlink:to="loc_us-gaap_RevenueNotFromContractWithCustomerOther_019fec7a-472a-7ab1-a7c4-b9e173156885" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueNotFromContractWithCustomer_019fec7a-472a-70c9-9798-e461f78a986c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevenueNotFromContractWithCustomer"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019fec7a-472a-750f-822b-cede8217f7ab" xlink:to="loc_us-gaap_RevenueNotFromContractWithCustomer_019fec7a-472a-70c9-9798-e461f78a986c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019fec7a-472a-74e8-93e4-1ecd3ac8b470" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019fec7a-472a-750f-822b-cede8217f7ab" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019fec7a-472a-74e8-93e4-1ecd3ac8b470" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/FairValueofDerivativeandOtherFinancialInstrumentsInvestmentsinNDTandGrossRealizedLossesDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#FairValueofDerivativeandOtherFinancialInstrumentsInvestmentsinNDTandGrossRealizedLossesDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/FairValueofDerivativeandOtherFinancialInstrumentsInvestmentsinNDTandGrossRealizedLossesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNiGainLoss_019fec7a-472a-7d23-b5c1-61b6ab51b051" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquitySecuritiesFvNiGainLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNiRealizedGainLoss_019fec7a-472a-719e-90dd-c6208a228e56" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquitySecuritiesFvNiRealizedGainLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_EquitySecuritiesFvNiGainLoss_019fec7a-472a-7d23-b5c1-61b6ab51b051" xlink:to="loc_us-gaap_EquitySecuritiesFvNiRealizedGainLoss_019fec7a-472a-719e-90dd-c6208a228e56" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_019fec7a-472a-71b1-a6fb-5f49245dd243" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_EquitySecuritiesFvNiGainLoss_019fec7a-472a-7d23-b5c1-61b6ab51b051" xlink:to="loc_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_019fec7a-472a-71b1-a6fb-5f49245dd243" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtAndEquitySecuritiesGainLoss_019fec7a-472a-7e3a-9572-086acfdcc87c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtAndEquitySecuritiesGainLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesRealizedGainLoss_019fec7a-472a-789b-b48b-070c83abe363" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesRealizedGainLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DebtAndEquitySecuritiesGainLoss_019fec7a-472a-7e3a-9572-086acfdcc87c" xlink:to="loc_us-gaap_DebtSecuritiesRealizedGainLoss_019fec7a-472a-789b-b48b-070c83abe363" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNiGainLoss_019fec7a-472a-7507-b8fc-97c110cbbc31" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquitySecuritiesFvNiGainLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DebtAndEquitySecuritiesGainLoss_019fec7a-472a-7e3a-9572-086acfdcc87c" xlink:to="loc_us-gaap_EquitySecuritiesFvNiGainLoss_019fec7a-472a-7507-b8fc-97c110cbbc31" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/FairValueofDerivativeandOtherFinancialInstrumentsScheduleofMaturitiesofDebtSecuritiesDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#FairValueofDerivativeandOtherFinancialInstrumentsScheduleofMaturitiesofDebtSecuritiesDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/FairValueofDerivativeandOtherFinancialInstrumentsScheduleofMaturitiesofDebtSecuritiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019fec7a-472a-7a90-bd6d-765f0e64c0b0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_019fec7a-472a-7042-9b3d-8b6f9397fb70" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019fec7a-472a-7a90-bd6d-765f0e64c0b0" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_019fec7a-472a-7042-9b3d-8b6f9397fb70" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_019fec7a-472a-73d4-9f2d-02672e655d00" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019fec7a-472a-7a90-bd6d-765f0e64c0b0" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_019fec7a-472a-73d4-9f2d-02672e655d00" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/FairValueofDerivativeandOtherFinancialInstrumentsScheduleofItemsRecordedandPresentedbyLevelofHierarchyDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#FairValueofDerivativeandOtherFinancialInstrumentsScheduleofItemsRecordedandPresentedbyLevelofHierarchyDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/FairValueofDerivativeandOtherFinancialInstrumentsScheduleofItemsRecordedandPresentedbyLevelofHierarchyDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure_019fec7a-472a-7a18-aa13-5f25b118d301" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure_019fec7a-472a-7d1c-9508-17c1d3bd7ba6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure_019