7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 2008-12-31 2008-09-30 2008-06-30 2008-03-31 2007-12-31 2007-09-30 
      
    		                                                                         
      cash flows from operating activities:
    		                                                                         
      net earnings
    		136,304,000 26,013,000 12,797,000 19,994,000 136,398,000 51,964,000 50,366,000 -45,734,000 42,917,000 49,423,000 60,273,000 20,102,000 126,737,000 19,123,000 19,218,000 15,199,000 117,682,000 57,761,000 21,205,000 11,701,000 125,453,000 61,561,000 -11,399,000 35,990,000 106,763,000 -72,284,000 21,662,000 -51,539,000 91,573,000 42,449,000 18,799,000 -50,585,000 78,327,000 41,231,000 26,446,000 28,423,000 58,556,000 30,952,000 13,965,000 -87,285,000 64,855,000 35,656,000 17,852,000 22,111,000 59,486,000 33,181,000 16,131,000 11,397,000 58,814,000 31,383,000 13,962,000 12,574,000 61,975,000 25,099,000 20,477,000 115,408,000 47,906,000 7,668,000 19,952,000 -104,806,000 52,593,000             
      adjustments to reconcile net earnings to net cash flows from operating activities:
    		                                                                         
      depreciation and amortization
    		125,850,000 120,945,000 114,300,000 109,091,000 107,554,000 103,361,000 103,004,000 91,135,000 88,706,000 86,723,000 87,128,000 85,315,000 85,866,000 85,270,000 84,672,000 81,247,000 80,759,000 79,347,000 78,857,000 81,131,000 77,738,000 78,264,000 77,535,000 75,886,000 77,092,000 74,144,000 73,946,000 68,235,000 70,386,000 69,272,000 67,748,000 67,908,000 68,425,000 65,973,000 65,888,000 63,896,000 61,352,000 58,222,000 58,563,000 57,298,000 56,672,000 53,829,000 55,062,000 52,180,000 54,251,000 51,487,000 51,949,000 50,317,000 53,942,000 52,096,000 51,818,000 52,507,000 54,021,000 51,194,000 48,777,000 43,382,000 54,580,000 48,946,000 48,458,000 48,054,000 48,405,000             
      deferred income tax expense
    		18,105,000 1,178,000 618,000 4,667,000 22,998,000 8,450,000 6,935,000 -24,383,000 -6,258,000 7,556,000 9,576,000 9,497,000 12,631,000 396,000 2,009,000 5,454,000 15,931,000 7,915,000 1,447,000 6,601,000 11,717,000 3,913,000 -1,826,000 7,835,000 8,710,000 -43,052,000 1,122,000 -10,687,000 12,818,000 5,121,000 767,000 55,304,000 42,781,000 21,656,000 10,787,000 13,503,000 27,433,000 15,682,000 7,187,000 -46,060,000 35,836,000 18,349,000 8,326,000 16,928,000 31,301,000 17,976,000 6,276,000 2,552,000 30,081,000 20,002,000 7,795,000 1,102,000 33,787,000 11,753,000 9,601,000 81,257,000 25,175,000 8,680,000 9,312,000               
      (gain) on sale of nmrd
    		   0 0 0 -4,449,000                                                                   
      (gains) on investment securities
    		               -742,000           -14,014,000    -288,000                                           
      stock based compensation expense
    		1,410,000 2,294,000 2,972,000 1,635,000 1,169,000 2,068,000 4,608,000 1,319,000 1,528,000 853,000 3,490,000 1,853,000 1,156,000 1,764,000 3,052,000 2,718,000 1,016,000 1,493,000 4,219,000 1,581,000 1,330,000 1,429,000 3,801,000 990,000 898,000 1,269,000 3,257,000 2,569,000 1,226,000 431,000 2,894,000 872,000 761,000 1,874,000 2,687,000 1,233,000 858,000 890,000 2,653,000 1,115,000 987,000 547,000 2,214,000 1,251,000 1,281,000 1,268,000 2,131,000 1,005,000 1,117,000 1,295,000 1,903,000 837,000 1,313,000 199,000 1,236,000 2,254,000 1,435,000 1,922,000 945,000 369,000 563,000             
      regulatory disallowances
    		   -1,621,000 6,142,000 0 4,459,000                                  0 1,529,000 215,000     10,500,000        0 0                 
      allowance for equity funds used during construction
    		-6,053,000 -3,711,000 -1,555,000 -3,976,000 -5,781,000 -4,838,000 -3,292,000 -4,903,000 -4,766,000 -3,345,000 -1,964,000 -4,567,000 -3,393,000 -3,171,000 -2,668,000 -4,350,000 -3,342,000 -2,904,000 -2,621,000 -4,526,000 -3,253,000 -2,280,000 -1,195,000 -2,764,000 -2,556,000 -2,109,000 -2,049,000 -3,306,000 -2,457,000 -2,154,000 -2,487,000 -3,299,000                                          
      other
    		982,000 892,000 861,000 1,140,000 986,000 1,008,000 1,031,000 328,000 -266,000 -68,000 810,000 1,054,000 569,000 46,000 708,000 863,000 1,191,000 169,000 3,234,000 390,000 109,000 2,222,000 776,000 450,000 698,000 803,000 444,000 814,000 1,120,000 838,000 757,000 920,000 1,266,000 1,071,000 -928,000 4,014,000 -747,000 405,000 -612,000 8,235,000 -2,375,000 -2,074,000 148,000 -876,000 -680,000 -967,000 1,005,000 -5,940,000 1,131,000 661,000 -348,000 380,000 -1,885,000 -1,172,000 -1,438,000 -4,488,000 1,434,000 612,000 1,503,000 -5,073,000 1,532,000             
      changes in certain assets and liabilities:
    		                                                                         
