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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.

PNM Resources, Inc.

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-32462

IRS Employer Identification No. - 85-0468296

Public Service Company of New Mexico

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-06986

IRS Employer Identification No. - 85-0019030

Texas-New Mexico Power Company

(A Texas Corporation)

577 N. Garden Ridge Blvd.

Lewisville, Texas 75067

Telephone Number - (972) 420-4189

Commission File No. - 002-97230

IRS Employer Identification No. - 75-0204070

Securities registered pursuant to Section 12(b) of the Act:

Registrant			Title of each class			Trading Symbol(s)			Name of exchange on which registered
PNM Resources, Inc.			Common Stock, no par value			PNM			New York Stock Exchange

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

(NOTE: As a voluntary filer, not subject to the filing requirements, TNMP filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.)

Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ☑

As of May 1, 2020, 79,653,624 shares of common stock, no par value per share, of PNMR were outstanding.

The total number of shares of common stock of PNM, no par value per share, outstanding as of May 1, 2020 was 39,117,799 all held by PNMR (and none held by non-affiliates).

The total number of shares of common stock of TNMP, $10 par value per share, outstanding as of May 1, 2020 was 6,358 all held indirectly by PNMR (and none held by non-affiliates).

PNM AND TNMP MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS (H) (1) (a) AND (b) OF FORM 10-Q AND ARE THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION (H) (2).

This combined Form 10-Q is separately filed by PNMR, PNM, and TNMP.  Information contained herein relating to any individual registrant is filed by such registrant on its own behalf.  Each registrant makes no representation as to information relating to the other registrants.  When this Form 10-Q is incorporated by reference into any filing with the SEC made by PNMR, PNM, or TNMP, as a registrant, the portions of this Form 10-Q that relate to each other registrant are not incorporated by reference therein.

PNM RESOURCES, INC. AND SUBSIDIARIES

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES

TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

INDEX

			Page No.
GLOSSARY			4
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
PNM RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings (Loss)			8
Condensed Consolidated Statements of Comprehensive Income (Loss)			9
Condensed Consolidated Statements of Cash Flows			10
Condensed Consolidated Balance Sheets			12
Condensed Consolidated Statements of Changes in Equity			14
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings (Loss)			15
Condensed Consolidated Statements of Comprehensive Income (Loss)			16
Condensed Consolidated Statements of Cash Flows			17
Condensed Consolidated Balance Sheets			19
Condensed Consolidated Statements of Changes in Equity			21
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings			22
Condensed Consolidated Statements of Cash Flows			23
Condensed Consolidated Balance Sheets			24
Condensed Consolidated Statements of Changes in Common Stockholder’s Equity			26
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			27
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			76
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			106
ITEM 4. CONTROLS AND PROCEDURES			108
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			109
ITEM 1A. RISK FACTORS			109
ITEM 5. OTHER INFORMATION			110
ITEM 6. EXHIBITS			110
SIGNATURE			112