fec7a-472a-7a18-aa13-5f25b118d301" xlink:to="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure_019fec7a-472a-7d1c-9508-17c1d3bd7ba6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNi_019fec7a-472a-7eeb-86c3-e10538152712" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquitySecuritiesFvNi"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure_019fec7a-472a-7a18-aa13-5f25b118d301" xlink:to="loc_us-gaap_EquitySecuritiesFvNi_019fec7a-472a-7eeb-86c3-e10538152712" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019fec7a-472a-7e28-bfd7-34f260d35480" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentsFairValueDisclosure_019fec7a-472a-7a18-aa13-5f25b118d301" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019fec7a-472a-7e28-bfd7-34f260d35480" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecurities_019fec7a-472a-7e67-b46e-b03114646d94" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MarketableSecurities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNi_019fec7a-472a-7b9c-a168-d7ef8387f3ae" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquitySecuritiesFvNi"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MarketableSecurities_019fec7a-472a-7e67-b46e-b03114646d94" xlink:to="loc_us-gaap_EquitySecuritiesFvNi_019fec7a-472a-7b9c-a168-d7ef8387f3ae" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherInvestments_019fec7a-472a-75f4-9dfa-0769e2602f9b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherInvestments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MarketableSecurities_019fec7a-472a-7e67-b46e-b03114646d94" xlink:to="loc_us-gaap_OtherInvestments_019fec7a-472a-75f4-9dfa-0769e2602f9b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019fec7a-472a-7ed8-aac2-c7783fd8f71a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MarketableSecurities_019fec7a-472a-7e67-b46e-b03114646d94" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019fec7a-472a-7ed8-aac2-c7783fd8f71a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure_019fec7a-472a-79a9-be26-822b0c5caf11" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MarketableSecurities_019fec7a-472a-7e67-b46e-b03114646d94" xlink:to="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure_019fec7a-472a-79a9-be26-822b0c5caf11" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherRealEstate_019fec7a-472a-71e9-a263-cad9bd9774da" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherRealEstate"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MarketableSecurities_019fec7a-472a-7e67-b46e-b03114646d94" xlink:to="loc_us-gaap_OtherRealEstate_019fec7a-472a-71e9-a263-cad9bd9774da" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_OtherMultiStrategyFund_019fec7a-472a-736f-a216-feab504bafaa" xlink:href="pnm-20260930.xsd#pnm_OtherMultiStrategyFund"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MarketableSecurities_019fec7a-472a-7e67-b46e-b03114646d94" xlink:to="loc_pnm_OtherMultiStrategyFund_019fec7a-472a-736f-a216-feab504bafaa" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/PensionandOtherPostretirementBenefitPlansScheduleofNetPeriodicBenefitCostsDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#PensionandOtherPostretirementBenefitPlansScheduleofNetPeriodicBenefitCostsDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/PensionandOtherPostretirementBenefitPlansScheduleofNetPeriodicBenefitCostsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fec7a-47cf-72f7-93a5-40ed56588535" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanServiceCost_019fec7a-47cf-7835-90e3-d508263643ff" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanServiceCost"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fec7a-47cf-72f7-93a5-40ed56588535" xlink:to="loc_us-gaap_DefinedBenefitPlanServiceCost_019fec7a-47cf-7835-90e3-d508263643ff" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanInterestCost_019fec7a-47cf-78c6-80dc-88b4c1558401" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanInterestCost"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fec7a-47cf-72f7-93a5-40ed56588535" xlink:to="loc_us-gaap_DefinedBenefitPlanInterestCost_019fec7a-47cf-78c6-80dc-88b4c1558401" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_019fec7a-47cf-7759-a48c-ae28303bed84" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fec7a-47cf-72f7-93a5-40ed56588535" xlink:to="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_019fec7a-47cf-7759-a48c-ae28303bed84" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_019fec7a-47cf-7d3e-a02d-24aea2735511" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fec7a-47cf-72f7-93a5-40ed56588535" xlink:to="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_019fec7a-47cf-7d3e-a02d-24aea2735511" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_019fec7a-47cf-74f0-916f-7a2f6eea7365" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fec7a-47cf-72f7-93a5-40ed56588535" xlink:to="loc_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_019fec7a-47cf-74f0-916f-7a2f6eea7365" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/RegulatoryandRateMattersScheduleofIncrementalIncreaseinRevenueRequirementDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#RegulatoryandRateMattersScheduleofIncrementalIncreaseinRevenueRequirementDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/RegulatoryandRateMattersScheduleofIncrementalIncreaseinRevenueRequirementDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactor_01a16304-defa-7603-b53b-14dc1c62acea" xlink:href="pnm-20260930.xsd#pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactor"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactorCapitalInvestments_01a16304-defa-7995-a0d0-78d6a7c270cb" xlink:href="pnm-20260930.xsd#pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactorCapitalInvestments"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactor_01a16304-defa-7603-b53b-14dc1c62acea" xlink:to="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactorCapitalInvestments_01a16304-defa-7995-a0d0-78d6a7c270cb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementSystemResiliencyPlanDeferredOperatingAndMaintenanceCosts_01a16304-defa-7bbc-bf28-edc11f7a9b9d" xlink:href="pnm-20260930.xsd#pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementSystemResiliencyPlanDeferredOperatingAndMaintenanceCosts"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactor_01a16304-defa-7603-b53b-14dc1c62acea" xlink:to="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementSystemResiliencyPlanDeferredOperatingAndMaintenanceCosts_01a16304-defa-7bbc-bf28-edc11f7a9b9d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactorUnifiedTrackerMechanismDeferredRevenueRegulatoryAsset_01a16304-defa-7114-893f-53e2beef01c5" xlink:href="pnm-20260930.xsd#pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactorUnifiedTrackerMechanismDeferredRevenueRegulatoryAsset"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactor_01a16304-defa-7603-b53b-14dc1c62acea" xlink:to="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementDistributionCostRecoveryFactorUnifiedTrackerMechanismDeferredRevenueRegulatoryAsset_01a16304-defa-7114-893f-53e2beef01c5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfService_01a16304-fc57-7dd6-befe-098fd511495f" xlink:href="pnm-20260930.xsd#pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfService"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfServiceCapitalInvestments_01a16304-fc57-7094-b06e-941ecbef7323" xlink:href="pnm-20260930.xsd#pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfServiceCapitalInvestments"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfService_01a16304-fc57-7dd6-befe-098fd511495f" xlink:to="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfServiceCapitalInvestments_01a16304-fc57-7094-b06e-941ecbef7323" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfServiceUnifiedTrackerMechanismDeferredRevenueRegulatoryAsset_01a16304-fc57-7953-ac01-2de70135a223" xlink:href="pnm-20260930.xsd#pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfServiceUnifiedTrackerMechanismDeferredRevenueRegulatoryAsset"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfService_01a16304-fc57-7dd6-befe-098fd511495f" xlink:to="loc_pnm_PublicUtilitiesIncrementalIncreaseInRevenueRequirementTransmissionCostOfServiceUnifiedTrackerMechanismDeferredRevenueRegulatoryAsset_01a16304-fc57-7953-ac01-2de70135a223" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/LeaseCommitmentsScheduleofFinanceLeaseBalanceSheetInformationDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#LeaseCommitmentsScheduleofFinanceLeaseBalanceSheetInformationDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/LeaseCommitmentsScheduleofFinanceLeaseBalanceSheetInformationDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseRightOfUseAsset_019fec7a-47cf-71d8-ae75-9b07bd40e4d8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseRightOfUseAsset"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_FinanceLeaseRightOfUseAssetGross_019fec7a-47cf-7223-a17b-623e356fdd38" xlink:href="pnm-20260930.xsd#pnm_FinanceLeaseRightOfUseAssetGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseRightOfUseAsset_019fec7a-47cf-71d8-ae75-9b07bd40e4d8" xlink:to="loc_pnm_FinanceLeaseRightOfUseAssetGross_019fec7a-47cf-7223-a17b-623e356fdd38" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_FinanceLeaseRightOfUseAssetAccumulatedDepreciation_019fec7a-47cf-7bd7-8428-3169e844072b" xlink:href="pnm-20260930.xsd#pnm_FinanceLeaseRightOfUseAssetAccumulatedDepreciation"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseRightOfUseAsset_019fec7a-47cf-71d8-ae75-9b07bd40e4d8" xlink:to="loc_pnm_FinanceLeaseRightOfUseAssetAccumulatedDepreciation_019fec7a-47cf-7bd7-8428-3169e844072b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/LeaseCommitmentsScheduleofComponentsofLeaseExpenseDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#LeaseCommitmentsScheduleofComponentsofLeaseExpenseDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/LeaseCommitmentsScheduleofComponentsofLeaseExpenseDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCost_019fec7a-47cf-7d61-bc0a-7236b4713808" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LeaseCost"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_FinanceLeaseCost_019fec7a-47cf-7ea5-b19f-b39cd5340a5f" xlink:href="pnm-20260930.xsd#pnm_FinanceLeaseCost"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LeaseCost_019fec7a-47cf-7d61-bc0a-7236b4713808" xlink:to="loc_pnm_FinanceLeaseCost_019fec7a-47cf-7ea5-b19f-b39cd5340a5f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableLeaseCost_019fec7a-47cf-78f1-9051-2cc5ee7ea1e9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_VariableLeaseCost"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LeaseCost_019fec7a-47cf-7d61-bc0a-7236b4713808" xlink:to="loc_us-gaap_VariableLeaseCost_019fec7a-47cf-78f1-9051-2cc5ee7ea1e9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermLeaseCost_019fec7a-47cf-7515-b05d-17afd9ebe680" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ShortTermLeaseCost"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LeaseCost_019fec7a-47cf-7d61-bc0a-7236b4713808" xlink:to="loc_us-gaap_ShortTermLeaseCost_019fec7a-47cf-7515-b05d-17afd9ebe680" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost_019fec7a-47cf-783f-a650-bd68fc894d69" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseCost"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LeaseCost_019fec7a-47cf-7d61-bc0a-7236b4713808" xlink:to="loc_us-gaap_OperatingLeaseCost_019fec7a-47cf-783f-a650-bd68fc894d69" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost_019fec7a-47cf-723a-8d32-5eede48f863d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseCost"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_OperatingLeaseCostGross_019fec7a-47cf-7c3b-944a-cf1dd5e1e2e1" xlink:href="pnm-20260930.xsd#pnm_OperatingLeaseCostGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeaseCost_019fec7a-47cf-723a-8d32-5eede48f863d" xlink:to="loc_pnm_OperatingLeaseCostGross_019fec7a-47cf-7c3b-944a-cf1dd5e1e2e1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_OperatingLeaseCapitalizedCosts_019fec7a-47cf-7d9c-a668-90480729af49" xlink:href="pnm-20260930.xsd#pnm_OperatingLeaseCapitalizedCosts"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeaseCost_019fec7a-47cf-723a-8d32-5eede48f863d" xlink:to="loc_pnm_OperatingLeaseCapitalizedCosts_019fec7a-47cf-7d9c-a668-90480729af49" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_FinanceLeaseCost_019fec7a-47cf-71f8-b64d-b5269edde0c3" xlink:href="pnm-20260930.xsd#pnm_FinanceLeaseCost"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseRightOfUseAssetAmortization_019fec7a-47cf-74bc-9cdc-01c640c92618" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseRightOfUseAssetAmortization"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_FinanceLeaseCost_019fec7a-47cf-71f8-b64d-b5269edde0c3" xlink:to="loc_us-gaap_FinanceLeaseRightOfUseAssetAmortization_019fec7a-47cf-74bc-9cdc-01c640c92618" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseInterestExpense_019fec7a-47cf-7337-adda-f9778d4f7d49" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseInterestExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_FinanceLeaseCost_019fec7a-47cf-71f8-b64d-b5269edde0c3" xlink:to="loc_us-gaap_FinanceLeaseInterestExpense_019fec7a-47cf-7337-adda-f9778d4f7d49" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_FinanceLeaseCapitalizedCosts_019fec7a-47cf-7aa3-b89b-c2692ed379fb" xlink:href="pnm-20260930.xsd#pnm_FinanceLeaseCapitalizedCosts"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_pnm_FinanceLeaseCost_019fec7a-47cf-71f8-b64d-b5269edde0c3" xlink:to="loc_pnm_FinanceLeaseCapitalizedCosts_019fec7a-47cf-7aa3-b89b-c2692ed379fb" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/LeaseCommitmentsScheduleofFutureExpectedLeasePaymentsDetails" xlink:type="simple" xlink:href="pnm-20260930.xsd#LeaseCommitmentsScheduleofFutureExpectedLeasePaymentsDetails"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/LeaseCommitmentsScheduleofFutureExpectedLeasePaymentsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-76de-baa7-46e279d61a86" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_019fec7a-47cf-70ee-83a8-2bedd320b40f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-76de-baa7-46e279d61a86" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_019fec7a-47cf-70ee-83a8-2bedd320b40f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_019fec7a-47cf-7837-b264-ed3b0eeeb49c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-76de-baa7-46e279d61a86" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_019fec7a-47cf-7837-b264-ed3b0eeeb49c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_019fec7a-47cf-7f3b-aba8-0459106e5b8b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-76de-baa7-46e279d61a86" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_019fec7a-47cf-7f3b-aba8-0459106e5b8b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_019fec7a-47cf-7b2d-9817-1000f6f5fb40" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-76de-baa7-46e279d61a86" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_019fec7a-47cf-7b2d-9817-1000f6f5fb40" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_019fec7a-47cf-7972-875a-244c96e15d76" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-76de-baa7-46e279d61a86" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_019fec7a-47cf-7972-875a-244c96e15d76" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_019fec7a-47cf-7184-8480-7c50e057fe47" xlink:href="pnm-20260930.xsd#pnm_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-76de-baa7-46e279d61a86" xlink:to="loc_pnm_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_019fec7a-47cf-7184-8480-7c50e057fe47" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-790a-8267-13ef05882e46" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount_019fec7a-47cf-7931-8c41-267e1084209d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-790a-8267-13ef05882e46" xlink:to="loc_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount_019fec7a-47cf-7931-8c41-267e1084209d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiability_019fec7a-47cf-72ee-b4ee-e54555dd8b8f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiability"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-790a-8267-13ef05882e46" xlink:to="loc_us-gaap_FinanceLeaseLiability_019fec7a-47cf-72ee-b4ee-e54555dd8b8f" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.pnmresources.com/role/LeaseCommitmentsScheduleofFutureExpectedLeasePaymentsDetails_1" xlink:type="simple" xlink:href="pnm-20260930.xsd#LeaseCommitmentsScheduleofFutureExpectedLeasePaymentsDetails_1"/>
  <link:calculationLink xlink:role="http://www.pnmresources.com/role/LeaseCommitmentsScheduleofFutureExpectedLeasePaymentsDetails_1" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-7c79-aae8-8711cec6625c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_019fec7a-47cf-7216-9fad-683c4d9559c2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-7c79-aae8-8711cec6625c" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_019fec7a-47cf-7216-9fad-683c4d9559c2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability_019fec7a-47cf-78af-9d79-a64b3be96ca0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLiability"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019fec7a-47cf-7c79-aae8-8711cec6625c" xlink:to="loc_us-gaap_OperatingLeaseLiability_019fec7a-47cf-78af-9d79-a64b3be96ca0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-79d3-a2ab-4aaed4260a12" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_019fec7a-47cf-78db-802b-aae81a3bbbc4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-79d3-a2ab-4aaed4260a12" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_019fec7a-47cf-78db-802b-aae81a3bbbc4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_019fec7a-47cf-7d9c-b58f-a04084785b66" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-79d3-a2ab-4aaed4260a12" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_019fec7a-47cf-7d9c-b58f-a04084785b66" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_019fec7a-47cf-7ca7-9f38-bf13307d0f5d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-79d3-a2ab-4aaed4260a12" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_019fec7a-47cf-7ca7-9f38-bf13307d0f5d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_019fec7a-47cf-7c2c-ad0c-30b0b3bd636d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-79d3-a2ab-4aaed4260a12" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_019fec7a-47cf-7c2c-ad0c-30b0b3bd636d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_019fec7a-47cf-773f-a773-d983c66af8a0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-79d3-a2ab-4aaed4260a12" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_019fec7a-47cf-773f-a773-d983c66af8a0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_pnm_FinanceLeaseLiabilityToBePaidAfterYearFour_019fec7a-47cf-7195-908f-fd090eeb1d67" xlink:href="pnm-20260930.xsd#pnm_FinanceLeaseLiabilityToBePaidAfterYearFour"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019fec7a-47cf-79d3-a2ab-4aaed4260a12" xlink:to="loc_pnm_FinanceLeaseLiabilityToBePaidAfterYearFour_019fec7a-47cf-7195-908f-fd090eeb1d67" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