      accounts receivable and unbilled revenues
    		-46,002,000 -39,467,000 8,546,000 25,117,000 -28,346,000 -39,416,000 29,296,000 52,257,000 -55,753,000 -8,194,000 64,919,000 -6,386,000 -29,820,000 -58,062,000 21,169,000 20,725,000 -15,225,000 -48,629,000 17,205,000 15,305,000 -32,219,000 -39,148,000 14,027,000 28,494,000 -28,903,000 -11,637,000 15,842,000 11,745,000 -3,317,000 -35,345,000 18,215,000 19,231,000 -8,873,000 -32,757,000 20,553,000 3,688,000 -4,915,000 -32,445,000 36,215,000 20,485,000 -2,884,000 -33,069,000 12,170,000 17,183,000 -4,615,000 -34,750,000 17,207,000 16,169,000 -710,000 -27,083,000 4,062,000 29,003,000 -10,649,000 -34,572,000 13,671,000 17,728,000 -44,091,000 -52,602,000 8,231,000 33,312,000 -21,067,000             
      materials, supplies, and fuel stock
    		-1,812,000 -2,930,000 -1,383,000 -11,320,000 -5,374,000 -10,653,000 -6,457,000 -14,644,000 -2,374,000 -16,726,000 2,443,000 -1,898,000 3,723,000 -5,170,000 -5,183,000 1,689,000 -4,784,000 146,000 4,305,000 1,017,000 2,242,000 4,447,000 3,806,000 -187,000 -3,252,000 -6,482,000 3,826,000 3,400,000 -449,000 -5,306,000 -2,976,000 1,676,000 -1,172,000 -867,000 1,836,000 460,000 -3,247,000 334,000 -1,716,000 3,449,000 4,656,000 -5,628,000 -2,657,000 10,000 -852,000 452,000 5,894,000 -6,856,000 -565,000 -1,103,000 944,000 1,357,000 -1,519,000 -2,192,000 -3,058,000 -1,215,000 -2,094,000 418,000 691,000 709,000 -942,000             
      other current assets
    		7,067,000 -16,250,000 -4,401,000 17,132,000 34,314,000 -44,141,000 24,662,000 24,791,000 -58,617,000 -17,094,000 -1,305,000 13,472,000 -6,086,000 -3,306,000 13,079,000 21,843,000 3,478,000 -4,505,000 -18,978,000 1,750,000 8,590,000 -18,580,000 105,000 3,723,000 4,169,000 -4,242,000 -1,778,000 16,148,000 2,473,000 -18,475,000 2,345,000 9,537,000 20,148,000 -8,828,000 11,441,000 9,350,000 15,523,000 -8,622,000 -18,720,000 -8,386,000 21,414,000 12,525,000 3,817,000 -10,620,000 872,000 -29,032,000 8,344,000 15,244,000 -10,537,000 1,535,000 2,335,000 1,627,000 7,796,000 -13,875,000 1,854,000 -19,078,000 -4,580,000 -7,157,000 8,836,000 11,813,000 -19,745,000             
      other assets
    		-19,357,000 -3,144,000 -5,067,000 -2,901,000 -64,258,000 -9,041,000 -7,341,000 -12,207,000 -7,206,000 -4,333,000 -2,074,000 -1,674,000 1,806,000 17,085,000 -12,215,000 13,584,000 5,141,000 5,849,000 6,561,000 7,315,000 9,673,000 5,506,000 7,429,000 9,519,000 11,426,000 8,395,000 13,463,000 -3,448,000 5,000 3,046,000 -443,000 495,000 -9,167,000 433,000 2,753,000 -44,780,000 1,031,000 608,000 277,000 -9,981,000 4,288,000 3,842,000 4,220,000 -30,212,000 12,265,000 11,851,000 6,386,000 -34,457,000 15,300,000 -2,418,000 8,774,000 -21,279,000 -2,840,000 -6,389,000 -270,000 -12,525,000 -3,053,000 661,000 -918,000 13,340,000 958,000             
      accounts payable
    		6,676,000 -25,321,000 21,652,000 34,048,000 -6,525,000 13,980,000 -31,482,000 -21,314,000 11,347,000 32,737,000 -56,306,000 35,723,000 6,891,000 20,859,000 -15,905,000 4,706,000 4,944,000 10,637,000 -9,647,000 15,519,000 -2,197,000 -4,695,000 -1,224,000 5,197,000 -4,657,000 6,830,000 -7,642,000 11,924,000 -11,409,000 5,724,000 -26,953,000 10,739,000 5,781,000 1,800,000 -3,852,000 -3,033,000 10,176,000 -5,988,000 2,004,000 -33,544,000 22,052,000 -18,138,000 -2,639,000 -2,390,000 29,463,000 4,989,000 -34,373,000 22,270,000 -10,362,000 10,471,000 -17,895,000 10,047,000 8,855,000 -5,619,000 737,000 7,188,000 7,680,000 13,939,000 -7,838,000 -6,082,000 -8,904,000             
      accrued interest and taxes
    		48,358,000 -18,179,000 -1,409,000 -13,348,000 25,397,000 2,888,000 -9,823,000 7,840,000 17,686,000 -3,486,000 -4,514,000 -8,670,000 20,187,000 -3,221,000 909,000 -5,021,000 16,642,000 -9,005,000 76,000 -5,582,000 11,803,000 -4,738,000 -10,830,000 2,509,000 18,362,000 -12,623,000 6,443,000 -15,400,000 21,978,000 -18,235,000 13,370,000 -21,049,000 27,524,000 -19,344,000 12,542,000 -17,471,000 25,099,000 -22,559,000 18,276,000 -23,276,000 32,613,000 -29,191,000 24,811,000 -30,448,000 35,318,000 -28,643,000 25,813,000 -34,681,000 33,141,000       -25,745,000 39,847,000 -29,767,000 22,969,000 -107,315,000 86,454,000             
      other current liabilities
    		14,520,000 -4,459,000 -12,681,000 -20,981,000 -57,043,000 11,510,000 -39,860,000 8,693,000 140,247,000 -6,516,000 -16,844,000 -2,434,000 -23,467,000 3,843,000 -6,458,000 -10,785,000 8,907,000 13,141,000 -4,369,000 6,985,000 9,068,000 11,257,000 -3,570,000 -4,682,000 3,851,000 -8,441,000 2,060,000 -1,606,000 5,736,000 7,881,000 -9,397,000 -4,925,000 910,000 7,511,000 -10,009,000 6,922,000 3,824,000 -6,672,000 -16,583,000 15,364,000 -2,536,000 11,028,000 -21,223,000 18,744,000 -17,856,000 27,018,000 -30,359,000 12,463,000 -10,801,000 17,451,000 -38,761,000 1,776,000 -18,665,000 26,458,000 -29,474,000 16,379,000 -2,387,000 15,822,000 -26,354,000 11,227,000 -2,507,000             
      other liabilities
    		8,054,000 -10,767,000 4,766,000 -5,513,000 26,136,000 -9,874,000 -10,843,000 26,943,000 -7,749,000 -6,542,000 -7,689,000 4,148,000 -2,337,000 -17,483,000 -12,263,000 -8,527,000 3,121,000 -10,136,000 -14,050,000 -4,115,000 -3,478,000 -5,555,000 -16,485,000 -2,259,000 -11,524,000 -8,045,000 -13,243,000 -1,310,000 -2,550,000 -3,709,000 -3,397,000 789,000 -1,951,000 -3,807,000 -534,000 40,165,000 -4,878,000 -1,387,000 -4,032,000 -1,402,000 -2,268,000 -5,116,000 -33,278,000 42,442,000 6,417,000 -3,144,000 -199,000 9,117,000 -1,407,000 -4,209,000 -64,763,000 9,505,000 3,184,000 -303,000 -83,129,000 36,956,000 -21,719,000 -9,323,000 -12,649,000 -11,552,000 -10,115,000             
      net cash flows from operating activities
    		281,995,000 3,538,000 141,257,000 158,639,000 179,997,000 76,708,000 92,816,000 138,567,000 170,161,000 110,942,000 131,501,000 139,788,000 209,632,000 101,254,000 116,610,000 139,361,000 233,949,000 88,086,000 86,477,000 117,743,000 202,175,000 71,983,000 93,799,000 151,907,000 179,391,000 67,181,000 104,684,000 111,329,000 182,997,000 54,974,000 78,926,000 107,125,000 215,718,000 70,015,000 131,604,000 94,468,000 198,945,000 31,443,000 90,598,000 51,302,000 225,898,000 42,940,000 66,734,000 88,635,000 202,435,000 47,413,000 76,393,000 75,577,000 151,102,000 161,283,000 -1,375,000 76,350,000 163,703,000 27,693,000 13,603,000 93,743,000 113,757,000 26,002,000 58,738,000 70,794,000 140,356,000        51,800,000 -12,400,000 24,700,000 95,500,000 39,808,000 
      cash flows from investing activities:
    		                                                                         
      additions to utility plant and non-utility plant
    		-277,311,000 -266,176,000 -342,624,000  -323,695,000 -292,718,000 -289,100,000  -270,928,000 -272,636,000 -264,368,000  -227,146,000 -265,848,000 -209,884,000  -161,152,000 -162,798,000 -172,235,000  -151,527,000 -203,599,000 -140,208,000                                                   
      proceeds from sale of plant assets
    		   0 0 0 2,840,000 0                                                                  
      proceeds from sales of investment securities
    		241,992,000 108,625,000 90,103,000 -38,307,000 332,895,000 110,240,000 302,510,000 161,625,000 137,797,000 182,947,000 91,830,000 203,197,000 92,371,000 105,634,000 125,246,000 62,997,000 33,579,000 239,695,000 123,596,000 101,780,000 134,567,000 205,296,000 149,355,000 119,146,000 141,371,000 159,551,000 74,460,000 72,634,000 117,811,000 167,359,000 626,729,000                                           
      purchases of investment securities
    		-243,880,000 -108,717,000 -92,457,000 -214,000 -338,992,000 -112,628,000 -304,971,000 -169,774,000 -141,805,000 -185,889,000 -95,773,000 -232,422,000 -97,642,000 -107,057,000 -127,791,000 -72,530,000 -37,817,000 -240,840,000 -126,485,000 -109,421,000 -138,330,000 -207,732,000 -152,108,000 -128,553,000 -145,704,000 -162,246,000 -77,363,000 -86,805,000 -122,946,000 -168,272,000 -628,999,000                                           
      proceeds from sale of nmrd
    		   0 0 0 116,936,000                                                                   
      investments in nmrd
    		   0 0 0 -12,550,000 -500,000 -11,000,000 -3,250,000 -11,500,000         0 -5,000,000 -8,250,000 -10,000,000 -9,000,000 -16,000,000 -6,250,000 -7,000,000 0 -1,000,000 -3,000,000 -5,000,000                                           
      net cash flows used in investing activities
    		-279,221,000 -266,290,000 -345,009,000 -368,514,000 -326,360,000 -295,140,000 -184,358,000 -276,529,000 -281,614,000 -278,830,000 -251,433,000 -238,922,000 -232,237,000 -267,324,000 -211,864,000 -448,481,000 -165,375,000 -163,947,000 -174,455,000                                                       
      cash flows from financing activities:
    		                                                                         
      revolving credit facilities borrowings
    		511,700,000 885,900,000 513,000,000 710,400,000 597,500,000 925,500,000 658,800,000       180,300,000 23,300,000  -77,600,000                 70,400,000 16,000,000  -45,500,000                                     
      revolving credit facilities repayments
    		-543,600,000 -1,133,900,000 -528,600,000 -560,100,000 -464,900,000 -843,600,000 -676,200,000                                                                   
      long-term borrowings
    		1,434,300,000 1,384,300,000 335,000,000 0 168,000,000 948,000,000 117,000,000 343,096,000 55,000,000   0 320,000,000 138,000,000 100,000,000 446,345,000 225,000,000 925,000,000 220,000,000 230,000,000 377,500,000   190,000,000 80,000,000 0 475,000,000 155,000,000 120,000,000 410,000,000 299,652,000 0 260,000,000   100,000,000 146,000,000 175,000,000 182,500,000 0 249,305,000 64,300,000 150,000,000 100,000,000 0 80,000,000 175,000,000 0 0   0    160,000,000    0 0             
      repayment of long-term debt
    		-1,547,801,000 -1,439,300,000 -3,406,000 0 -82,529,000   -225,000,000 0   0 -75,000,000   -246,345,000 -160,000,000 -705,000,000 -300,000,000 -225,000,000 -302,500,000   -35,000,000 0 -172,302,000 -200,000,000 -100,000,000 -100,025,000 -395,111,000 -155,026,000 -10,747,000 -185,876,000 -68,003,000 -9,444,000 -15,636,000 -162,001,000   0 -175,000,000   0 0 -50,000,000 -75,000,000 -3,431,000 -16,592,000   -2,387,000    -60,752,000    -2,125,000 0             
      issuance of common stock
    		197,582,000                                                                         
      awards of common stock
    		-184,000 -1,942,000 -6,307,000 -477,000 -1,735,000 -808,000 -5,440,000 -15,000 -13,000 -1,224,000 -8,394,000 -134,000 -221,000 -890,000 -6,735,000 -48,000 -129,000 -926,000 -9,027,000 0 0 -486,000 -11,498,000 -21,000 -5,000 -956,000 -8,936,000 -130,000 -237,000 -1,423,000 -10,845,000 -113,000 -650,000 -2,134,000 -11,032,000 -531,000 -553,000 -4,347,000 -10,020,000  -141,000 -1,674,000 -17,140,000  -1,634,000 -2,300,000 -11,639,000  7,312,000 -10,090,000 -9,651,000                       
      dividends paid
    		-43,074,000 -37,890,000 -37,891,000 -35,085,000 -35,085,000 -35,084,000 -35,085,000 -31,676,000 -31,676,000 -31,676,000 -31,677,000 -29,960,000 -29,960,000 -29,959,000 -29,960,000 -28,243,000 -28,243,000 -28,243,000 -28,243,000 -24,626,000 -24,625,000 -24,626,000 -24,625,000 -23,231,000 -23,232,000 -23,231,000 -23,232,000 -21,240,000 -21,241,000 -21,240,000 -21,240,000 -19,448,000 -19,448,000 -19,448,000 -19,448,000 -17,656,000 -17,655,000 -17,656,000 -17,656,000 -16,063,000 -16,063,000 -16,062,000 -16,063,000 -14,868,000 -14,868,000 -14,864,000 -14,868,000 -13,275,000 -13,275,000 -13,275,000 -11,683,000 -11,683,000 -11,684,000 -11,681,000 -10,089,000 -10,966,000 -11,563,000 -11,564,000 -11,563,000 -11,563,000 -11,564,000             
      valencia’s transactions with its owner
    		-6,184,000 -4,648,000 -4,270,000 -5,318,000 -5,927,000 -3,850,000 -4,003,000 -5,576,000 -5,238,000 -5,245,000 -5,510,000 -5,078,000 -4,490,000 -3,733,000 -4,232,000 -4,856,000 -4,982,000 -4,013,000 -5,243,000 -3,061,000 -4,201,000 -4,360,000 -6,434,000 -5,176,000 -2,277,000 -3,685,000 -4,263,000 -4,418,000 -4,296,000 -3,909,000 -4,472,000 -4,779,000 -5,232,000 -3,703,000 -4,028,000 -4,679,000 -4,933,000 -3,395,000 -3,999,000 -4,942,000 -4,493,000 -3,454,000 -4,160,000 -4,861,000 -4,560,000 -3,820,000 -4,369,000   -3,415,000 -5,260,000 -3,596,000 -4,585,000                     
      transmission interconnection and security deposit arrangements
    		12,721,000 8,575,000 12,640,000 12,554,000 14,966,000 6,877,000 57,875,000 3,553,000 16,892,000 25,468,000 3,894,000 19,854,000 30,053,000 28,074,000 18,569,000 48,680,000 16,003,000 10,415,000 5,460,000  5,250,000 2,994,000 370,000                                                   
      refunds paid under transmission interconnection and security deposit arrangements
    		-7,783,000 -14,276,000 -80,752,000 -4,344,000 -45,965,000 -16,699,000 -12,003,000  -1,606,000                                                                 
      debt issuance costs and other
    		-7,991,000 -7,745,000 -1,854,000 -707,000 -1,846,000 -16,494,000 -1,435,000 -3,308,000 -778,000 -5,190,000 -560,000 -1,896,000 -507,000 -2,730,000 -431,000 -3,147,000 -2,010,000 -857,000 -292,000  3,453,000 -4,420,000 -137,000  -782,000 388,000 -2,215,000  -274,000                           -5,249,000 -108,000 0 8,000 -808,000 -831,000             
      net cash flows from financing activities
    		-314,000 284,383,000 197,560,000 215,524,000 142,479,000 226,842,000 99,509,000 134,137,000 111,581,000 171,396,000 119,986,000 97,590,000 24,743,000 165,165,000 98,539,000 260,743,000 -37,550,000 86,797,000 47,571,000 105,721,000 -13,962,000 128,979,000 71,456,000 21,437,000 8,659,000 -82,834,000 225,184,000 5,026,000 -26,645,000 27,198,000 40,067,000 -9,179,000 -59,087,000 36,647,000 -27,228,000 -3,023,000 -85,148,000 69,824,000 260,739,000 125,150,000 -34,640,000 -29,157,000 114,078,000 84,851,000 -25,561,000 14,261,000 22,643,000 13,537,000 -84,104,000 -50,741,000 59,715,000 25,194,000 -115,554,000 40,928,000 47,872,000 -329,018,000 -35,746,000 64,697,000 -12,264,000 24,659,000 -102,232,000        137,300,000 204,700,000 53,200,000 -1,700,000 72,137,000 
      change in cash, cash equivalents, and restricted cash
    		2,460,000 21,631,000 -6,192,000 5,649,000 -3,884,000 8,410,000 7,967,000                                                                   
      cash, cash equivalents, and restricted cash at beginning of period
    		0 0 22,085,000  0 0 3,943,000                                                                   
      cash, cash equivalents, and restricted cash at end of period
    		2,460,000 21,631,000 15,893,000  -3,884,000 8,410,000 11,910,000                                                                   
      restricted cash included in other current assets and other deferred charges on condensed consolidated balance sheets:
    		                                                                         
      at beginning of period
    		0 0 17,587,000 0 0 0 1,728,000                                                                   
      at end of period
    		-7,436,000 5,514,000 9,840,000 8,386,000 -7,884,000 8,163,000 8,922,000                                                                   
      supplemental cash flow disclosures:
    		                                                                         
      interest paid, net of amounts capitalized
    		28,828,000 80,516,000 52,333,000 60,554,000 49,671,000 48,835,000 48,912,000 33,397,000 38,929,000 43,153,000 39,794,000 39,239,000 29,189,000 28,375,000 21,682,000 21,311,000 20,838,000 25,810,000 23,317,000 22,436,000 26,539,000 30,942,000 26,658,000 29,755,000 24,182,000 41,021,000 20,518,000 38,105,000 21,577,000 44,321,000 15,305,000 45,599,000 15,374,000 45,031,000 14,951,000 39,506,000 19,140,000 44,994,000 11,403,000 40,336,000 6,737,000 50,118,000 6,191,000 48,666,000 5,363,000 49,994,000 4,718,000 27,558,000 13,557,000 53,450,000 4,817,000 49,225,000 7,823,000 51,905,000 4,312,000                   
      income taxes paid (refunded)
    		0   -603,000 0 93,000 -488,000 105,000 0       150,000 0   0 1,100,000 0 -131,000 0 -161,000 -2,533,000 -235,000 0 0 850,000 -8,000 0 0 750,000 -125,000 -1,157,000 0   -254,000 -405,000 219,000 -1,450,000 -68,000 5,000 -1,115,000 -1,419,000 145,000 0 -94,869,000 -603,000 0 0   -1,783,000 -1,969,000   -526,000 -35,384,000             
      supplemental schedule of noncash investing activities:
    		                                                                         
      decrease in accrued plant additions
    		-95,000 -9,834,000 62,988,000  -2,655,000 7,146,000 40,223,000  1,905,000 7,399,000 37,148,000  9,322,000 8,708,000 38,918,000  21,224,000                                                         
      (gains) losses on investment securities
    		 -23,556,000 1,241,000   -558,000 -17,998,000 -17,431,000 8,404,000 -3,777,000 -6,442,000 -5,747,000 15,736,000 41,882,000 26,486,000   -13,193,000 -967,000   -21,620,000 32,849,000                                                   
      additions to utility and non-utility plant
    		                           -135,729,000 -119,897,000 -127,896,000 -117,691,000 -147,038,000 -122,541,000 -116,052,000 -114,830,000 -97,546,000 -123,956,000 -99,810,000 -278,764,000 -146,983,000 -178,642,000 -132,750,000 -100,214,000 -167,297,000 -132,468,000 -77,055,000 -83,838,000  -80,416,000 -79,928,000 -73,584,000  -57,947,000 -72,778,000 -84,018,000  -83,107,000 -90,039,000 -63,129,000               
      cash, cash equivalents, and restricted cash at beginning of year
    		                                                                         
      cash, cash equivalents, and restricted cash at end of year
    		                                                                         
      restricted cash included in other current assets and other deferred charges on consolidated balance sheets:
    		                                                                         
      supplemental schedule of noncash investing and financing activities:
    		                                                                         
      increase in accrued plant additions
    		                  49,092,000 -69,114,000 -10,947,000 14,566,000 6,699,000 -16,242,000 -5,428,000 3,815,000 26,636,000 -27,679,000 -1,126,000 1,300,000 16,003,000 -20,762,000 -5,778,000 -9,088,000 10,367,000 -11,863,000 4,720,000 5,339,000 20,149,000                                   
      restricted cash included in other current assets and other deferred assets on consolidated balance sheets:
    		                                                                         
      regulatory disallowances and restructuring costs
    		       65,877,000 2,315,000   0 -567,000   758,000        496,000 0 149,254,000 1,345,000 65,449,000 -1,645,000       -2,214,000 16,451,000 0 774,000                                   
      distributions from nmrd
    		               0 0 0 572,000                                                       
      revolving credit facilities borrowings (repayments)
    		       -143,600,000 79,000,000 -82,900,000 177,400,000 171,800,000       165,500,000 -151,800,000 -68,255,000 -48,545,000 115,500,000 45,500,000 -52,800,000 118,600,000 -12,100,000 -76,700,000 -20,000,000 43,900,000 -66,700,000 38,900,000       107,400,000                                   
      refunds paid under transmission interconnection arrangements
    		          -15,167,000 -56,996,000 -9,032,000 -39,397,000 -1,972,000 -443,000 -5,589,000 -3,579,000 -584,000 -1,505,000 -584,000 -2,072,000 -1,744,000 -2,079,000 -585,000   -584,000 -585,000   -11,922,000                                          
      restricted cash included in other deferred charges on consolidated balance sheets:
    		                                                                         
      change in cash and cash equivalents
    		        128,000                       -39,175,000 40,956,000 -90,000 -2,239,000 -3,159,000 2,741,000 1,070,000 -42,181,000 19,116,000 20,531,000 -115,991,000 94,121,000 -150,000 16,312,000 -15,055,000 24,634,000 -30,906,000 -1,359,000 29,689,000 -3,876,000 3,629,000 2,172,000 -3,792,000 -8,115,000 -10,669,000 11,737,000 1,083,000 -2,464,000 -9,693,000 6,000,000             
      cash and cash equivalents at beginning of period
    		        0                        0 0 4,522,000  0 0 46,051,000  0 0 28,274,000  0 0 2,533,000  0 0 8,985,000  0 0 15,091,000  0 0 15,404,000  0             
      cash and cash equivalents at end of period
    		        128,000                        40,956,000 -90,000 2,283,000  2,741,000 1,070,000 3,870,000  20,531,000 -115,991,000 122,395,000  16,312,000 -15,055,000 27,167,000  -1,359,000 29,689,000 5,109,000  2,172,000 -3,792,000 6,976,000  11,737,000 1,083,000 12,940,000  6,000,000             
      proceeds from sale of pvngs plant assets
    		         0 28,372,000                                                               
      change in cash, restricted cash, and equivalents
    		          54,000  2,138,000 -905,000 3,285,000  31,024,000 10,936,000 -40,407,000  28,070,000 -13,426,000 12,416,000  15,868,000 -175,862,000 177,966,000  30,075,000 1,106,000 -191,000                                           
      cash, restricted cash, and equivalents at beginning of period
    		          4,078,000  0 0 1,104,000  0 0 47,928,000  0 0 3,833,000  0 0 2,122,000  0 0 3,974,000                                           
      cash, restricted cash, and equivalents at end of period
    		          4,132,000  2,138,000 -905,000 4,389,000  31,024,000 10,936,000 7,521,000  28,070,000 -13,426,000 16,249,000  15,868,000 -175,862,000 180,088,000  30,075,000 1,106,000 3,783,000                                           
      proceeds from stock option exercise
    		                   0 0 0 24,000 0 0 13,000 930,000 26,000 13,000 122,000 802,000 0 165,000 462,000 1,112,000 360,000 99,000 3,294,000 3,275,000 -1,775,000 47,000 500,000 6,847,000 1,504,000 1,049,000 1,188,000 3,258,000 1,118,000 -7,845,000 9,052,000 2,293,000 1,383,000 4,891,000 405,000 5,005,000 3,052,000 398,000 907,000 1,265,000 130,000 339,000             
      cash and cash equivalents at beginning of year
    		                                                                         
      cash and cash equivalents at end of year
    		                                                                         
      contribution of utility plant to nmrd
    		                                                                         
      income taxes paid
    		            0                                          1,500,000                   
      income taxes (refunded)
    		              -346,000                                                           
      short-term borrowings (repayments)
    		                    0                    -85,000,000 87,600,000 -5,600,000  -5,000,000 5,000,000 -49,200,000  -48,000,000 -83,300,000 84,600,000  -93,600,000 57,200,000 67,100,000 -206,300,000 -15,000,000 80,000,000 2,000,000 30,000,000 -93,000,000             
      short-term borrowings
    		                                                                         
      principal repayments on westmoreland loan
    		                           0 0 50,991,000 5,649,000 9,590,000 9,590,000 9,590,000 9,590,000 15,000,000                                      
      net cash flows from investing activities
    		                   -206,429,000 -160,143,000 -214,388,000 -152,839,000 -189,605,000 -172,182,000 -160,209,000 -151,902,000 -149,197,000 -126,277,000 -81,066,000 -119,184,000 -137,121,000 -115,675,000 -106,752,000 -106,615,000 -94,604,000 -111,056,000 -100,197,000 -393,518,000 -157,336,000 -170,727,000 -129,774,000 -86,691,000 -173,636,000 -160,562,000 -76,729,000 -74,402,000 -120,020,000 -68,357,000 -80,853,000 -62,216,000 -97,915,000 -45,977,000 -72,413,000 -69,590,000 224,606,000 -66,274,000 -89,616,000 -48,938,000 -105,146,000 -32,124,000        -59,800,000 -82,200,000 -67,900,000 -92,700,000 -153,276,000 
      short-term loan borrowings
    		                                                                         
      amounts received under transmission interconnection arrangements
    		                               0                                          
      disbursements from nmrd
    		                                                                         
      pnm resources, inc. and subsidiariesconsolidated statements of cash flows
    		                                                                         
      restricted cash included in other current assets on consolidated balance sheets:
    		                                                                         
      additions to utility plant
    		                        -151,844,000 -151,090,000 -141,986,000                                               
      net unrealized losses on commodity derivatives
    		                                                                         
      return of principal on pvngs lessor notes
    		                                   0 0 0 8,547,000 0 7,506,000 0 14,188,000 0 10,527,000 0 10,231,000 0 12,392,000 0 10,965,000 0 10,823,000 0 12,632,000 0 16,900,000 0 15,374,000 0 15,635,000             
      investment in westmoreland loan
    		                                   0                                      
      short-term loan
    		                                                                         
      repayment of short-term loan
    		                                                                         
      net unrealized (gains) losses on commodity derivatives
    		                            -28,000   1,907,000 29,000   -602,000 -3,040,000 6,654,000 -1,435,000 3,937,000 -4,876,000 4,407,000 1,720,000   426,000 2,761,000                           
      restricted cash included in other current assets on condensed consolidated balance sheets:
    		                                                                         
      net unrealized (gains) on commodity derivatives
    		                              -28,000    -1,345,000                                       
      realized (gains) on available-for-sale securities
    		                               -9,431,000 -5,406,000 -5,663,000 -6,661,000 -4,137,000 -4,531,000 -4,631,000 -6,218,000 -3,944,000 -2,536,000 -5,556,000 -4,024,000 -2,293,000 -962,000 -4,699,000 -2,573,000                           
      proceeds from sales of available-for-sale securities
    		                               180,915,000 98,532,000 91,657,000 266,388,000 241,612,000 86,975,000 69,114,000 124,900,000 86,077,000 71,575,000 62,670,000 31,852,000 35,767,000 29,103,000 30,315,000 22,804,000                           
      purchases of available-for-sale securities
    		                               -189,158,000 -101,273,000 -91,962,000 -267,891,000 -253,677,000 -89,087,000 -69,518,000 -126,101,000 -96,280,000 -71,363,000 -62,244,000 -32,661,000 -45,372,000 -27,306,000 -30,726,000 -23,612,000                           
      allowance for equity funds used during construction and other
    		                                                                         
      purchase of rio bravo
    		                                           0                              
      westmoreland loan
    		                                     0 -122,250,000                                   
      loss on reacquired debt
    		                                                                         
      cash paid in debt exchange
    		                                               0 0                         
      purchases to satisfy awards of common stock
    		                                                   -3,238,000 -9,256,000 -1,586,000 -11,088,000 -4,816,000 -753,000 -1,783,000 -2,752,000               
      changes in accrued plant additions
    		                                       -10,332,000 -8,005,000 -5,929,000 5,186,000 9,763,000 1,235,000 5,186,000 -13,095,000                           
      premium on long-term debt incurred in connection with debt exchange
    		                                               13,048,000 0                         
      (gain) on sale of first choice
    		                                                                         
      net unrealized (gains) on derivatives
    		                                                      -3,502,000                   
      abandonment of leased premises
    		                                                                         
      proceeds from governmental grants
    		                                                   0 0 708,000 20,859,000                   
      proceeds from sale of first choice
    		                                                   0                      
      bad debt expense
    		                                                   909,000 668,000 823,000 967,000 3,996,000 8,388,000 6,670,000 5,062,000 6,543,000 7,988,000             
      utility plant additions
    		                                                           -100,148,000 -45,044,000             
      transaction costs for sale of first choice
    		                                                                         
      purchase of preferred stock
    		                                                                         
      purchase of common stock
    		                                                                         
      realized (gains) on investments held by ndt
    		                                                -2,190,000 -3,272,000 -1,533,000 -3,639,000 -5,716,000 794,000 -4,454,000 -1,297,000 4,109,000 -5,895,000 -5,902,000               
      proceeds from sales of investments held by ndt
    		                                                103,230,000 61,822,000 14,284,000 31,025,000 90,518,000 19,027,000 26,760,000 24,084,000 26,312,000 46,770,000 48,120,000 22,755,000 20,813,000             
      purchases of investments held by ndt
    		                                                -103,533,000 -62,746,000 -15,122,000 -34,500,000 -91,345,000 -19,918,000 -27,395,000 -27,011,000 -25,764,000 -47,472,000 -48,938,000 -26,452,000 -21,545,000             
      valencia's transactions with its owner
    		                                                                         
      supplemental schedule of noncash financing activities:
    		                                                                         
      net unrealized (gains) losses on derivatives
    		                                                 -3,173,000 4,902,000 -4,674,000 1,098,000   -2,844,000 1,127,000 4,006,000 -11,002,000 -12,346,000 16,897,000             
      interest and taxes
    		                                                  25,430,000  32,280,000 -30,693,000 20,749,000                   
      pvngs firm-sales contracts revenue
    		                                                                         
      equity in net (earnings) loss of optim energy
    		                                                           9,509,000 -2,496,000             
      impairment of equity investment in optim energy
    		                                                                         
      investments in optim energy
    		                                                           -2,669,000 -1,203,000             
      excess tax (shortfall) from stock-based payment arrangements
    		                                                           -316,000 -150,000             
      payments received on pvngs firm-sales contracts
    		                                                       0 0 0 2,558,000 7,604,000 7,639,000             
      proceeds from transmission interconnection arrangements
    		                                                                         
      repayment of transmission interconnection arrangements
    		                                                                         
      proceeds from sales of utility plant
    		                                                    0 0 1,367,000                   
      proceeds from transmission interconnection agreements
    		                                                    0 30,000 953,000  657,000 437,000 152,000               
      repayment of transmission interconnection agreements
    		                                                                         
      liability incurred for purchase of convertible preferred stock, series a
    		                                                                         
      equity transactions with valencia’s owner
    		                                                      -4,009,000 -4,829,000 -4,740,000 -3,300,000 -3,932,000 -6,596,000 -4,130,000             
      (gain) on sale of pnm gas
    		                                                                         
      (gain) loss on reacquired debt
    		                                                            0             
      settlement of legal proceeding
    		                                                                         
      proceeds from sale of pnm gas
    		                                                                         
      transaction costs for sale of pnm gas
    		                                                                         
      interest paid, net of capitalized interest
    		                                                       52,261,000 6,200,000 51,869,000 6,061,000 51,852,000 6,636,000             
      pvngs firm-sales contract revenue
    		                                                        0 0 -2,558,000               
      realized (gains) losses on investments held by ndt
    		                                                                         
      impairment of goodwill and other intangible assets
    		                                                                         
      (gain) on reacquired debt
    		                                                                         
      activities related to consolidation of valencia:
    		                                                                         
      initial consolidation at may 30, 2008:
    		                                                                         
      increase in short-term borrowings
    		                                                                         
      non-controlling interest transactions as of july 10, 2008:
    		                                                                         
      reduction in short-term borrowings
    		                                                                         
      increase in non-controlling interest in valencia
    		                                                                         
      convertible preferred stock issued under forward purchase contract upon tender of senior unsecured notes
    		                                                                         
      pvngs firm sales contract revenue
    		                                                            -14,679,000             
      deferred income taxes
    		                                                            7,627,000             
      increase in legal reserve
    		                                                                         
      purchase of common stock to satisfy stock awards
    		                                                            -535,000             
      gain on sale of pnm gas
    		                                                                         
      net cash flows from:
    		                                                                         
      operating activities
    		                                                              -13,300,000  119,300,000 -19,100,000 -15,300,000       
      investing activities
    		                                                              -54,100,000 -88,500,000 -41,600,000 -50,900,000 560,700,000       
      financing activities
    		                                                              81,700,000 30,100,000 -33,500,000 25,600,000 -615,600,000       
      net change in cash and cash equivalents
    		                                                              14,300,000 -55,600,000 44,200,000 -44,400,000 -70,200,000 -126,500,000 129,300,000 110,100,000 10,000,000 1,100,000  
      net cash flows from: operating activities
    		                                                                         
      equity in net earnings of energyco
    		                                                                         
      net unrealized losses on derivatives
    		                                                                         
      realized gains on investments held by ndt
    		                                                                         
      realized loss on altura contribution
    		                                                                         
      impairment loss on intangible assets
    		                                                                         
      carrying charges on regulatory assets and liabilities
    		                                                                         
      amortization of fair value of acquired twin oaks sales contract
    		                                                                         
      excess tax benefit from stock-based payment arrangements
    		                                                                         
      accounts receivable
    		                                                                         
      unbilled revenues
    		                                                                         
      regulatory assets
    		                                                                         
      accrued pension liability and postretirement benefit costs
    		                                                                         
      deferred credits
    		                                                                         
      investments in energyco
    		                                                                         
      distributions from energyco
    		                                                                         
      twin oaks acquisition
    		                                                                         
      redemption of long-term debt
    		                                                                         
      excess tax benefits from stock-based payment arrangements
    		                                                                         
      cash and cash equivalents beginning of period
    		                                                                         
      cash and cash equivalents end of period
    		                                                                         
      as of june 1, 2007, pnmr contributed its ownership of altura to energyco at a fair value of 549.6 million after an adjustment for working capital changes. see note 11. in conjunction with the contribution, pnmr removed altura’s assets and liabilities from its balance sheet as follows:
    		                                                                         
      current assets
    		                                                                         
      utility plant
    		                                                                         
      deferred charges
    		                                                                         
      total assets contributed
    		                                                                         
      current liabilities
    		                                                                         
      deferred credits and other liabilities
    		                                                                         
      total liabilities contributed
    		                                                                         
      other comprehensive income
    		                                                                         
      total liabilities and oci contributed
    		                                                                         
      net contribution to energyco
    		                                                                         
      utility plant purchased through assumption of long-term debt that offsets a portion of investment in pvngs lessor notes and is eliminated in consolidation. see note 2.
    		                                                                         
      adjustments to reconcile net earnings to net cash flows
    		                                                                         
      from operating activities:
    		                                                                         
      accumulated deferred income tax
    		                                                                         
      equity in earnings of subsidiaries
    		                                                                         
      accrued income tax
    		                                                                         
      net cash flows provided (used) from operating activities
    		                                                                         
      property plant and equipment
    		                                                                         
      luna investment
    		                                                                         
      investment in subsidiaries
    		                                                                         
      sale of bond investment
    		                                                                         
      cash dividends from subsidiaries
    		                                                                         
      net cash flows provided (used) in investing activities
    		                                                                         
      long-term debt borrowings
    		                                                                         
      exercise of employee stock options
    		                                                                         
      change in intercompany accounts
    		                                                                         
      net cash flows generated (used) by financing activities
    		                                                                         
      increase in cash and cash equivalents
    		                                                                         
      beginning of year
    		                                                                         
      end of year
    		                                                                         
      income taxes refunded
    		                                                                         
      non-cash dividends from subsidiaries
    		                                                                         
      equity-linked units charge
    		                                                                         
      redemption of short-term investments
    		                                                                         
      eip sale
    		                                                                         
      equity contribution to subsidiaries
    		                                                                         
      long-term debt repayments
    		                                                                         
      interest paid
    		                                                                         
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.