GLOSSARY

Definitions:
2017 IRP						PNM’s 2017 IRP
ABCWUA						Albuquerque Bernalillo County Water Utility Authority
AEP OnSite Partners						AEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
Afton						Afton Generating Station
AFUDC						Allowance for Funds Used During Construction
AMI						Advanced Metering Infrastructure
AMS						Advanced Meter System
AOCI						Accumulated Other Comprehensive Income
APS						Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
ASU						Accounting Standards Update
August 2016 RD						Recommended Decision in PNM’s NM 2015 Rate Case issued by the Hearing Examiner on August 4, 2016
BART						Best Available Retrofit Technology
BDT						Balanced Draft Technology
Board						Board of Directors of PNMR
BSER						Best System of Emissions Reduction Technology
CAA						Clean Air Act
CARES Act						Coronavirus Aid, Relief, and Economic Security Act
Casa Mesa Wind						Casa Mesa Wind Energy Center
CCN						Certificate of Convenience and Necessity
CCR						Coal Combustion Residuals
CFRE						Citizens for Fair Rates and the Environment
CIAC						Contributions in Aid of Construction
CO2						Carbon Dioxide
CSA						Coal Supply Agreement
CTC						Competition Transition Charge
DC Circuit						United States Court of Appeals for the District of Columbia Circuit
DOE						United States Department of Energy
DOI						United States Department of Interior
EGU						Electric Generating Unit
EIM						California Independent System Operator Western Energy Imbalance Market
EIS						Environmental Impact Study
EPA						United States Environmental Protection Agency
ERCOT						Electric Reliability Council of Texas
ESA						Endangered Species Act
ETA						The New Mexico Energy Transition Act
Exchange Act						Securities Exchange Act of 1934
Farmington						The City of Farmington, New Mexico
FASB						Financial Accounting Standards Board
FERC						Federal Energy Regulatory Commission
Four Corners						Four Corners Power Plant
FPPAC						Fuel and Purchased Power Adjustment Clause
FTY						Future Test Year
GAAP						Generally Accepted Accounting Principles in the United States of America
GHG						Greenhouse Gas Emissions
GWh						Gigawatt hours
IRC						Internal Revenue Code
IRP						Integrated Resource Plan
IRS						Internal Revenue Service
kV						Kilovolt
KW						Kilowatt
KWh						Kilowatt Hour
La Luz						La Luz Generating Station
LIBOR						London Interbank Offered Rate

Lightning Dock Geothermal						Lightning Dock geothermal power facility, also known as the Dale Burgett Geothermal Plant
Lordsburg						Lordsburg Generating Station
Los Alamos						The Incorporated County of Los Alamos, New Mexico
Luna						Luna Energy Facility
MD&A						Management’s Discussion and Analysis of Financial Condition and Results of Operations
MMBTU						Million British Thermal Units
Moody’s						Moody’s Investor Services, Inc.
MW						Megawatts
MWh						Megawatt Hour
NAAQS						National Ambient Air Quality Standards
Navajo Acts						Navajo Nation Air Pollution Prevention and Control Act, Navajo Nation Safe Drinking Water Act, and Navajo Nation Pesticide Act
NDT						Nuclear Decommissioning Trusts for PVNGS
NEE						New Energy Economy
NEPA						National Environmental Policy Act
NERC						North American Electric Reliability Corporation
New Mexico Wind						New Mexico Wind Energy Center
NM 2015 Rate Case						Request for a General Increase in Electric Rates Filed by PNM on August 27, 2015
NM 2016 Rate Case						Request for a General Increase in Electric Rates Filed by PNM on December 7, 2016
NM AREA						New Mexico Affordable Reliable Energy Alliance, formerly New Mexico Industrial Energy Consumers Inc.
NM Capital						NM Capital Utility Corporation, an unregulated wholly-owned subsidiary of PNMR, now known as New Mexico PPA Corporation
NM District Court						United States District Court for the District of New Mexico
NM Supreme Court						New Mexico Supreme Court
NMED						New Mexico Environment Department
NMMMD						The Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRC						New Mexico Public Regulation Commission
NMRD						NM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOx						Nitrogen Oxides
NOPR						Notice of Proposed Rulemaking
NPDES						National Pollutant Discharge Elimination System
NRC						United States Nuclear Regulatory Commission
NSPS						New Source Performance Standards
NSR						New Source Review
NTEC						Navajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OCI						Other Comprehensive Income
OPEB						Other Post-Employment Benefits
OSM						United States Office of Surface Mining Reclamation and Enforcement
PCRBs						Pollution Control Revenue Bonds
PNM						Public Service Company of New Mexico and Subsidiaries
PNM 2017 New Mexico Credit Facility						PNM’s $40.0 Million Unsecured Revolving Credit Facility
PNM 2017 Term Loan						PNM’s $200.0 Million Unsecured Term Loan
PNM 2019 $40.0 Million Term Loan						PNM's $40.0 Million Unsecured Term Loan
PNM 2019 $250.0 Million Term Loan						PNM’s $250.0 Million Unsecured Term Loan, which was repaid on April 15, 2020
PNM 2020 Note Purchase Agreement						PNM's Agreement for the sale of PNM 2020 SUNs
PNM 2020 SUNs						PNM's $200.0 million Senior Unsecured Notes issued on April 30, 2020
PNM 2020 Term Loan						PNM’s $250.0 million Unsecured Term Loan issued on April 15, 2020, of which $100.0 million was repaid on April 30, 2020

PNM Revolving Credit Facility						PNM’s $400.0 Million Unsecured Revolving Credit Facility
PNMR						PNM Resources, Inc. and Subsidiaries
PNMR 2018 One-Year Term Loan						PNMR’s $150.0 Million One-Year Unsecured Term Loan
PNMR 2018 SUNS						PNMR’s $300.0 Million Senior Unsecured Notes issued on March 9, 2018
PNMR 2018 Two-Year Term Loan						PNMR’s $50.0 Million Two-Year Unsecured Term Loan
PNMR 2019 Term Loan						PNMR's $150.0 Million Two-Year Unsecured Term Loan
PNMR 2020 Forward Equity Sale Agreements						PNMR's Block Equity Sale of 6.2 million Shares of PNMR Common Stock with Forward Equity Sales Agreements
PNMR Development						PNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR
PNMR Development Revolving Credit Facility						PNMR Development’s $40.0 Million Unsecured Revolving Credit Facility
PNMR Development Term Loan						PNMR Development’s $90.0 Million Unsecured Term Loan
PNMR Revolving Credit Facility						PNMR’s $300.0 Million Unsecured Revolving Credit Facility
PPA						Power Purchase Agreement
PSD						Prevention of Significant Deterioration
PUCT						Public Utility Commission of Texas
PV						Photovoltaic
PVNGS						Palo Verde Nuclear Generating Station
RCRA						Resource Conservation and Recovery Act
RCT						Reasonable Cost Threshold
REA						New Mexico’s Renewable Energy Act, as amended by the ETA
REC						Renewable Energy Certificates
Red Mesa Wind						Red Mesa Wind Energy Center
REP						Retail Electricity Provider
Rio Bravo						Rio Bravo Generating Station
RMC						Risk Management Committee
ROE						Return on Equity
RPS						Renewable Energy Portfolio Standard
S&P						Standard and Poor’s Ratings Services
SEC						United States Securities and Exchange Commission
SIP						State Implementation Plan
SJCC						San Juan Coal Company
SJGS						San Juan Generating Station
SJGS Abandonment Application						PNM’s July 1, 2019 consolidated application seeking NMPRC approval to retire PNM’s share of SJGS in 2022, for related replacement generating resources, and for the issuance of securitized bonds under the ETA
SJGS CSA						San Juan Generating Station Coal Supply Agreement
SJGS RA						San Juan Project Restructuring Agreement
SNCR						Selective Non-Catalytic Reduction
SO2						Sulfur Dioxide
Tax Act						Federal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act
TECA						Texas Electric Choice Act
Tenth Circuit						United States Court of Appeals for the Tenth Circuit
TNMP						Texas-New Mexico Power Company and Subsidiaries
TNMP 2018 Rate Case						TNMP’s General Rate Case Application Filed May 30, 2018
TNMP 2019 Bonds						TNMP’s First Mortgage Bonds issued under the TNMP 2019 Bond Purchase Agreement
TNMP 2020 Bond Purchase Agreement						An agreement under which TNMP agreed to issue an aggregate of $185.0 Million of First Mortgage Bonds in 2020
TNMP 2020 Bonds						TNMP's First Mortgage Bonds issued under the TNMP 2020 Bond Purchase Agreement

TNMP Revolving Credit Facility						TNMP’s $75.0 Million Secured Revolving Credit Facility
Tri-State						Tri-State Generation and Transmission Association, Inc.
Tucson						Tucson Electric Power Company
UAMPS						Utah Associated Municipal Power Systems
U.S						The United States of America
US Supreme Court						United States Supreme Court
Valencia						Valencia Energy Facility
VIE						Variable Interest Entity
Western Spirit Line						A 165-mile 345-kV transmission line that PNM has agreed to purchase, subject to certain conditions being met prior to closing
Westmoreland						Westmoreland Coal Company
WSJ						Westmoreland San Juan, LLC, formerly an indirect wholly-owned subsidiary of Westmoreland, and former owner of SJCC
WSJ LLC						Westmoreland San Juan Mining, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC