PNM Resources, Inc
(NYSE:PNM)

PNM Resources, Inc., through its subsidiaries, provides electricity and electric services in the United States. It operates through Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments. The PNM segment engages in the generation, transmission, and distribution...

Website: http://www.pnmresources.com

Founded: 1882

Full Time Employees: 1,668

Sector: Utilities

Industry: Utilities-Regulated Electric

Utilities

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2009-05-06	2009-03-31	2009-03-02	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-03-31	2004-09-30

electric operating revenues	504,982,000	533,232,000	647,162,000	502,420,000	482,792,000	476,964,000	569,256,000	488,102,000	436,877,000	412,114,000	505,851,000	477,156,000	544,077,000																					332,605,000	419,900,000	362,320,000	330,178,000	336,225,000	400,374,000	315,391,000	310,961,000	335,895,000	417,433,000	352,887,000	332,868,000	346,845,000	413,951,000	346,160,000	328,897,000	322,930,000	399,730,000	347,599,000	317,665,000	322,757,000	390,411,000	323,860,000	305,374,000	347,872,000	549,498,000	415,586,000	387,663,000	380,652,000	503,653,000	405,817,000
operating expenses:
cost of energy	166,492,000	184,159,000	195,042,000	167,622,000	169,182,000	158,065,000	138,909,000	154,706,000	132,304,000	177,810,000	210,313,000	172,452,000	241,686,000	289,592,000	334,339,000	195,596,000	168,414,000	177,401,000	199,380,000	152,676,000	115,396,000	120,677,000	133,991,000	93,863,000	98,710,000	98,667,000	108,736,000	83,782,000	121,626,000	105,923,000	113,536,000	87,711,000	92,556,000	96,661,000	103,748,000	104,267,000	102,804,000	98,098,000	108,766,000	81,363,000	92,369,000	110,710,000	124,255,000	114,038,000	115,645,000	117,024,000	132,499,000	109,419,000	112,614,000	107,277,000	114,674,000	105,659,000	104,706,000	102,508,000	110,777,000	94,719,000	91,847,000	110,108,000	250,854,000	173,454,000	158,507,000	143,489,000	215,169,000	151,181,000	190,888,000	161,840,000	199,648,000	175,253,000	181,248,000	181,248,000	213,152,000	393,623,000	398,698,000
administrative and general	66,913,000	69,248,000	68,445,000	75,991,000	60,769,000	67,268,000	64,840,000	59,581,000	55,427,000	60,270,000	58,481,000	54,039,000	55,110,000	61,821,000	58,125,000	51,342,000	55,861,000	61,834,000	56,520,000	52,473,000	59,465,000	68,238,000	51,611,000	50,453,000	46,032,000	46,445,000	47,613,000	42,833,000	52,336,000	46,863,000	49,969,000	43,355,000	48,283,000	47,422,000	46,268,000	45,122,000	47,532,000	52,300,000	46,942,000	45,160,000	47,109,000	48,939,000	46,375,000	39,928,000	43,859,000	39,828,000	42,190,000	45,235,000	43,859,000	44,466,000	46,915,000	43,139,000	44,691,000	52,369,000	45,283,000	45,289,000	44,800,000	60,758,000	69,755,000	68,795,000	58,465,000	68,158,000	71,193,000	62,420,000	62,785,000	70,821,000	67,774,000	61,550,000	62,138,000	62,138,000	85,558,000	60,999,000	59,392,000	47,362,000	9,785,000	69,256,000	64,341,000	71,206,000	74,808,000	69,599,000	66,311,000	65,305,000		41,048,000	37,537,000
energy production costs	24,403,000	26,572,000	21,172,000	26,081,000	24,546,000	25,693,000	21,259,000	24,584,000	22,212,000	23,265,000	20,388,000	25,599,000	22,358,000	36,813,000	34,469,000	42,499,000	33,566,000	37,222,000	32,374,000	37,439,000	36,896,000	39,866,000	31,148,000	33,345,000	33,618,000	33,692,000	30,877,000	42,905,000	35,072,000	40,889,000	31,350,000	41,888,000	35,350,000	39,300,000	31,970,000	34,393,000	31,787,000	34,161,000	31,460,000	37,881,000	42,686,000	47,125,000	42,168,000	44,790,000	42,669,000	49,216,000	43,287,000	45,846,000	47,288,000	44,273,000	41,142,000	46,831,000	43,573,000	53,871,000	40,365,000	46,053,000	45,128,000	45,340,000	39,730,000	47,127,000	48,652,000	47,917,000	42,306,000	51,811,000	53,885,000	49,407,000	40,130,000	47,134,000	48,557,000	48,557,000	50,668,000	46,471,000	45,557,000	51,204,000	43,734,000	57,669,000	52,256,000	47,500,000	44,379,000	38,489,000	43,714,000	37,587,000		36,064,000	33,735,000
depreciation and amortization	112,323,000	110,843,000	105,012,000	105,235,000	104,551,000	99,925,000	97,400,000	94,413,000	93,187,000	82,098,000	80,192,000	79,139,000	78,074,000	75,750,000	76,570,000	76,769,000	75,764,000	72,068,000	71,438,000	70,727,000	69,874,000	68,217,000	68,400,000	70,022,000	68,973,000	68,037,000	68,350,000	66,065,000	65,356,000	60,823,000	61,580,000	60,063,000	58,722,000	59,113,000	58,821,000	57,625,000	56,383,000	55,309,000	53,017,000	50,955,000	49,829,000	46,906,000	47,503,000	46,049,000	45,461,000	44,210,000	44,295,000	42,163,000	41,965,000	41,692,000	42,743,000	41,639,000	40,807,000	41,884,000	42,820,000	41,054,000	38,414,000	37,932,000	42,370,000	38,272,000	38,473,000	38,070,000	38,980,000	37,376,000	37,279,000	36,882,000	38,050,000	36,946,000	36,071,000	36,071,000	38,924,000	36,752,000	34,650,000	34,037,000	18,844,000	36,714,000	39,695,000	40,442,000	40,089,000	39,899,000	37,953,000	34,330,000		28,827,000	21,802,000
transmission and distribution costs	25,887,000	21,661,000	27,167,000	26,461,000	25,505,000	26,905,000	23,660,000	25,051,000	22,764,000	25,982,000	25,078,000	25,465,000	22,196,000	33,524,000	21,538,000	21,156,000	18,466,000	25,169,000	19,996,000	18,853,000	17,317,000	23,881,000	18,742,000	18,034,000	17,286,000	17,529,000	16,461,000	19,195,000	16,678,000	21,634,000	19,394,000	18,450,000	16,955,000	21,267,000	16,801,000	17,031,000	16,477,000	16,262,000	16,056,000	17,315,000	16,594,000	19,034,000	16,768,000	16,868,000	16,487,000	16,714,000	16,884,000	16,068,000	16,906,000	19,434,000	17,248,000	17,148,000	16,295,000	20,229,000	17,082,000	17,565,000	16,248,000	16,731,000	17,925,000	18,161,000	16,877,000	18,847,000	15,012,000	15,672,000	13,890,000	16,867,000	16,029,000	16,398,000	14,017,000	14,017,000	15,235,000	14,981,000	15,110,000	13,376,000	-7,845,000	20,858,000	22,194,000	22,567,000	21,722,000	19,723,000	21,314,000	19,050,000		14,089,000	14,755,000
taxes other than income taxes	31,953,000	27,030,000	28,185,000	28,329,000	26,350,000	24,596,000	25,966,000	24,084,000	25,934,000	23,545,000	22,432,000	24,401,000	25,562,000	21,782,000	22,651,000	24,577,000	23,979,000	20,568,000	22,678,000	20,169,000	22,593,000	18,711,000	20,768,000	20,782,000	21,265,000	18,727,000	21,009,000	19,809,000	20,509,000	19,579,000	20,492,000	19,723,000	19,880,000	18,870,000	19,808,000	18,777,000	19,235,000	18,723,000	19,611,000	17,895,000	20,092,000	16,591,000	18,859,000	17,271,000	18,963,000	15,943,000	17,997,000	16,133,000	17,512,000	14,757,000	17,534,000	15,316,000	16,889,000	15,159,000	15,934,000	14,074,000	15,208,000	13,068,000	20,580,000	15,515,000	14,469,000	14,282,000	15,585,000	13,683,000	14,187,000	11,345,000	14,560,000	11,665,000	13,931,000	13,931,000	8,159,000	12,680,000	13,484,000	12,867,000	6,036,000	14,263,000	19,003,000	18,620,000
total operating expenses	427,971,000	439,513,000	444,292,000	429,719,000	410,903,000	400,831,000	378,176,000	382,419,000	356,287,000	458,847,000	419,199,000	384,826,000	444,986,000	519,282,000	547,125,000	413,338,000	376,050,000	395,020,000	402,822,000	352,337,000	321,541,000	340,688,000	324,660,000	286,499,000	285,884,000	283,593,000	293,046,000	423,843,000	312,922,000	361,160,000	294,676,000	272,984,000	271,746,000	309,669,000	277,416,000	277,215,000	274,218,000	272,639,000	292,303,000	250,569,000	269,453,000	455,032,000	295,928,000	280,473,000	283,299,000	283,997,000	297,152,000	274,864,000	280,144,000	282,399,000	281,991,000	269,732,000	266,961,000	286,020,000	272,261,000	258,754,000	251,645,000	283,937,000	441,214,000	382,726,000	335,443,000	330,763,000	398,245,000	332,143,000	372,914,000	347,418,000	376,191,000	376,232,000	355,962,000	355,962,000	489,380,000	573,412,000	703,070,000	423,474,000	48,045,000	607,741,000	554,022,000	592,824,000	554,837,000	573,627,000	500,243,000	609,455,000		391,839,000	355,515,000
operating income	77,011,000	93,719,000	202,870,000	72,701,000	71,889,000	76,133,000	191,080,000	105,683,000	80,590,000	-46,733,000	86,652,000	92,330,000	99,091,000	56,537,000	182,763,000	86,392,000	68,068,000	39,055,000	151,729,000	74,203,000	43,166,000	18,588,000	147,805,000	71,150,000	47,738,000	60,552,000	140,540,000	-93,615,000	36,723,000	-17,404,000	127,990,000	79,329,000	46,132,000	22,936,000	142,484,000	85,105,000	55,960,000	63,586,000	108,071,000	64,822,000	41,508,000	-119,137,000	121,505,000	72,414,000	49,569,000	62,848,000	116,799,000	71,296,000	48,753,000	40,531,000	117,739,000	77,867,000	50,704,000	36,737,000	118,150,000	65,106,000	53,729,000	63,935,000	108,284,000	32,860,000	52,220,000	49,889,000	105,408,000	73,674,000	10,543,000	35,625,000	101,536,000	24,878,000	29,903,000	29,903,000	-81,747,000	33,664,000	-122,760,000	-58,971,000	2,365,000	21,696,000	26,659,000	60,677,000	64,197,000	76,538,000	46,426,000	46,346,000		37,818,000	32,215,000
yoy	7.12%	23.10%	6.17%	-31.21%	-10.80%	-262.91%	120.51%	14.46%	-18.67%	-182.66%	-52.59%	6.87%	45.58%	44.76%	20.45%	16.43%	57.69%	110.11%	2.65%	4.29%	-9.58%	-69.30%	5.17%	-176.00%	29.99%	-447.92%	9.81%	-218.01%	-20.40%	-175.88%	-10.17%	-6.79%	-17.56%	-63.93%	31.84%	31.29%	34.82%	-153.37%	-11.06%	-10.48%	-16.26%	-289.56%	4.03%	1.57%	1.67%	55.06%	-0.80%	-8.44%	-3.85%	10.33%	-0.35%	19.60%	-5.63%	-42.54%	9.11%	98.13%	2.89%	28.15%	2.73%	-55.40%	395.30%	40.04%	3.81%	196.14%	-64.74%	19.14%	-224.21%	-26.10%	-124.36%	-150.71%	-3556.53%	55.16%	-560.48%	-197.19%	-96.32%	-71.65%	-42.58%	30.92%		102.39%	44.11%
qoq	-17.83%	-53.80%	179.05%	1.13%	-5.57%	-60.16%	80.80%	31.14%	-272.45%	-153.93%	-6.15%	-6.82%	75.27%	-69.07%	111.55%	26.92%	74.29%	-74.26%	104.48%	71.90%	132.23%	-87.42%	107.74%	49.04%	-21.16%	-56.91%	-250.13%	-354.92%	-311.00%	-113.60%	61.34%	71.96%	101.13%	-83.90%	67.42%	52.08%	-11.99%	-41.16%	66.72%	56.17%	-134.84%	-198.05%	67.79%	46.09%	-21.13%	-46.19%	63.82%	46.24%	20.29%	-65.58%	51.21%	53.57%	38.02%	-68.91%	81.47%	21.17%	-15.96%	-40.96%	229.53%	-37.07%	4.67%	-52.67%	43.07%	598.80%	-70.41%	-64.91%	308.14%	-16.80%	0.00%	-136.58%	-342.83%	-127.42%	108.17%	-2593.49%	-89.10%	-18.62%	-56.06%	-5.48%	-16.12%	64.86%	0.17%			17.39%
other income and deductions:
interest income	3,567,000	5,450,000	6,496,000	3,872,000	4,247,000	5,818,000	8,669,000	4,470,000	4,580,000	6,395,000	5,366,000	5,359,000	4,843,000	4,507,000	3,969,000	3,327,000	4,292,000	4,196,000	3,329,000	3,578,000	3,559,000	4,549,000	3,180,000	3,071,000	3,423,000	3,533,000	3,440,000	3,460,000	3,619,000	3,678,000	3,400,000	4,339,000	4,124,000	3,568,000	3,582,000	3,885,000	4,881,000	3,873,000	4,604,000	10,194,000	3,622,000	1,656,000	1,151,000	1,941,000	1,750,000	2,242,000	2,084,000	2,040,000	2,117,000	2,312,000	2,264,000	2,833,000	2,634,000	3,264,000	3,130,000	3,386,000	3,292,000	3,505,000	3,748,000	4,234,000	4,028,000	4,288,000	4,499,000	5,083,000	5,027,000	5,041,000	6,902,000	11,223,000	5,223,000	5,223,000	6,906,000	7,248,000	4,412,000	5,530,000	15,272,000	10,053,000	7,041,000	10,788,000	10,713,000	9,902,000	8,916,000	10,151,000
(losses) on investment securities	-8,944,000
other income	6,857,000	10,966,000	7,688,000	5,704,000	4,729,000	8,069,000	7,953,000	7,688,000	4,911,000	7,083,000	8,428,000	5,600,000	3,093,000	6,756,000	5,364,000	5,151,000	4,330,000	5,608,000	5,686,000	4,654,000	4,252,000	6,245,000	7,022,000	4,390,000	2,316,000	4,332,000	4,256,000	3,350,000	3,415,000	5,586,000	3,735,000	4,796,000	3,469,000	4,889,000	6,275,000	3,450,000	4,902,000	4,383,000	4,884,000	4,265,000	4,264,000	9,989,000	6,165,000	5,717,000	4,961,000	4,400,000	2,895,000	3,180,000	1,574,000	3,055,000	3,252,000	2,555,000	1,707,000	5,755,000	2,484,000	1,862,000	2,645,000	1,750,000	1,755,000	809,000	995,000	1,504,000	1,963,000	1,171,000	10,137,000	140,000	3,168,000	5,157,000	23,164,000	23,164,000	1,528,000	2,834,000	226,000	890,000	1,830,000	1,686,000	1,890,000	2,012,000	380,000	1,167,000	1,922,000	3,167,000		13,010,000	10,783,000
other	-1,900,000	-61,779,000	-3,028,000	-6,481,000	-2,258,000	-4,043,000	-1,988,000	-1,636,000	-16,522,000	-5,307,000	-4,555,000	-3,515,000	-2,493,000	-6,352,000	-1,647,000	-3,641,000	-2,241,000	-4,723,000	-5,098,000	-5,448,000	-3,290,000	-4,591,000	-7,361,000	-3,307,000	-3,473,000	-5,348,000	-3,612,000	-3,117,000	-3,252,000	-5,829,000	-2,624,000	-5,868,000	-1,376,000	-4,735,000	-4,571,000	-2,904,000	-3,483,000	-2,918,000	-3,764,000	-4,105,000	-2,999,000	-2,137,000	-3,222,000	-3,707,000	-3,662,000	-3,296,000	-2,084,000	-2,169,000	-2,931,000	-8,036,000	-5,970,000	-4,194,000													61,000	61,000	62,000	75,000	62,000	62,000	60,000	53,000	67,000	100,000	497,000	334,000	169,000	210,000	683,000	197,000	197,000	109,000		237,000	178,000
net other income and deductions	-420,000	13,665,000	22,532,000	26,651,000	5,477,000	12,612,750	28,404,000	11,080,000	10,967,000	5,985,500	835,000	11,221,000	11,885,000	-16,300,000	-8,050,000	-36,958,000	-20,192,000	6,832,500	5,865,000	15,976,000	5,489,000	3,108,250	17,242,000	25,774,000	-30,583,000	11,807,000	5,770,000	8,292,000	17,796,000	-14,822,000	6,974,000	1,597,000	6,505,000	13,153,000	10,692,000	10,094,000	12,961,000	9,475,000	10,255,000	14,985,000	11,105,000	13,452,000	6,630,000	9,507,000	7,073,000	5,639,000	3,857,000	7,750,000	3,333,000																						-7,587,000	-2,336,000	-1,761,000	-26,250,000	14,238,000	24,136,000	8,630,000	7,271,000	11,863,000	7,609,000	6,511,000	8,674,000		6,404,000
interest charges	68,595,000	65,809,000	70,149,000	72,013,000	63,551,000	58,812,000	59,664,000	55,828,000	53,762,000	53,695,000	49,838,000	45,899,000	40,923,000	37,945,000	34,526,000	29,217,000	26,220,000	23,630,000	23,244,000	24,119,000	25,884,000	25,607,000	27,263,000	31,088,000	30,434,000	29,231,000	30,359,000	29,791,000	31,634,000	30,376,000	30,492,000	33,321,000	33,055,000	31,488,000	32,106,000	32,332,000	31,700,000	31,454,000	32,467,000	33,221,000	31,491,000	28,146,000	27,528,000	28,913,000	30,273,000	30,006,000	30,115,000	29,972,000	29,535,000	29,169,000	30,365,000	30,616,000	31,297,000	30,565,000	30,515,000	30,198,000	29,566,000	32,598,000	31,124,000	30,512,000	30,615,000	30,885,000	31,317,000	31,761,000	31,410,000														26,308,000	40,171,000	36,498,000	28,563,000		13,581,000	12,280,000
earnings before income taxes	7,996,000	-16,394,000	155,253,000	27,339,000	13,815,000	21,690,000	159,820,000	60,935,000	37,795,000	-74,826,000	37,649,000	57,652,000	70,053,000	29,250,000	140,187,000	20,217,000	21,656,000	21,248,000	134,350,000	66,060,000	22,771,000	17,611,000	137,784,000	65,836,000	-13,279,000	43,128,000	115,951,000	-115,114,000	22,885,000	-62,602,000	104,472,000	47,605,000	19,582,000	4,601,000	121,070,000	62,867,000	37,221,000	41,607,000	85,859,000	46,586,000	21,122,000	-133,831,000	100,607,000	53,008,000	26,369,000	38,481,000	90,541,000	49,074,000	22,551,000	12,310,000	89,110,000	51,717,000	21,931,000	12,875,000	95,514,000	36,645,000	30,003,000	199,737,000	73,869,000	9,404,000	29,458,000	-174,426,000	81,406,000	39,794,000	-10,153,000			2,285,000		23,994,000					-558,000	10,577,000	5,397,000
income taxes	-9,000	-11,106,000	18,949,000	1,326,000	1,018,000	1,696,000	23,422,000	8,971,000	-12,571,000	-29,092,000	-5,267,000	8,229,000	9,780,000	9,148,000	13,450,000	1,094,000	2,438,000	6,049,000	16,668,000	8,299,000	1,566,000	5,910,000	12,331,000	4,275,000	-1,880,000	7,138,000	9,188,000	-42,831,000	1,223,000	-11,063,000	12,899,000	5,156,000	783,000	55,186,000	42,743,000	21,636,000	10,775,000	13,184,000	27,303,000	15,634,000	7,157,000	-46,546,000	35,752,000	17,353,000	8,517,000	16,370,000	31,055,000	15,893,000	6,420,000	913,000	30,296,000	20,334,000	7,969,000	301,000	33,538,000	11,546,000	9,526,000	84,329,000	25,964,000	1,735,000	9,506,000	-69,620,000	28,813,000	13,492,000	-4,939,000	-8,996,000	31,361,000	-1,134,000	7,587,000	7,587,000	-35,229,000	-3,109,000	-10,425,000	-42,053,000	-1,771,000	2,073,000	-14,975,000	13,969,000	8,914,000	20,847,000	6,190,000	10,247,000		13,776,000	11,784,000
net earnings	8,005,000	-5,288,000	136,304,000	26,013,000	12,797,000	19,994,000	136,398,000	51,964,000	50,366,000	-45,734,000	42,916,000	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	-72,283,000	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	35,655,000	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	61,976,000	25,099,000	20,477,000	115,408,000	47,905,000	7,669,000	19,952,000	-104,806,000	52,593,000	26,302,000	-5,214,000	-19,017,000	56,861,000	808,000	98,082,000	98,082,000	-73,036,000	-5,485,000	-143,486,000	-48,636,000	16,597,000	8,372,000	20,240,000	29,969,000	35,638,000	43,844,000	16,307,000	26,325,000		30,509,000	27,417,000
yoy	-37.45%	-126.45%	-0.07%	-49.94%	-74.59%	-143.72%	217.83%	5.14%	-16.44%	-327.51%	-66.14%	158.45%	213.63%	32.26%	7.69%	-66.89%	-9.37%	29.89%	-6.19%	-6.17%	-286.03%	-67.49%	17.51%	-185.17%	-152.62%	-169.83%	16.59%	-270.28%	15.23%	1.89%	16.91%	2.95%	-28.92%	-277.97%	33.76%	33.21%	89.37%	-132.56%	-9.71%	-13.19%	-21.77%	-494.76%	9.03%	7.46%	10.67%	94.01%	1.14%	5.73%	15.54%	-9.36%	-5.10%	25.04%	-31.82%	-89.10%	29.37%	227.28%	2.63%	-210.12%	-8.91%	-70.84%	-482.66%	451.12%	-7.51%	3155.20%	-105.32%	-119.39%	-177.85%	-114.73%	-168.36%	-301.67%	-540.06%	-165.52%	-808.92%	-262.29%	-53.43%	-80.91%	24.12%	13.84%		43.71%	-40.52%
qoq	-251.38%	-103.88%	423.98%	103.27%	-36.00%	-85.34%	162.49%	3.17%	-210.13%	-206.57%	-13.17%	-18.00%	199.84%	-84.14%	562.75%	-0.49%	26.44%	-87.08%	103.74%	172.39%	81.22%	-90.67%	103.79%	-640.06%	-131.67%	-66.29%	-247.70%	-433.69%	-142.03%	-156.28%	115.72%	125.80%	-137.16%	-164.58%	89.97%	55.91%	-6.96%	-51.46%	89.18%	121.64%	-116.00%	-234.58%	81.90%	99.73%	-19.26%	-62.83%	79.28%	105.70%	41.54%	-80.62%	87.41%	124.77%	11.04%	-79.71%	146.93%	22.57%	-82.26%	140.91%	524.66%	-61.56%	-119.04%	-299.28%	99.96%	-604.45%	-72.58%	-133.44%	6937.25%	-99.18%	0.00%	-234.29%	1231.56%	-96.18%	195.02%	-393.04%	98.24%	-58.64%	-32.46%	-15.91%	-18.72%	168.87%	-38.06%			11.28%
(earnings) attributable to valencia non-controlling interest	-4,136,000	-4,427,000	-5,462,000	-4,305,000	-3,742,000	-4,149,000	-5,064,000	-3,783,000	-3,044,000	-4,361,000	-5,058,000	-3,987,000	-5,127,000	-4,225,000	-4,172,000	-3,630,000	-3,095,000	-3,847,000	-4,229,000	-3,920,000	-3,494,000	-2,791,000	-3,553,000	-3,940,000	-3,729,000	-4,053,000	-3,860,000	-3,499,000	-2,830,000	-3,406,000	-3,920,000	-4,109,000	-3,677,000	-3,565,000	-4,456,000	-3,544,000	-3,452,000	-3,482,000	-4,006,000	-3,744,000	-3,287,000	-4,001,000	-3,678,000	-3,850,000	-3,380,000	-2,987,000	-3,701,000	-3,908,000	-3,531,000	-3,617,000	-4,127,000	-3,573,000	-3,204,000	-3,351,000	-3,980,000	-3,455,000	-3,265,000	-3,283,000	-4,111,000	-3,470,000	-3,183,000
preferred stock dividend requirements of subsidiary	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	-132,000	132,000	132,000	132,000	132,000	132,000	132,000	132,000	132,000				132,000		132,000
net earnings attributable to txnm	3,737,000	-9,847,000	130,710,000	21,576,000	8,923,000	15,713,000	131,202,000
net earnings attributable to txnm per common share:
basic	30	-140	1,220	220	100	170	1,450	530	520	-580	440	530	640	180	1,420	180	190	140	1,320	620	200	110	1,520	720	-190	400	1,290	-950	230	-690	1,100	480	190	-680	920	470	290	320	680	340	130	-1,140	770	400	180	240	700	370	160	100	680	350	130	110	730	270	210	1,280	480	40	180	-1,180	530	250	-90	-250	590	-20	1,040	1,040
diluted	30	-150	1,220	220	100	170	1,450	530	520	-580	440	530	640	190	1,420	180	190	130	1,320	620	200	100	1,520	720	-190	400	1,280	-950	230	-690	1,090	480	190	-670	920	470	290	310	680	340	130	-1,140	760	400	180	240	690	360	160	100	680	340	130	110	720	270	210	1,260	480	40	180	-1,180	530	250	-90	-250	590	-20	1,040	1,040
dividends declared per common share	422.5	305.625	407.5	407.5	407.5	290.625	387.5	387.5	387.5	275.625	367.5	367.5	367.5	260.625	347.5	347.5	347.5	245.625	327.5	327.5	327.5	230.625	307.5	308	307.5	217.5	290	290	290	198.75	265	265	265	181.875	242.5	242.5	242.5	165	220	220	220	150	200	200	200	138.75	185	185	185	123.75	165	165	165	145	145	145	145	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	230	230	230	230	230	220	220	220	220
regulatory disallowances			-731,000			-1,621,000	6,142,000		4,459,000																																	436,000		1,529,000	215,000					10,500,000	1,735,000									21,402,000						256,000		27,286,000						30,248,000
gains on investment securities		1,059,000	11,376,000	23,556,000	-1,241,000	-5,475,000	13,770,000	558,000	17,998,000	17,431,000	-8,404,000	3,777,000	6,442,000	5,747,000	-15,736,000	-41,795,000	-26,573,000	742,000	1,948,000	13,192,000	968,000	18,427,000	14,401,000	21,620,000	-32,849,000	9,290,000	1,686,000	4,599,000	14,014,000	-18,257,000	2,463,000	-1,670,000	288,000																																													70,000
net earnings attributable to pnmr								48,049,000	47,190,000	-50,227,000	37,726,000	45,304,000	55,014,000	15,745,000	122,433,000	15,361,000	15,991,000	11,220,000	113,321,000	53,709,000	17,579,000	8,778,000	121,768,000	57,489,000	-15,260,000	31,805,000	102,771,000	-75,914,000	18,700,000	-55,077,000	87,521,000	38,208,000	14,990,000	-54,282,000	73,739,000	37,555,000	22,862,000	24,809,000	54,418,000	27,076,000	10,546,000	-91,418,000	61,045,000	31,673,000	14,340,000	18,992,000	55,653,000	29,141,000	12,468,000	7,648,000	54,555,000	27,678,000	10,626,000	9,091,000	57,864,000	21,512,000	17,080,000	111,993,000	43,662,000	4,067,000	16,637,000	-108,196,000	48,552,000	22,878,000	-8,449,000	-23,149,000	54,193,000	-2,099,000	95,371,000	95,371,000
net earnings attributable to pnmr per common share:
basic	30	-140	1,220	220	100	170	1,450	530	520	-580	440	530	640	180	1,420	180	190	140	1,320	620	200	110	1,520	720	-190	400	1,290	-950	230	-690	1,100	480	190	-680	920	470	290	320	680	340	130	-1,140	770	400	180	240	700	370	160	100	680	350	130	110	730	270	210	1,280	480	40	180	-1,180	530	250	-90	-250	590	-20	1,040	1,040
diluted	30	-150	1,220	220	100	170	1,450	530	520	-580	440	530	640	190	1,420	180	190	130	1,320	620	200	100	1,520	720	-190	400	1,280	-950	230	-690	1,090	480	190	-670	920	470	290	310	680	340	130	-1,140	760	400	180	240	690	360	160	100	680	340	130	110	720	270	210	1,260	480	40	180	-1,180	530	250	-90	-250	590	-20	1,040	1,040
regulatory disallowances and restructuring costs										65,877,000	2,315,000	3,731,000			-567,000	1,399,000		758,000	436,000							496,000		149,254,000	1,345,000	65,449,000	-1,645,000	1,794,000						-2,214,000	16,451,000		774,000
electric operating revenues:
contracts with customers														330,194,750	531,966,000	404,320,000	384,493,000	372,046,000	481,881,000	368,893,000	346,585,000	348,622,000	455,120,000	343,075,000	322,983,000	327,921,000	418,673,000	314,917,000	315,698,000	317,707,000	400,023,000	338,659,000	303,351,000
alternative revenue programs														-3,642,250	-11,643,000	2,579,000	-5,505,000	-608,000	-9,483,000	7,236,000	-909,000	-4,510,000	-12,376,000	4,466,000	426,000	-242,000	-6,779,000	5,844,000	636,000	3,222,000	-8,050,000	5,660,000	924,000
other electric operating revenue														91,881,500	209,565,000	92,831,000	65,130,000	62,637,000	82,153,000	50,411,000	19,031,000	15,164,000	29,721,000	10,108,000	10,213,000	16,466,000	21,692,000	9,467,000	33,311,000	22,827,000	30,693,000	7,994,000	13,603,000
total electric operating revenues														418,434,000	729,888,000	499,730,000	444,118,000	434,075,000	554,551,000	426,540,000	364,707,000	359,276,000	472,465,000	357,649,000	333,622,000	344,145,000	433,586,000	330,228,000	349,645,000	343,756,000	422,666,000	352,313,000	317,878,000
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
gains on investments held by ndt																																																		1,748,750	2,190,000	3,272,000	1,533,000	3,639,000	5,716,000	-795,000	4,454,000	1,297,000	-4,109,000	5,894,000	5,902,000	2,262,000	2,206,000	-1,342,000	1,743,000					-4,382,000							2,957,000
net other income																																																		2,181,750	1,736,000	4,466,000	2,524,000	6,703,000	7,879,000	1,737,000	5,840,000	168,400,000	-3,291,000	7,056,000	7,853,000	-193,430,000	7,315,000	-2,119,000	10,714,000	-25,833,000	18,583,000	9,224,000	23,040,000	23,040,000															7,629,000
other deductions																																																					-3,350,000	-6,967,000	-3,451,000	-2,716,000	-4,551,000	-13,077,000	-4,685,000	-3,881,000	-3,072,000	-3,799,000	-3,848,000	-3,173,000	-1,841,000	-2,404,000	-2,325,000	-2,272,000	-2,360,000	-2,360,000	-2,400,000	-1,785,000	-3,199,000	-3,882,000	-2,980,000	-2,056,000	-5,530,000	-987,000	-1,329,000	-1,519,000	-2,497,000	-1,516,000		-3,107,000	-236,000
equity in net earnings of optim energy																																																														-9,509,000	2,495,000	-3,858,000	-4,352,000	-31,089,000	6,902,000	-7,353,000	1,395,000	1,395,000
earnings from continuing operations																																																														-104,806,000	52,593,000	26,302,000	-5,214,000			3,419,000		16,407,000
earnings from discontinued operations, net of income taxes (benefit) of 0, (785), 0 and 37,381
earnings attributable to valencia non-controlling interest																																																														-2,576,250	-3,909,000	-3,292,000	-3,103,000	-4,000,000	-2,536,000	-2,775,000	-2,579,000	-2,579,000
earnings from continuing operations attributable to pnmr per common share:
basic																																																														-1,180	530	250	-90			10		150
diluted																																																														-1,180	530	250	-90			10		150
earnings from discontinued operations, net of income taxes (benefit) of 0, (1,861), 0 and 38,166
operating revenues:
electric																																																																	383,396,000	382,982,000	477,665,000	401,035,000	385,803,000	385,803,000	407,573,000	607,023,000	580,243,000	364,403,000	401,075,000	569,566,000	505,376,000	436,807,000	455,287,000	580,967,000	477,603,000	448,216,000		264,134,000	314,022,000
total operating revenues																																																																	383,457,000	383,043,000	477,727,000	401,110,000	385,865,000	385,865,000	407,633,000	607,076,000	580,310,000	364,503,000	50,410,000	629,437,000	580,681,000	653,501,000	619,034,000	650,165,000	546,669,000	655,801,000		429,657,000	387,730,000
earnings from discontinued operations, net of income
taxes of 0 and 40,027
impairment of goodwill and other intangible assets																																																																							77,684,000	7,906,000	136,179,000
gains (losses) on investments held by ndt																																																																		505,750	3,936,000	2,469,000	-4,382,000		-5,154,000	-5,697,000	-677,000	-3,705,000	1,724,500	3,897,000
interest charges:
interest on long-term debt																																																																		20,872,000	29,198,000	30,089,000	24,200,000	24,200,000	25,069,000	29,518,000	24,197,000	18,908,000	13,728,000	25,167,000	18,734,000	24,009,000
other interest charges																																																																		1,953,250	1,337,000	1,728,000	4,749,000	4,749,000	8,880,000	9,634,000	7,823,000	8,927,000	3,433,000	10,088,000	11,158,000	13,838,000
total interest charges																																																																		22,825,250	30,535,000	31,817,000	28,949,000	28,949,000	33,949,000	39,152,000	32,020,000	27,835,000	17,161,000	35,255,000	29,892,000	37,847,000
earnings (loss) before income taxes																																																																		28,965,750	89,584,000		23,994,000		-118,139,000	-7,824,000	-156,541,000	-113,056,000
earnings (loss) from continuing operations																																																																		19,512,250	58,223,000		16,407,000		-83,042,000	-4,847,000	-146,248,000	-71,135,000
earnings (loss) from discontinued operations, net of income
taxes (benefit) of (785), 820, 41,196 and 16,299																																																																		19,425,500	-1,362,000
earnings (loss) from continuing operations attributable to pnmr per common share:
basic																																																																		190	610		150		-940	-60	-1,790	-930
diluted																																																																		190	600		150		-940	-60	-1,790	-930
taxes (benefit) of (1,861), 1,824, 41,981 and 15,479																																																																				-2,611,000
taxes of 43,842 and 13,655																																																																					81,675,000	81,675,000
equity in net earnings of energyco																																																																							-7,272,750	-1,485,000	-2,523,000	-25,083,000	-4,585,000	10,556,000	2,272,000
minority interest in earnings of valencia																																																																							-2,727,000	-3,451,000
taxes (benefit) of 820, (2,139), 16,299 and 6,337																																																																							6,155,500	-638,000
earnings (loss) from continuing operations per common share:
basic																																																																		190	610		150		-940	-60	-1,790	-930
diluted																																																																		190	600		150		-940	-60	-1,790	-930
net earnings per common share:
basic																																																																							-820	-60	-1,760	-630	220	110	260	390	500	630	240	380		500	450
diluted																																																																							-820	-60	-1,760	-630	210	110	260	380	490	620	230	380		500	450
taxes (benefit) of 1,824, (1,040), 15,479 and 8,477																																																																									2,762,000
cost of energy sold																																																																										234,380,000	-22,509,000	408,981,000	356,533,000	378,520,000	346,630,000	366,688,000	306,500,000	425,972,000		249,164,000	227,724,000
taxes of 13,655 and 9,517																																																																										22,499,000
gas																																																																											87,790,500	59,537,000	75,136,000	216,484,000	163,064,000	69,001,000	68,869,000	207,476,000		165,286,000	73,530,000
carrying charges on regulatory assets																																																																															978,000	2,038,000	2,004,000	1,973,000
net earnings per common share
basic																																																																							-820	-60	-1,760	-630	220	110	260	390	500	630	240	380		500	450
diluted																																																																							-820	-60	-1,760	-630	210	110	260	380	490	620	230	380		500	450
equity in net loss of energyco																																																																														-662,000
other income taxes																																																																														-3,950,000	-4,858,000	-3,979,000	-3,834,000	-5,101,000
earnings before interest charges																																																																														67,948,000
interest charges :
taxes, other than income taxes																																																																															18,295,000	18,382,000	18,261,000	16,964,000		8,871,000	8,178,000
preferred stock dividend requirements
of subsidiary																																																																															99,000	132,000					147,000
preferred stock dividend requirements of
subsidiary																																																																																	132,000
the accompanying notes, as they relate to pnmr, are an integral part of these financial statements.
income tax expense																																																																																				-3,499,000
dividends paid per common share																																																																																				185	160
the accompanying notes are an integral part of these financial statements.
income tax benefit																																																																																					-2,918,000
net earnings before cumulative effect of
changes in accounting principles																																																																																					27,417,000
cumulative effect of changes in accounting
principles, net of income tax of 23,999

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2009-12-31	2009-09-30	2009-05-06	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2006-12-31	2006-09-30	2006-06-30	2005-12-31	2005-03-31	2004-09-30

assets
current assets:
cash and cash equivalents	5,620,000	18,256,000	32,066,000	22,170,000	6,053,000	4,498,000	7,235,000	3,235,000	2,988,000	2,215,000	7,768,000	7,640,000	4,132,000	4,078,000	5,622,000	3,484,000	4,389,000	1,104,000	49,481,000	18,457,000	7,521,000	47,928,000	30,893,000	2,823,000	16,249,000	3,833,000	20,094,000	4,226,000	180,088,000	2,122,000	34,964,000	4,889,000	3,783,000	3,974,000	43,149,000				7,681,000	4,940,000				6,404,000	122,395,000		28,424,000		27,167,000	2,533,000	33,439,000	34,798,000	5,109,000		5,356,000	3,184,000			22,298,000		12,940,000	15,404,000	25,097,000	19,097,000		70,255,000	70,470,000		267,116,000	137,877,000	27,724,000		16,739,000	58,050,000	9,045,000	100,866,000	73,890,000	12,219,000	328,779,000	8,062,000
accounts receivable	135,926,000	151,804,000	190,913,000	146,444,000	132,378,000	130,351,000	149,830,000	121,757,000	105,002,000	126,291,000	175,193,000	121,113,000	129,250,000	183,669,000	179,604,000	150,960,000	116,015,000	123,292,000	140,826,000	123,540,000	102,462,000	113,410,000	135,400,000	96,209,000	83,089,000	85,889,000	115,448,000	83,669,000	94,624,000	92,800,000	108,648,000	89,158,000	84,156,000	90,473,000	107,428,000				92,060,000	75,598,000				94,703,000	89,844,000		105,516,000		81,611,000	90,251,000	110,937,000	94,948,000	89,634,000		119,887,000	89,479,000			107,637,000		94,275,000	97,245,000	134,797,000	106,104,000		136,196,000	102,949,000		172,700,000	149,644,000	125,680,000		180,954,000	137,951,000		129,605,000	127,726,000
unbilled revenues	59,213,000	68,214,000	82,440,000	81,989,000	57,689,000	69,176,000	76,109,000	76,793,000	55,142,000	64,072,000	68,271,000	67,504,000	52,107,000	63,473,000	63,889,000	64,520,000	42,153,000	57,736,000	64,874,000	69,229,000	42,953,000	55,504,000	64,321,000	70,480,000	45,379,000	57,416,000	57,146,000	60,737,000	39,011,000	57,092,000	53,832,000	70,904,000	41,400,000	54,055,000	57,241,000				57,705,000	69,834,000				75,527,000	48,042,000		63,253,000		49,408,000	58,806,000	55,155,000	71,410,000	50,410,000		54,399,000	74,827,000			47,793,000		61,130,000	71,453,000	73,757,000	89,371,000		70,064,000	66,368,000		79,527,000	96,564,000	67,356,000		94,920,000	100,311,000		98,733,000	100,900,000		86,367,000	72,195,000
other receivables	72,809,000	53,875,000	42,256,000	46,981,000	42,381,000	37,236,000	48,967,000	103,721,000	39,808,000	76,509,000	25,719,000	31,233,000	22,004,000	20,320,000	22,089,000	20,524,000	19,414,000	18,784,000	28,788,000	19,977,000	17,979,000	23,797,000	12,972,000	10,349,000	13,954,000	12,165,000	14,058,000	16,287,000	13,849,000	11,369,000	22,246,000	24,338,000	17,891,000	17,582,000	16,567,000				17,715,000	17,066,000				30,027,000	37,898,000		39,061,000		41,476,000	53,909,000	53,681,000	39,651,000	43,517,000		43,418,000	49,077,000			46,955,000		57,523,000	60,562,000	65,436,000	65,212,000		75,902,000	89,149,000		61,488,000	66,816,000	71,567,000		96,174,000	99,091,000		67,596,000	64,296,000		42,645,000	38,789,000
materials, supplies, and fuel stock	189,512,000	181,316,000	172,986,000	171,174,000	168,244,000	166,861,000	120,519,000	115,144,000	104,491,000	98,034,000	83,391,000	81,017,000	64,290,000	66,733,000	64,835,000	75,414,000	70,244,000	65,061,000	66,750,000	61,966,000	62,113,000	66,417,000	67,435,000	69,676,000	74,124,000	77,929,000	77,742,000	74,490,000	68,008,000	71,834,000	75,234,000	74,785,000	69,478,000	66,502,000	68,179,000	1,591,000	2,083,000	-3,924,000	72,015,000	68,769,000	-5,060,000	381,000	-3,328,000	71,913,000	66,284,000	5,570,000	63,637,000	6,447,000	61,329,000	67,223,000	60,367,000	59,801,000	58,699,000	-5,268,000	61,000,000	59,481,000	-3,117,000	-2,067,000	53,092,000	1,109,000	51,788,000	52,479,000	53,187,000	52,246,000	-385,000	49,061,000	47,450,000		45,822,000	44,330,000	42,429,000
regulatory assets	61,713,000	41,785,000	29,157,000	41,891,000	40,897,000	41,492,000	44,174,000	59,397,000	61,453,000	73,046,000	99,388,000	59,999,000	44,740,000	20,265,000	45,040,000	24,307,000	18,597,000	14,785,000	34,187,000	32,525,000	29,133,000	202,000	11,913,000	21,574,000	7,355,000	7,373,000	3,678,000	5,533,000		4,534,000	7,261,000	6,586,000	1,423,000	2,933,000	3,424,000				7,558,000	10,180,000				23,142,000	33,550,000		41,606,000		27,163,000	24,416,000	38,511,000	41,961,000	41,478,000		47,899,000	47,906,000			28,693,000		32,197,000	36,292,000	31,826,000	28,589,000		1,208,000	1,537,000		1,932,000	249,000	117,000		20,576,000	12,321,000		18,455,000	830,000		8,614,000	3,694,000
prepaid assets	24,912,000	28,946,000	30,721,000	39,869,000	26,286,000	25,452,000	34,252,000	30,278,000	16,792,000	19,759,000	21,705,000	23,417,000	21,900,000	18,465,000	18,407,000	25,121,000	25,149,000	37,325,000
income taxes receivable	7,784,000	8,322,000	8,642,000	9,486,000	7,284,000	7,684,000	5,316,000	5,741,000	6,168,000	6,697,000	1,883,000	2,875,000	2,147,000	2,351,000	3,835,000	4,655,000	4,102,000	4,878,000	5,323,000	6,061,000	5,553,000	5,672,000	4,981,000	4,494,000	4,856,000	4,933,000	4,237,000	4,875,000	7,630,000	7,965,000	7,589,000	7,670,000	6,855,000	6,879,000	6,761,000				6,904,000	6,773,000				5,934,000	4,719,000		6,723,000		5,503,000	7,066,000	5,283,000	5,498,000	100,699,000		100,802,000	100,715,000			99,506,000		97,201,000	97,450,000	15,864,000	72,637,000					46,803,000	46,818,000	40,958,000		42,965,000	50,960,000
other current assets	4,730,000	12,144,000	6,255,000	13,723,000	8,194,000	16,086,000	9,292,000	21,588,000	15,999,000	8,920,000	5,909,000	9,839,000	11,329,000	31,624,000	6,453,000	1,304,000	1,082,000	1,635,000	57,484,000	60,138,000	60,764,000	64,549,000	50,070,000	51,279,000	42,956,000	44,472,000	48,761,000	49,259,000	53,863,000	53,725,000	53,068,000	51,818,000	46,389,000	47,358,000	56,421,000	5,623,000	12,399,000	1,127,000	89,746,000	103,483,000	-13,527,000	23,693,000	36,707,000	71,482,000	65,264,000	-29,146,000	55,277,000	-22,588,000	44,689,000	34,590,000	37,404,000	42,220,000	40,414,000	-3,014,000	38,467,000	41,463,000	402,000	-14,916,000	49,043,000	1,679,000	91,672,000	96,110,000	109,785,000	92,878,000	17,679,000	61,642,000	83,928,000	-21,359,000	82,566,000	71,134,000	50,549,000	13,852,000	51,483,000	73,667,000	3,896,000	125,523,000	108,087,000	14,390,000	54,939,000	48,472,000
total current assets	562,219,000	564,662,000	595,436,000	573,727,000	489,406,000	498,836,000	495,694,000	537,654,000	407,843,000	475,543,000	489,227,000	404,637,000	351,899,000	410,978,000	409,774,000	370,289,000	301,145,000	324,600,000	447,713,000	391,893,000	328,478,000	377,479,000	377,985,000	326,884,000	287,962,000	294,010,000	341,164,000	299,076,000	457,073,000	302,524,000	363,925,000	331,242,000	277,299,000	294,420,000	374,535,000				398,886,000	408,871,000				410,065,000	503,721,000		466,326,000		401,030,000	401,539,000	400,520,000	393,157,000	432,074,000		472,412,000	470,791,000			625,738,000		520,368,000	543,880,000	545,584,000	566,690,000		509,339,000	537,590,000		919,089,000	940,085,000	781,459,000		617,224,000	684,008,000	122,506,000	604,428,000	541,435,000	171,119,000	645,176,000	289,218,000
other property and investments:
investment securities	494,554,000	505,655,000	493,895,000	487,033,000	470,179,000	475,524,000	453,505,000	441,230,000	448,164,000	444,408,000	421,377,000	433,192,000	431,328,000	417,476,000	376,662,000	386,355,000	431,097,000	463,126,000	455,409,000	453,007,000	437,028,000	440,115,000	408,551,000	389,452,000	353,268,000	388,832,000	369,017,000	362,793,000	351,563,000	328,242,000	331,746,000	323,105,000	324,003,000
other investments	264,000	302,000	268,000	246,000	290,000	259,000	255,000	229,000	193,000	171,000	172,000	175,000	176,000	177,000	160,000	139,000	174,000	265,000	148,000	190,000	186,000	284,000	189,000	336,000	234,000	356,000	240,000	296,000	299,000	297,000	348,000	373,000	375,000	503,000	386,000				428,000	440,000				507,000	509,000		1,667,000		1,813,000	1,835,000	6,725,000	7,426,000	8,363,000		9,977,000	8,450,000			14,639,000		17,925,000	18,791,000	21,157,000	22,481,000		29,332,000	31,833,000		35,972,000	40,348,000	43,696,000		52,038,000	54,996,000		138,435,000	137,020,000		134,783,000	108,505,000
non-utility property	41,376,000		36,678,000	32,218,000	28,686,000		26,934,000	27,116,000	28,023,000		29,584,000	29,064,000	28,824,000		25,805,000	26,066,000	24,420,000		25,547,000	24,170,000	23,872,000		22,086,000	19,679,000	16,177,000	12,459,000	10,633,000	7,943,000	6,229,000	3,404,000	3,404,000	3,404,000	3,404,000	3,404,000	3,404,000				3,404,000	3,404,000				3,404,000	3,406,000		4,060,000																																	966,000
total other property and investments	536,194,000	546,686,000	530,841,000	519,497,000	499,155,000	504,615,000	480,694,000	468,575,000	476,380,000	593,516,000	569,702,000	568,861,000	562,503,000	535,114,000	493,301,000	502,721,000	545,035,000	577,988,000	570,169,000	565,871,000	548,855,000	555,129,000	521,345,000	493,504,000	444,882,000	466,806,000	435,974,000	411,034,000	391,619,000	358,507,000	361,527,000	351,643,000	395,477,000	397,005,000	364,192,000				341,097,000	344,333,000				257,461,000	261,379,000		251,396,000		254,172,000	265,243,000	251,225,000	252,387,000	254,289,000		256,097,000	259,305,000			256,169,000		287,926,000	286,917,000	478,888,000	486,775,000		538,245,000	557,044,000		562,697,000	539,971,000	565,364,000		652,318,000	600,510,000		405,471,000	415,918,000		434,560,000	418,493,000
utility plant:
plant in service and plant held for future use	11,685,689,000	11,592,121,000	11,109,319,000	10,965,483,000	10,800,198,000																																							6,085,078,000	5,982,387,000		5,754,564,000		5,602,590,000	5,563,061,000	5,431,680,000	5,385,946,000	5,332,025,000		5,223,543,000	5,196,375,000			4,998,685,000		4,895,632,000	4,860,614,000	4,778,761,000	4,747,334,000
less accumulated depreciation and amortization	3,083,085,000	3,010,588,000	2,966,615,000	2,904,763,000	2,889,262,000	2,829,296,000	2,910,228,000	2,855,197,000	2,812,846,000	2,755,823,000	2,728,523,000	2,680,094,000	2,679,655,000	2,659,952,000	2,621,112,000	2,975,176,000	3,003,558,000	2,952,743,000	2,951,721,000	2,907,778,000	2,883,146,000	2,835,170,000	2,811,168,000	2,773,434,000	2,755,566,000	2,713,503,000	2,688,066,000	2,649,617,000	2,641,320,000	2,604,177,000	2,683,626,000	2,648,684,000	2,627,329,000	2,592,692,000	2,431,695,000				2,312,560,000	2,279,853,000				2,017,711,000	1,971,832,000		1,913,361,000		1,866,635,000	1,838,832,000	1,839,481,000	1,820,441,000	1,789,039,000		1,766,689,000	1,748,487,000			1,686,971,000		1,649,799,000	1,626,693,000	1,621,612,000	1,621,441,000		1,591,806,000	1,569,235,000		1,523,871,000	1,502,790,000	1,480,788,000		1,689,373,000	1,662,465,000		1,457,779,000	1,428,793,000		1,158,442,000	1,118,957,000
construction work in progress	763,659,000	653,206,000	791,841,000	677,897,000	637,262,000	495,976,000	816,143,000	727,130,000	693,502,000	589,834,000	717,353,000	593,995,000	491,565,000	372,988,000	485,023,000	390,733,000	313,901,000	248,856,000	350,090,000	293,050,000	282,704,000	218,719,000	379,848,000	309,513,000	240,002,000	161,106,000	258,285,000	202,991,000	225,485,000	194,427,000	227,367,000	220,065,000	284,870,000	245,933,000	301,466,000				227,355,000	211,919,000				261,049,000	230,014,000		211,472,000		147,870,000	132,080,000	175,410,000	160,155,000	140,147,000		148,313,000	140,409,000			159,918,000		143,784,000	137,622,000	156,061,000	179,652,000		166,764,000	186,405,000		202,200,000	164,877,000	170,217,000		367,710,000	312,161,000		152,528,000	144,514,000		114,097,000	153,091,000
nuclear fuel, net of accumulated amortization of 32,070 and 27,953	78,381,000
net utility plant	9,444,644,000	9,311,435,000	9,010,268,000	8,815,504,000	8,622,927,000	8,437,008,000	8,211,382,000	7,974,937,000	7,760,370,000	7,609,862,000	7,410,853,000	7,215,199,000	7,009,589,000	6,972,823,000	6,794,385,000	6,937,130,000	6,858,428,000	6,752,899,000	6,218,822,000	6,134,431,000	6,030,515,000	5,965,149,000	5,774,387,000	5,668,578,000	5,544,283,000	5,466,009,000	5,347,131,000	5,245,986,000	5,289,971,000	5,234,629,000	5,163,829,000	5,100,699,000	5,031,530,000	4,980,227,000	5,092,119,000				4,843,895,000	4,790,230,000				4,409,691,000	4,319,777,000		4,134,515,000		3,962,603,000	3,933,911,000	3,847,067,000	3,807,445,000	3,764,509,000		3,691,663,000	3,677,258,000			3,549,850,000		3,466,282,000	3,444,444,000	3,391,283,000	3,384,530,000		3,280,255,000	3,228,585,000		3,132,394,000	3,104,217,000	2,972,670,000		3,373,897,000	3,303,895,000		3,665,466,000	3,637,203,000		2,340,163,000	2,166,090,000
deferred charges and other assets:
goodwill	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000	278,297,000				278,297,000	278,297,000				278,297,000	278,297,000		278,297,000		278,297,000	278,297,000	278,297,000	278,297,000	278,297,000		278,297,000	278,297,000			278,297,000		321,310,000	321,310,000	321,310,000	321,310,000		321,310,000	321,310,000		360,607,000	366,856,000	495,664,000	102,775,000	495,664,000	494,513,000		495,441,000	495,441,000
operating lease right-of-use assets, net of accumulated amortization	49,740,000	108,517,000	320,127,000	265,919,000	269,399,000	272,894,000	174,554,000	177,285,000	179,480,000	182,201,000	185,989,000	50,104,000	52,675,000	55,982,000	62,440,000	67,623,000	74,126,000	79,511,000	85,956,000	92,498,000	99,017,000	105,133,000	111,638,000	118,140,000	124,717,000	131,212,000	137,637,000	143,876,000	150,426,000
other deferred charges	328,776,000	310,439,000	283,490,000	268,525,000	274,131,000	258,080,000	250,088,000	216,769,000	224,531,000	198,805,000	192,286,000	177,578,000	164,460,000	157,497,000	169,861,000	155,993,000	159,016,000	139,332,000	110,681,000	108,193,000	102,997,000	100,877,000	106,627,000	106,478,000	104,648,000	105,510,000	94,415,000	93,434,000	95,106,000	90,153,000	97,848,000	96,223,000	95,115,000	91,926,000	94,849,000				77,732,000	73,102,000				97,078,000	95,108,000		98,453,000		94,723,000	94,263,000	95,814,000	95,660,000	98,517,000		92,747,000	91,572,000			85,343,000		95,536,000	94,376,000	92,867,000	91,002,000		67,802,000	86,182,000		89,363,000	62,286,000	53,096,000		52,045,000	50,030,000		114,985,000	94,112,000		53,994,000	123,094,000
total deferred charges and other assets	1,595,313,000	1,636,502,000	1,834,989,000	1,766,536,000	1,779,132,000	1,771,274,000	1,655,711,000	1,602,244,000	1,613,060,000	1,573,684,000	1,581,059,000	1,438,273,000	1,429,145,000	1,338,462,000	1,331,430,000	1,100,965,000	1,023,078,000	1,011,398,000	1,019,366,000	1,028,274,000	1,035,461,000	1,042,097,000	1,068,395,000	1,085,501,000	1,097,992,000	1,071,949,000	1,076,663,000	1,092,571,000	1,112,095,000	969,891,000	959,714,000	966,505,000	972,087,000	974,451,000	866,408,000				819,792,000	817,022,000				849,801,000	854,462,000		856,972,000		889,221,000	899,517,000	930,002,000	950,917,000	919,888,000		840,035,000	845,235,000			940,883,000		939,150,000	949,842,000	965,054,000	965,527,000		934,362,000	954,343,000		1,551,474,000	1,542,520,000	1,644,108,000		1,205,030,000	1,204,540,000
liabilities and stockholders’ equity
current liabilities:
short-term debt	263,200,000	181,400,000	313,800,000	345,700,000	593,700,000	609,300,000	459,000,000	326,400,000	244,500,000	261,900,000	405,500,000	326,500,000	409,400,000	232,000,000	60,200,000	266,300,000	86,000,000	62,700,000	13,900,000	91,500,000	197,500,000	32,000,000	184,294,000	252,549,000	300,600,000	185,100,000	289,600,000	342,400,000	223,800,000	235,900,000	262,600,000	282,600,000	238,700,000	305,400,000	266,500,000				355,900,000	401,400,000				187,600,000	100,000,000		100,000,000		100,000,000	149,200,000	112,000,000	160,000,000	243,300,000		113,400,000	207,000,000			289,000,000		224,000,000	222,000,000	192,000,000	285,000,000		193,000,000	145,600,000		778,667,000	426,651,000	737,000,000		648,684,000	559,670,000	513,045,000	839,100,000	842,500,000	194,000,000	21,800,000	27,200,000
current installments of long-term debt	302,768,000	302,538,000	402,311,000	416,701,000	671,858,000	611,603,000	411,539,000	240,770,000	283,776,000	280,169,000	502,434,000	422,338,000	409,901,000	184,793,000	184,684,000	259,569,000	179,419,000	179,339,000	104,258,000	250,051,000	1,010,559,000	575,518,000	779,597,000	779,372,000	539,555,000	490,268,000	385,227,000	100,187,000	172,302,000		471,880,000	471,690,000	309,565,000	256,895,000	165,312,000				101,335,000	106,910,000				300,000,000	333,066,000		333,066,000			75,000,000	52,530,000	52,530,000	2,530,000		2,387,000	2,387,000			2,252,000		2,252,000	2,252,000	2,125,000	2,125,000		2,004,000	38,004,000		205,561,000	470,334,000	619,212,000		448,935,000	148,935,000
accounts payable	157,444,000	243,062,000	154,416,000	147,646,000	163,132,000	204,468,000	136,435,000	140,304,000	133,470,000	205,175,000	157,035,000	147,593,000	122,254,000	215,708,000	127,493,000	129,923,000	117,772,000	172,595,000	111,970,000	128,249,000	110,577,000	169,317,000	84,684,000	75,933,000	95,194,000	103,118,000	81,679,000	80,908,000	77,893,000	112,170,000	72,568,000	82,851,000	78,427,000	121,383,000	89,882,000	-754,000	-2,509,000	5,614,000	76,403,000	70,948,000	5,130,000	-31,139,000	-794,000	88,509,000	102,204,000	212,000	102,656,000	-26,737,000	62,198,000	109,666,000	76,309,000	88,378,000	77,435,000	11,028,000	81,463,000	74,227,000	1,014,000	12,524,000	71,949,000	6,101,000	88,132,000	95,969,000	102,052,000	110,956,000	-40,932,000	87,896,000	102,952,000	-3,466,000	210,540,000	158,850,000	159,319,000	-2,688,000	169,790,000	167,512,000		125,174,000	136,504,000		97,786,000	68,867,000
customer deposits	7,026,000	6,893,000	6,688,000	6,509,000	6,556,000	6,533,000	6,530,000	6,454,000	6,256,000	6,237,000	6,259,000	6,227,000	6,317,000	6,117,000	5,917,000	5,879,000	5,364,000	5,095,000	4,876,000	4,752,000	4,877,000	6,606,000	9,173,000	10,004,000	10,470,000	10,585,000	10,730,000	10,686,000	10,749,000	10,695,000	10,833,000	10,919,000	11,045,000	11,028,000	10,951,000				11,693,000	11,783,000				12,711,000	12,791,000		12,483,000		13,065,000	13,456,000	14,171,000	15,153,000	16,040,000		17,655,000	17,350,000
accrued interest and taxes	134,520,000	124,014,000	134,484,000	86,970,000	102,947,000	104,756,000	115,736,000	90,763,000	88,302,000	98,655,000	86,001,000	69,307,000	72,065,000	76,783,000	86,937,000	67,570,000	70,238,000	70,105,000	75,571,000	59,667,000	68,164,000	68,206,000	73,097,000	60,807,000	65,908,000	76,815,000	73,610,000	55,885,000	71,264,000	65,156,000	80,181,000	58,283,000	75,703,000	62,357,000	83,288,000	-1,520,000	16,954,000	-9,601,000	80,180,000	54,951,000	20,221,000	-5,343,000	22,856,000	49,452,000	77,234,000	-3,599,000	82,052,000	-1,575,000	73,978,000	49,600,000	82,801,000	49,408,000	77,000,000	47,666,000	82,169,000	48,755,000		-45,579,000	82,636,000	-6,798,000	70,503,000	47,783,000	73,511,000	42,233,000	-88,182,000	89,904,000	141,595,000	24,643,000	67,489,000	50,714,000	47,395,000	-1,683,000	62,026,000	58,379,000		80,782,000	63,720,000		59,927,000	56,501,000
regulatory liabilities	13,538,000	11,022,000	23,708,000	21,787,000	32,207,000	34,173,000	47,738,000	76,131,000	108,429,000	140,005,000	122,895,000	3,226,000	13,668,000	17,002,000	17,186,000	9,118,000	12,885,000	8,316,000	13,381,000	2,802,000	6,890,000	7,471,000	6,632,000	3,659,000	2,916,000	505,000	6,938,000	7,355,000	19,245,000	9,446,000	9,300,000		3,159,000	2,309,000	7,156,000				6,403,000	3,852,000				2,202,000	178,000		1,126,000		353,000	1,081,000	1,218,000	464,000			438,377,000	431,454,000			429,000		848,000	724,000	3,766,000	1,463,000		2,326,000	8,776,000		339,468,000	4,885,000	334,015,000		15,709,000	17,577,000		3,988,000	1,600,000		330,202,000	325,317,000
operating lease liabilities	7,701,000	8,969,000	15,366,000	13,640,000	14,523,000	14,293,000	11,157,000	10,834,000	11,811,000	12,267,000	11,983,000	8,825,000	10,425,000	18,781,000	18,534,000	26,612,000	27,722,000	27,218,000	28,230,000	26,472,000	28,160,000	27,460,000	26,826,000	26,744,000	29,693,000	29,068,000	28,204,000	27,396,000	26,197,000
dividends declared	46,906,000	46,151,000	43,074,000	132,000	37,891,000	36,889,000	35,085,000	132,000	35,085,000	35,085,000	31,676,000	132,000	31,676,000	31,676,000	29,960,000	132,000	29,960,000	132,000	28,243,000	132,000	28,243,000	28,243,000	24,625,000	132,000	24,625,000	24,625,000	23,231,000	132,000	23,231,000	23,231,000	21,240,000	132,000	21,240,000	21,240,000	19,448,000				17,656,000	132,000				132,000	16,063,000		14,868,000		14,864,000	14,864,000	13,271,000	132,000	13,271,000		11,680,000	132,000			10,966,000		11,562,000
transmission interconnection arrangement liabilities	14,487,000	15,878,000				68,085,000	65,981,000	132,505,000	124,248,000	96,870,000	65,063,000	28,527,000	23,481,000	20,473,000	20,208,000	24,643,000	42,666,000	39,564,000	30,983,000
other current liabilities	75,315,000	77,610,000	82,373,000	81,313,000	71,361,000	84,998,000	80,442,000	114,344,000	71,251,000	94,397,000	89,727,000	95,564,000	96,278,000	87,037,000	115,350,000	104,738,000	101,017,000	99,149,000	63,795,000	72,842,000	56,150,000	62,841,000	62,651,000	56,574,000	45,959,000	47,397,000	46,510,000	41,592,000	39,452,000	54,678,000	50,781,000	54,259,000	43,586,000	53,850,000	67,069,000	9,220,000	2,946,000	-12,136,000	49,833,000	48,194,000	-9,335,000	-275,000	-12,099,000	59,345,000	50,263,000	-659,000	52,671,000	3,943,000	42,184,000	77,105,000	62,018,000	76,646,000	60,111,000	-2,539,000	73,269,000	90,526,000	-18,379,000	15,216,000	76,281,000	-10,532,000	81,377,000	119,989,000	113,298,000	112,260,000	-12,915,000	129,541,000	113,793,000	4,957,000	127,053,000	134,873,000	100,585,000	-17,903,000	131,188,000	114,052,000		307,745,000	259,554,000		104,644,000	71,762,000
total current liabilities	1,022,905,000	1,017,537,000	1,176,220,000	1,120,398,000	1,694,175,000	1,775,098,000	1,369,643,000	1,138,637,000	1,107,128,000	1,230,760,000	1,478,573,000	1,108,239,000	1,195,465,000	890,370,000	666,469,000	894,484,000	673,043,000	664,213,000	475,207,000	636,467,000	1,511,120,000	977,662,000	1,251,579,000	1,265,774,000	1,114,920,000	967,481,000	945,729,000	666,541,000	664,133,000	512,453,000	980,475,000	962,150,000	782,753,000	835,644,000	710,885,000				701,826,000	702,916,000				701,104,000	693,034,000		700,292,000		312,088,000	492,671,000	415,593,000	444,590,000	494,077,000		392,991,000	451,199,000			712,649,000		504,194,000	520,124,000	537,682,000	591,143,000		527,942,000	612,060,000		1,523,466,000	1,552,267,000	1,979,168,000		1,545,444,000	1,171,965,000		1,356,789,000	1,303,878,000		284,157,000	281,328,000
long-term debt	5,112,431,000	5,116,026,000	4,680,365,000	4,782,536,000	4,582,713,000	4,311,765,000	4,511,206,000	4,596,994,000	4,355,049,000	4,241,642,000	3,902,687,000	3,927,625,000	3,668,079,000	3,892,594,000	3,893,500,000	3,573,087,000	3,620,041,000	3,519,580,000	3,395,975,000	3,186,052,000	2,205,133,000	2,719,632,000	2,509,752,000	2,437,246,000	2,468,720,000	2,517,449,000	2,467,002,000	2,672,155,000	2,771,939,000	2,670,111,000	2,142,631,000	2,122,352,000	2,271,984,000	2,180,750,000	2,282,390,000				2,207,005,000	2,217,114,000				1,731,158,000	1,791,941,000		1,542,106,000		1,845,338,000	1,670,420,000	1,696,311,000	1,711,153,000	1,669,926,000		1,672,124,000	1,671,958,000			1,564,077,000		1,563,756,000	1,563,595,000	1,565,687,000	1,565,527,000		1,531,170,000	1,530,906,000		1,481,011,000	1,517,007,000	1,064,253,000	1,065,000	1,233,563,000	1,531,850,000	358,097,000	1,745,845,000	1,743,555,000	343,463,000	1,231,251,000
deferred credits and other liabilities:
accumulated deferred income taxes	970,171,000	961,230,000	945,750,000	918,217,000	909,777,000	899,392,000	886,189,000	854,174,000	835,835,000	845,280,000	859,173,000	861,445,000	838,995,000	822,831,000	806,630,000	780,518,000	772,263,000	764,850,000	744,856,000	718,843,000	702,008,000	694,512,000	674,704,000	647,883,000	630,844,000	626,058,000	614,011,000	591,145,000	613,989,000	600,719,000	586,295,000	566,084,000	554,022,000	547,210,000	1,015,967,000				935,796,000	905,439,000				918,519,000	902,901,000		884,402,000		833,240,000	801,408,000	743,828,000	709,186,000	713,483,000		705,945,000	670,608,000			582,485,000		535,537,000	540,106,000	550,481,000	543,730,000		471,782,000	437,792,000		592,893,000	560,334,000	571,474,000		574,314,000	579,586,000		456,270,000	433,049,000		284,463,000	252,543,000
asset retirement obligations	256,405,000	255,097,000	248,461,000	246,647,000	246,208,000	244,618,000	246,751,000	247,653,000	246,908,000	245,531,000	228,343,000	227,592,000	225,017,000	223,377,000	220,899,000	239,640,000	236,877,000	234,146,000	192,132,000	188,007,000	185,700,000	183,421,000	181,159,000	181,805,000	184,951,000	181,962,000	179,646,000	176,743,000	161,685,000	158,674,000	155,203,000	152,300,000	149,453,000	146,679,000	133,841,000				119,032,000	116,716,000				108,406,000	106,267,000		102,115,000		98,076,000	96,135,000	93,519,000	89,395,000	87,651,000		84,191,000	82,503,000			77,290,000		78,207,000	76,637,000	75,419,000	73,903,000		69,537,000	66,732,000		62,218,000	69,753,000	68,352,000		65,100,000	63,789,000		59,456,000	58,175,000		51,669,000
accrued pension liability and postretirement benefit cost	6,740,000	6,736,000	15,696,000	18,211,000	20,559,000	23,065,000	13,470,000	16,168,000	18,700,000	21,429,000	27,748,000	29,487,000	31,052,000	32,799,000	9,416,000	12,597,000	15,772,000	19,057,000	46,857,000	50,584,000	54,274,000	58,101,000	86,170,000	87,248,000	91,146,000	95,037,000	88,335,000	92,434,000	96,374,000	100,375,000	80,871,000	84,934,000	88,840,000	94,003,000	116,812,000				63,437,000	66,506,000				70,583,000	75,236,000		69,363,000		75,745,000	80,046,000	147,442,000	152,193,000	157,711,000		129,858,000	133,490,000			227,401,000		261,698,000	270,172,000	264,598,000	275,519,000		241,791,000	243,713,000		56,561,000	57,789,000	59,489,000		129,577,000	131,126,000		221,767,000	223,930,000
other deferred credits	429,929,000	389,070,000	371,467,000	363,618,000	368,575,000	358,867,000	363,136,000	330,559,000	334,180,000	319,066,000	323,195,000	346,456,000	321,398,000	342,413,000	350,663,000	343,584,000	335,291,000	333,195,000	277,189,000	264,799,000	259,079,000	255,230,000	250,977,000	227,282,000	222,064,000	185,753,000	181,839,000	171,770,000	169,372,000	165,157,000	127,612,000	130,705,000	131,468,000	131,706,000	132,098,000				137,686,000	133,925,000				101,282,000	100,816,000		104,270,000		99,671,000	109,805,000	106,554,000	109,399,000	111,206,000		94,749,000	99,291,000			123,054,000		148,896,000	147,616,000	132,698,000	127,039,000		145,648,000	143,994,000		156,479,000	164,278,000	124,947,000		127,428,000	135,797,000		178,130,000	216,592,000		166,843,000	150,909,000
total deferred credits and other liabilities	2,477,953,000	2,466,187,000	2,642,075,000	2,544,007,000	2,551,496,000	2,530,056,000	2,443,055,000	2,384,570,000	2,379,217,000	2,369,623,000	2,371,668,000	2,265,981,000	2,213,261,000	2,217,958,000	2,201,664,000	2,246,318,000	2,253,273,000	2,248,634,000	2,171,995,000	2,141,023,000	2,127,301,000	2,122,557,000	2,136,657,000	2,103,491,000	2,092,381,000	2,060,565,000	2,041,584,000	2,023,702,000	2,055,699,000	1,918,864,000	1,877,838,000	1,865,743,000	1,861,113,000	1,856,732,000	1,859,304,000				1,724,988,000	1,690,486,000				1,669,348,000	1,655,677,000		1,657,124,000		1,596,059,000	1,574,992,000	1,561,922,000	1,526,960,000	1,511,738,000		1,469,991,000	1,437,160,000			1,409,176,000		1,407,738,000	1,407,916,000	1,409,480,000	1,402,586,000		1,308,062,000	1,257,348,000		1,424,836,000	1,345,038,000	1,287,469,000		1,351,225,000	1,351,031,000
total liabilities	8,613,289,000	8,599,750,000	8,498,660,000	8,446,941,000	8,828,384,000	8,616,919,000	8,323,904,000	8,120,201,000	7,841,394,000	7,842,025,000	7,752,928,000	7,301,845,000	7,076,805,000	7,000,922,000	6,761,633,000	6,713,889,000	6,546,357,000	6,432,427,000	6,043,177,000	5,963,542,000	5,843,554,000	5,819,851,000	5,897,988,000	5,806,511,000	5,676,021,000	5,545,495,000	5,454,315,000	5,362,398,000	5,491,771,000	5,101,428,000	5,000,944,000	4,950,245,000	4,915,850,000	4,873,126,000	4,852,579,000				4,633,819,000	4,610,516,000				4,101,610,000	4,140,652,000		3,899,522,000		3,753,485,000	3,738,083,000	3,673,826,000	3,682,703,000	3,675,741,000		3,535,106,000	3,560,317,000			3,685,902,000		3,475,688,000	3,491,635,000	3,512,849,000	3,559,256,000		3,367,174,000	3,400,314,000		4,429,313,000	4,414,312,000	4,330,890,000		4,130,232,000	4,054,846,000	934,341,000			648,620,000
commitments and contingencies
cumulative preferred stock of subsidiary
without mandatory redemption requirements	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000	11,529,000				11,529,000	11,529,000				11,529,000	11,529,000		11,529,000		11,529,000	11,529,000	11,529,000	11,529,000	11,529,000		11,529,000	11,529,000			11,529,000		11,529,000	11,529,000	11,529,000	11,529,000
equity:
txnm common stockholders’ equity:
common stock	2,667,342,000	2,563,930,000	2,565,578,000	2,366,770,000	1,721,109,000	1,724,444,000	1,624,685,000	1,625,251,000	1,623,991,000	1,624,823,000	1,425,342,000	1,423,827,000	1,424,198,000	1,429,102,000	1,427,383,000	1,426,448,000	1,425,574,000	1,429,257,000	1,426,587,000	1,425,700,000	1,425,133,000	1,429,941,000	1,145,152,000	1,143,822,000	1,142,879,000	1,150,552,000	1,149,583,000	1,148,690,000	1,148,364,000	1,153,113,000	1,150,648,000	1,149,646,000	1,150,516,000	1,157,665,000	1,156,906,000				1,162,599,000	1,162,195,000										1,178,369,000																														195,589,000
accumulated other comprehensive income, net of income taxes	-26,254,000	-26,816,000	-73,754,000	-75,393,000	-74,586,000	-75,708,000	-73,399,000	-69,900,000	-67,608,000	-62,840,000	-62,420,000	-59,235,000	-64,354,000	-66,048,000	-70,179,000	-76,825,000	-76,580,000	-71,936,000	-80,620,000	-79,353,000	-82,342,000	-79,183,000	-89,876,000	-92,581,000	-103,427,000	-99,377,000	-98,881,000	-100,182,000	-103,239,000	-108,684,000	-101,480,000	-103,757,000	-105,520,000	-95,940,000	-82,501,000				-73,643,000	-74,706,000				-63,825,000	-59,230,000		-56,532,000		-57,349,000	-58,140,000	-72,926,000	-78,594,000	-76,691,000		-60,858,000	-62,628,000			-72,913,000		-67,992,000	-68,666,000	-57,118,000	-55,128,000		-36,815,000	-27,743,000		25,514,000
retained earnings	823,867,000	866,904,000	924,214,000	879,388,000	857,812,000	887,649,000	908,693,000	847,397,000	799,348,000	787,110,000	872,289,000	897,651,000	852,347,000	828,878,000	844,677,000	781,899,000	766,538,000	810,203,000	798,983,000	741,884,000	688,175,000	698,707,000	718,040,000	645,259,000	587,770,000	627,523,000	620,211,000	563,640,000	639,554,000	643,953,000	722,130,000	676,826,000	638,618,000	633,528,000	691,332,000				599,249,000	579,878,000				639,538,000	607,865,000		606,394,000		551,072,000	553,340,000	560,429,000	532,160,000	504,482,000		509,456,000	474,692,000			345,614,000		320,150,000	314,943,000	434,570,000	408,882,000		440,464,000	411,239,000		411,743,000	438,831,000	582,339,000		642,522,000	669,449,000	623,936,000	605,175,000	592,115,000	564,623,000	569,890,000	373,286,000
total txnm common stockholders’ equity	3,464,955,000	3,404,018,000	3,416,038,000	3,170,765,000	2,504,335,000	2,536,385,000	2,459,979,000
non-controlling interest in valencia	48,597,000	43,988,000	45,307,000	46,029,000	46,372,000	46,900,000	48,069,000	48,932,000	48,999,000	49,958,000	51,173,000	51,353,000	52,611,000	52,994,000	53,847,000	54,165,000	54,268,000	55,405,000	56,414,000	57,167,000	57,260,000	59,009,000	59,279,000	59,927,000	60,347,000	63,052,000	64,175,000	62,592,000	62,779,000	64,212,000	65,224,000	65,600,000	65,400,000	66,195,000	67,409,000				70,117,000	71,044,000				73,163,000	72,766,000		75,420,000		76,191,000	77,029,000	78,270,000	78,945,000	78,787,000		81,088,000	81,694,000			83,969,000		84,428,000	85,177,000	88,515,000	88,736,000		90,224,000	93,687,000
total equity	3,513,552,000	3,448,006,000	3,461,345,000	3,216,794,000	2,550,707,000	2,583,285,000	2,508,048,000	2,451,680,000	2,404,730,000	2,399,051,000	2,286,384,000	2,313,596,000	2,264,802,000	2,244,926,000	2,255,728,000	2,185,687,000	2,169,800,000	2,222,929,000	2,201,364,000	2,145,398,000	2,088,226,000	2,108,474,000	1,832,595,000	1,756,427,000	1,687,569,000	1,741,750,000	1,735,088,000	1,674,740,000	1,747,458,000	1,752,594,000	1,836,522,000	1,788,315,000	1,749,014,000	1,761,448,000	1,833,146,000				1,758,322,000	1,738,411,000				1,813,879,000	1,787,158,000		1,798,158,000		1,742,012,000	1,750,598,000	1,743,459,000	1,709,674,000	1,683,490,000		1,713,572,000	1,680,743,000			1,675,209,000		1,726,509,000	1,721,919,000	1,856,431,000	1,832,737,000		1,883,498,000	1,865,719,000
non-utility property, including financing leases		40,729,000				28,832,000				29,367,000				26,841,000				25,439,000				24,075,000
nuclear fuel, net of accumulated amortization of 27,953 and 28,245		76,696,000
nuclear fuel, net of accumulated amortization of 36,411 and 28,245			75,723,000
nuclear fuel, net of accumulated amortization of 32,051 and 28,245				76,887,000
nuclear fuel, net of accumulated amortization of 32,015 and 28,245					74,729,000
equity investment in nmrd										119,570,000	118,569,000	106,430,000	102,175,000	90,620,000	90,674,000	90,161,000	89,344,000	89,158,000	89,065,000	88,504,000	87,769,000	90,655,000	90,519,000	84,037,000	75,203,000	65,159,000	56,084,000	40,002,000	33,528,000	26,564,000	26,029,000	24,761,000	21,541,000	16,510,000
plant in service, held for future use, and to be abandoned						10,697,774,000	10,231,652,000	10,028,222,000	9,807,524,000	9,701,180,000	9,344,655,000	9,223,619,000	9,120,465,000	9,164,564,000	8,832,929,000	9,421,123,000	9,448,704,000	9,357,849,000	8,723,398,000	8,650,041,000	8,532,455,000	8,480,799,000	8,106,592,000	8,030,505,000	7,957,079,000	7,918,601,000	7,680,996,000	7,596,976,000						7,238,285,000	7,133,646,000				6,842,017,000	6,774,773,000
nuclear fuel, net of accumulated amortization of 28,245 and 35,840						72,554,000
nuclear fuel, net of accumulated amortization of 36,439 and 35,840							73,815,000
nuclear fuel, net of accumulated amortization of 31,652 and 35,840								74,782,000
pnmr common stockholders’ equity:
total pnmr common stockholders’ equity								2,402,748,000	2,355,731,000	2,349,093,000	2,235,211,000	2,262,243,000	2,212,191,000	2,191,932,000	2,201,881,000	2,131,522,000	2,115,532,000	2,167,524,000	2,144,950,000	2,088,231,000	2,030,966,000	2,049,465,000	1,773,316,000	1,696,500,000	1,627,222,000	1,678,698,000	1,670,913,000	1,612,148,000	1,684,679,000	1,688,382,000	1,771,298,000	1,722,715,000	1,683,614,000	1,695,253,000	1,765,737,000				1,688,205,000	1,667,367,000				1,740,716,000	1,714,392,000		1,722,738,000		1,665,821,000	1,673,569,000		1,630,729,000	1,604,703,000		1,632,484,000	1,599,049,000			1,591,240,000		1,542,081,000	1,536,742,000	1,667,916,000	1,644,001,000		1,693,274,000	1,672,032,000
nuclear fuel, net of accumulated amortization of 39,681 and 35,840									72,190,000
nuclear fuel, net of accumulated amortization of 35,840 and 43,985										74,671,000
nuclear fuel, net of accumulated amortization of 34,759 and 43,985											77,368,000
nuclear fuel, net of accumulated amortization of 29,912 and 43,985												77,679,000
nuclear fuel, net of accumulated amortization of 38,626 and 43,985													77,214,000
nuclear fuel, net of accumulated amortization of 43,985 and 41,181														95,223,000
nuclear fuel, net of accumulated amortization of 47,734 and 41,181															97,545,000
nuclear fuel, net of accumulated amortization of 41,329 and 41,181																100,450,000
nuclear fuel, net of accumulated amortization of 47,131 and 41,181																	99,381,000
nuclear fuel, net of accumulated amortization of 41,181 and 41,367																		98,937,000
nuclear fuel, net of accumulated amortization of 48,062 and 41,367																			97,055,000
nuclear fuel, net of accumulated amortization of 41,688 and 41,367																				99,118,000
nuclear fuel, net of accumulated amortization of 47,253 and 41,367																					98,502,000
nuclear fuel, net of accumulated amortization of 41,367 and 42,354																						100,801,000
nuclear fuel, net of accumulated amortization of 47,539 and 42,354																							99,115,000
nuclear fuel, net of accumulated amortization of 41,140 and 42,354																								101,994,000
nuclear fuel, net of accumulated amortization of 48,278 and 42,354																									102,768,000
nuclear fuel, net of accumulated amortization of 42,354 and 42,511																										99,805,000
pnm resources, inc. and subsidiariesconsolidated balance sheets
nuclear fuel, net of accumulated amortization of 48,364 and 42,511																											95,916,000
nuclear fuel, net of accumulated amortization of 42,410 and 42,511																												95,636,000
pnmr common stockholders' equity:
plant in service and held for future use																													7,610,093,000	7,548,581,000	7,527,250,000	7,438,356,000	7,284,727,000
nuclear fuel, net of accumulated amortization of 48,675 and 42,511																													95,713,000
current portion of westmoreland loan																																	4,837,000	3,576,000	12,272,000				43,553,000	48,175,000
commodity derivative instruments																														1,083,000	1,083,000	1,094,000	1,087,000	1,088,000	3,093,000				3,949,000	4,053,000				4,550,000	9,342,000		4,148,000		4,003,000	4,064,000	5,743,000	2,870,000	2,114,000		1,184,000	4,659,000			3,716,000		17,833,000	15,999,000	35,835,000	40,556,000
long-term portion of westmoreland loan																																	46,154,000	53,064,000	53,958,000				66,230,000	75,820,000
nuclear fuel, net of accumulated amortization of 42,511 and 43,524																														95,798,000
nuclear fuel, net of accumulated amortization of 49,376 and 43,524																															92,838,000
nuclear fuel, net of accumulated amortization of 43,309 and 43,524																																90,962,000
nuclear fuel, net of accumulated amortization of 49,905 and 43,524																																	89,262,000
available-for-sale securities																																		323,524,000	306,444,000				271,035,000	264,669,000				253,550,000	257,464,000		235,894,000		230,250,000	226,855,000
nuclear fuel, net of accumulated amortization of 43,524 and 43,905																																		88,701,000
nuclear fuel, net of accumulated amortization of 49,895 and 43,905																																			88,702,000
cash flows from operating activities:
net earnings																																				50,587,000	20,110,000	91,938,000			7,561,000	-324,000	91,923,000			101,453,000		35,460,000						105,601,000			21,077,000	68,538,000		27,620,000					102,702,000			-31,846,000				38,907,000
adjustments to reconcile net earnings to net cash flows from operating activities:
depreciation and amortization																																				88,864,000	44,691,000	166,047,000			40,225,000	150,538,000	111,371,000			143,303,000		71,327,000						129,514,000			31,498,000	123,216,000		97,404,000					108,505,000			101,458,000				126,255,000
deferred income tax expense																																				23,685,000	7,878,000	53,119,000			3,727,000	-2,836,000	46,268,000			55,787,000		19,716,000						65,479,000			10,852,000	90,567,000		17,992,000
net unrealized (gains) losses on commodity derivatives																																				939,000		1,577,000			-1,435,000	5,188,000	1,251,000					3,187,000
realized (gains) on available-for-sale securities																																				-12,324,000	-6,661,000	-19,517,000			-6,218,000	-16,060,000	-12,116,000			-10,527,000		-7,272,000
regulatory disallowances and restructuring costs																																						15,011,000			774,000	167,471,000
allowance for equity funds used during construction and other																																				-2,278,000
changes in certain assets and liabilities:
accounts receivable and unbilled revenues																																				-8,846,000	17,414,000	4,769,000			33,417,000	-2,515,000	-16,220,000			-5,919,000		-13,885,000						-4,756,000			9,920,000	-23,487,000		-44,371,000					-50,552,000			5,668,000				17,282,000
other assets																																				8,539,000	4,399,000	-23,880,000			3,311,000	4,194,000	12,126,000			7,150,000		18,790,000						-27,338,000			-1,533,000	-795,000		-257,000					10,821,000			20,572,000				-8,931,000
other liabilities																																				-6,949,000	-1,325,000	20,119,000			-4,505,000	-33,503,000	-34,224,000			42,325,000		-3,193,000						-54,787,000			-78,133,000	-18,612,000		-21,972,000					-17,588,000			-6,989,000				-8,243,000
net cash flows from operating activities																																				156,377,000	116,275,000	289,146,000			73,675,000	251,834,000	240,177,000			299,117,000		83,813,000						268,420,000			67,572,000	213,038,000		84,740,000					-39,308,000			167,574,000				188,926,000
cash flows from investing activities:
utility plant additions																																				-125,698,000	-65,781,000	-445,464,000			-238,734,000	-404,840,000	-301,410,000			-316,800,000		-92,567,000						-196,800,000			-66,668,000	-251,345,000							-256,769,000			-277,087,000				-352,142,000
proceeds from sales of available-for-sale securities																																				358,045,000	266,388,000	522,601,000			124,900,000	252,174,000	166,097,000			117,989,000		53,119,000
purchases of available-for-sale securities																																				-359,853,000	-267,891,000	-538,383,000			-126,101,000	-262,548,000	-166,268,000			-127,016,000		-54,338,000
return of principal on pvngs lessor notes																																						8,547,000			8,547,000	21,694,000	21,694,000			20,758,000		10,231,000						23,455,000			12,632,000	32,274,000		15,374,000					30,871,000			26,077,000				24,638,000
other																																				143,000	-759,000	3,046,000			-611,000	2,794,000	-5,288,000			-1,391,000		193,000						-120,000			-195,000	4,216,000		2,115,000					1,614,000			-2,684,000				-2,315,000
net cash flows from investing activities																																				-127,363,000	-67,156,000	-452,528,000			-231,238,000	-390,585,000	-276,836,000			-341,667,000		-83,625,000						-180,357,000			-54,491,000	-221,188,000		-138,554,000					412,494,000			-247,405,000				-286,639,000
cash flows from financing activities:
revolving credit facilities borrowings																																				-23,000,000	-44,800,000				118,800,000
long-term borrowings																																				57,000,000		321,000,000				313,605,000	313,605,000			275,000,000		175,000,000						20,000,000				160,000,000							36,000,000			350,000,000				20,000,000
repayment of long-term debt																																				-57,000,000		-271,000,000				-214,300,000	-214,300,000			-75,000,000		-75,000,000						-20,000,000											-36,000,000			-300,000,000
equity contribution from parent																																						28,142,000				175,000,000																43,000,000							86,253,000
dividends paid																																				-264,000	-132,000	-4,670,000			-132,000	-94,968,000	-46,548,000			-30,791,000		-264,000						-34,961,000			-132,000	-47,862,000		-23,127,000					-300,276,000			-40,528,000				-528,000
valencia’s transactions with its owner																																				-7,731,000	-4,028,000	-17,006,000			-3,999,000	-17,049,000	-12,107,000			-17,610,000		-8,189,000						-15,630,000
net cash flows from financing activities																																				-29,312,000	-49,349,000	120,568,000			114,616,000	156,409,000	35,716,000			68,009,000		9,147,000						-96,412,000			-25,088,000	10,121,000		52,433,000					-418,434,000			122,121,000				90,158,000
change in cash and cash equivalents																																				-298,000	-230,000	-42,814,000			-42,947,000	17,658,000	-943,000			25,459,000		9,335,000						-8,349,000			-12,007,000	1,971,000		-1,381,000					-45,248,000			42,290,000				-7,555,000
cash and cash equivalents at beginning of period																																				324,000	324,000				43,138,000		25,480,000					21,000									12,307,000			15,404,000								4,331,000				11,886,000
cash and cash equivalents at end of period																																				26,000	94,000				191,000		24,537,000					9,356,000									300,000			14,023,000								46,621,000				4,331,000
supplemental cash flow disclosures:
interest paid, net of amounts capitalized																																				39,584,000	9,330,000	82,514,000			8,561,000	69,936,000	42,680,000			73,787,000		36,601,000						73,036,000			4,141,000
income taxes paid (refunded)																																						-967,000				-1,450,000	-1,450,000			-228,000		-215,000						-63,113,000			-63,114,000	-1,541,000		-1,775,000					126,528,000			2,050,000
supplemental schedule of noncash investing activities:
increase in accrued plant additions																																				-5,392,000	3,449,000	22,433,000			16,747,000
net unrealized (gains) on commodity derivatives																																					-1,345,000
allowance for equity funds used during construction																																						-4,163,000				-10,430,000
purchase of rio bravo																																														-36,235,000
public service company of new mexico and subsidiariesa wholly owned subsidiary of pnm resources, inc.consolidated statements of cash flows
short-term borrowings (repayments)																																						61,000,000								-49,200,000		-49,200,000						-44,900,000			-21,900,000	-124,000,000		82,000,000					-222,000,000			24,591,000				70,725,000
short-term borrowings (repayments) - affiliate																																														-32,500,000
cash and cash equivalents at beginning of year																																						43,138,000				25,480,000				21,000								12,307,000				10,336,000							46,621,000
cash and cash equivalents at end of year																																						324,000				43,138,000				25,480,000								3,958,000				12,307,000							1,373,000
nuclear fuel, net of accumulated amortization of 50,623 and 44,455																																							87,083,000
nuclear fuel, net of accumulated amortization of 44,139 and 44,455																																								83,391,000
changes in accrued plant additions																																										-17,469,000	-9,933,000			1,616,000		-5,595,000
regulatory disallowances																																											1,744,000			1,062,000												17,479,000		21,402,000					26,872,000
short-term borrowings (repayments), affiliate																																																-32,500,000
current portion of accumulated deferred income taxes																																												26,383,000	26,383,000		58,681,000		58,681,000	58,681,000	258,000	258,000	258,000		9,080,000	9,080,000			886,000		886,000	886,000
investment in pvngs lessor notes																																															9,775,000		17,757,000	32,200,000	32,542,000	43,410,000	43,752,000		54,666,000	67,400,000			79,390,000		90,897,000	103,871,000	104,212,000	121,454,000		137,853,000	154,172,000		169,071,000	183,884,000	180,547,000		192,568,000	203,862,000
nuclear fuel, net of accumulated amortization of 45,138 and 44,507																																												81,275,000
common stock outstanding																																												1,165,003,000	1,165,757,000		1,172,876,000		1,172,098,000		1,177,686,000	1,177,163,000	1,176,912,000		1,183,886,000	1,186,985,000			1,318,539,000		1,289,923,000	1,290,465,000	1,290,464,000	1,290,247,000										1,039,530,000					720,872,000
nuclear fuel, net of accumulated amortization of 51,203 and 44,507																																													79,208,000
net unrealized (gains) losses on derivatives																																														-6,504,000								-1,598,000			-3,502,000	-3,822,000		-6,996,000					-4,487,000			6,629,000				8,496,000
proceeds from governmental grants																																																						21,567,000			20,859,000	2,103,000
nuclear fuel, net of accumulated amortization of 52,119 and 47,347																																															81,840,000
accumulated deferred investment tax credits																																															24,232,000		25,314,000	25,855,000	12,598,000	13,146,000	13,694,000		14,101,000	14,658,000			16,350,000		17,510,000	18,089,000	18,696,000	19,304,000		21,163,000	22,437,000		24,582,000	25,330,000	26,078,000		27,678,000	28,531,000		31,080,000	31,989,000		34,586,000	36,135,000
non-utility property, net of accumulated depreciation of 62 and 61																																																	4,352,000
nuclear fuel, net of accumulated amortization of 54,338 and 47,347																																																	78,778,000
non-utility property, net of accumulated depreciation of 61 and 131																																																		4,353,000
nuclear fuel, net of accumulated amortization of 47,347 and 42,644																																																		77,602,000
investments held by ndt																																																			207,483,000	197,072,000	197,691,000		186,839,000	178,834,000			157,001,000		167,137,000	156,922,000	146,327,000	135,496,000		130,354,000	107,992,000		120,424,000	130,806,000	130,227,000		138,999,000	136,424,000
non-utility property, net of accumulated depreciation of 143 and 131																																																			4,475,000
nuclear fuel, net of accumulated amortization of 52,876 and 42,644																																																			79,458,000
liabilities and stockholders' equity
total pnmr common stockholders' equity																																																			1,665,189,000
non-utility property, net of accumulated depreciation of 139 and 131																																																				4,479,000
nuclear fuel, net of accumulated amortization of 45,793 and 42,644																																																				81,785,000
non-utility property, net of accumulated depreciation of 135 and 131																																																					4,483,000
nuclear fuel, net of accumulated amortization of 49,605 and 42,644																																																					81,376,000
pvngs firm-sales contracts revenue																																																										-2,558,000
realized (gains) on investments held by ndt																																																						-13,015,000				-8,985,000		-11,797,000												-11,599,000
proceeds from sales of investments held by ndt																																																						167,330,000						94,890,000
purchases of investments held by ndt																																																						-173,158,000						-96,410,000
payments received on pvngs firm-sales contracts																																																										2,558,000		2,558,000					30,737,000			88,509,000
proceeds from transmission interconnection arrangements																																																						983,000			953,000	1,246,000
repayment of transmission interconnection arrangements																																																						-1,753,000
non-utility property, net of accumulated depreciation of 137 and 120																																																							4,615,000
nuclear fuel, net of accumulated amortization of 50,106 and 36,411																																																							86,496,000
non-utility property, net of accumulated depreciation of 132 and 120																																																								4,621,000
nuclear fuel, net of accumulated amortization of 43,218 and 36,411																																																								88,961,000
realized (gains) losses on investments held by ndt																																																									-4,454,000								-4,502,000			15,233,000
interest and taxes																																																									81,263,000
proceeds from sales of ndt investments																																																									26,760,000	145,286,000							124,054,000			180,295,000				163,642,000
purchases of ndt investments																																																									-27,395,000	-149,185,000							-129,833,000			-185,439,000				-172,327,000
equity transactions with valencia’s owner																																																									-4,009,000	-16,801,000		-7,232,000					-13,639,000
(gain) on sale of pnm gas
settlement of legal proceeding																																																																	31,969,000
proceeds from sale of pnm gas																																																																	652,933,000
transaction costs for sale of pnm gas																																																																	-11,162,000
repayments from transmission interconnection arrangements																																																										-4,637,000
interest paid, net of capitalized interest																																																										69,995,000		57,930,000					68,486,000			80,144,000				59,413,000
supplemental schedule of noncash investing and financing activities:
utility plant purchased through assumption of long-term debt																																																																	31,982,000
current assets of business unit held for sale																																																											166,119,000
non-utility property, net of accumulated depreciation of 125 and 2,307																																																											5,139,000
nuclear fuel, net of accumulated amortization of 36,722 and 26,247																																																											78,218,000
other intangible assets, net of accumulated amortization of none and 5,414
non-current assets of business unit held for sale																																																											101,059,000
liability for purchase of series a preferred stock																																																											73,475,000
current liabilities of business unit held for sale																																																											103,915,000
non-current liabilities of business unit held for sale																																																											17,596,000
pnmr convertible preferred stock, series a without mandatory redemption requirements																																																													100,000,000		100,000,000	100,000,000
pvngs firm-sales contract revenue																																																												-2,558,000
bad debt expense																																																												11,732,000
equity in net (earnings) loss of optim energy
stock based compensation expense																																																												2,867,000
additions to utility and non-utility plant																																																												-153,168,000
investments in optim energy
proceeds from stock option exercise																																																												2,172,000
purchases to satisfy awards of common stock																																																												-4,535,000
excess tax (shortfall) from stock-based payment arrangements
proceeds from transmission interconnection agreements																																																												589,000
debt issuance costs and other																																																												8,000
affiliate receivables																																																													2,923,000
non-utility property, net of accumulated depreciation of 2,524 and 2,307																																																													11,967,000
nuclear fuel, net of accumulated amortization of 31,786 and 26,247																																																													76,665,000
other intangible assets, net of accumulated amortization of 5,476 and 5,414																																																													26,363,000
equity investment in optim energy																																																															199,693,000	199,676,000		232,537,000	254,279,000
non-utility property, net of accumulated depreciation of 2,307 and 3,779																																																														7,333,000
nuclear fuel, net of accumulated amortization of 26,247 and 19,456																																																														72,901,000
other intangible assets, net of accumulated amortization of 5,414 and 5,272																																																														26,425,000
pnmr convertible preferred stock, series a, without mandatory redemption requirements																																																														100,000,000
non-utility property, net of accumulated depreciation of 2,152 and 3,779																																																															7,499,000
nuclear fuel, net of accumulated amortization of 26,902 and 19,456																																																															78,073,000
other intangible assets, net of accumulated amortization of 5,400 and 5,272																																																															26,439,000
non-utility property, net of accumulated depreciation of 1,984 and 3,779																																																																7,668,000
nuclear fuel, net of accumulated amortization of 21,689 and 19,456																																																																78,985,000
other intangible assets, net of accumulated amortization of 5,357 and 5,272																																																																26,482,000
amortization of prepayments on pvngs firm-sales contracts																																																																	-26,150,000			-16,637,000
deferred income tax benefit																																																																	4,648,000			-7,856,000				16,704,000
gain on sale of pnm gas																																																																	-98,425,000
impairment of utility plant
impairment of goodwill																																																																				51,143,000
proceeds from sales of utility plant																																																																				837,000				55,041,000
change in restricted special deposits																																																																	359,000
as of january 1, 2007, tnmp transferred its new mexico operational assets and liabilities to pnmr through a redemption of tnmp’s common stock. pnmr contemporaneously contributed the tnmp new mexico operational assets and liabilities to pnm. see note 2.
current assets																																																																								15,444,000
other property and investments																																																																								10,000
utility plant																																																																								96,468,000
deferred charges																																																																								1,377,000
total assets transferred from tnmp																																																																								216,074,000
current liabilities																																																																								17,313,000			50,819,000			94,348,000
deferred credits and other liabilities																																																																								30,673,000
total liabilities transferred from tnmp																																																																								49,051,000
net assets transferred – increase in common stockholder’s equity																																																																								167,023,000
activities related to consolidation of valencia:
initial consolidation at may 30, 2008:
increase in short-term borrowings																																																																				82,468,000
non-controlling interest transactions as of july 10, 2008:
reduction in short-term borrowings																																																																				88,059,000
increase in non-controlling interest in valencia
special deposits																																																																		52,000	3,480,000		3,275,000	3,354,000	2,727,000		1,295,000	1,094,000		5,171,000	5,159,000
derivative instruments																																																																		44,959,000	72,259,000		84,406,000	245,613,000	237,398,000		54,521,000	91,600,000
current assets of discontinued operations																																																																					73,454,000	77,686,000	114,954,000
non-utility property, net of accumulated depreciation of 3,532 and 2,582																																																																		8,169,000
electric plant in service																																																																		4,471,390,000	4,387,225,000		4,246,815,000	4,240,902,000	4,083,907,000		3,758,831,000	3,743,584,000		4,060,501,000	4,020,138,000		2,522,103,000	2,441,775,000
common plant in service and plant held for future use																																																																		159,659,000	156,907,000		146,182,000	141,619,000	140,217,000		126,718,000	123,616,000		158,847,000	144,764,000		149,042,000	18,807,000
utility plant: - sum																																																																		4,631,049,000	4,544,132,000		4,392,997,000	4,382,521,000	4,224,124,000		4,641,901,000	4,618,936,000		4,943,477,000	4,893,396,000		3,360,442,000	3,108,426,000
nuclear fuel, net of accumulated amortization of 21,482 and 16,018																																																																		74,248,000
other intangible assets, net of accumulated amortization of 5,122 and 4,672																																																																		26,717,000
non-current assets of discontinued operations																																																																					552,510,000	541,428,000	535,196,000
current liabilities of discontinued operations																																																																					45,982,000	42,722,000	63,979,000
non-current liabilities of discontinued operations																																																																					90,077,000	89,314,000	90,035,000
without mandatory redemption requirements (100 stated value, 10,000,000 shares authorized:
issued and outstanding 115,293 shares)																																																																		11,529,000	11,529,000		11,529,000	11,529,000	11,529,000		11,529,000
common stock outstanding (no par value, 120,000,000 shares authorized: issued
and outstanding 86,673,174 and 86,531,644 shares)																																																																		1,289,625,000
non-utility property, net of accumulated depreciation of 2,938 and 2,582																																																																			8,768,000
nuclear fuel, net of accumulated amortization of 19,671 and 16,018																																																																			67,283,000
other intangible assets, net of accumulated amortization of 4,822 and 4,672																																																																			27,017,000
and outstanding 86,607,560 and 86,531,644 shares)																																																																			1,288,536,000
minority interest in earnings of valencia																																																																				7,179,000
regulatory allowances																																																																				30,248,000
changes in certain assets and liabilities, net of amounts acquired:
materials, supplies, fuel stock, and natural gas stored																																																																				-9,319,000
net additions to restricted special deposits																																																																				7,493,000				-7,852,000
as of january 1, 2007, tnmp transferred its new mexico operational assets and liabilities to pnmr through a redemption of tnmp’s common stock. pnmr contemporaneously contributed the tnmp new mexico operational assets and liabilities to pnm. see note 23.
minority interest transactions as of july 10, 2008:
increase in minority interest in valencia																																																																				90,148,000
equity investment in energyco																																																																					227,740,000	175,057,000	201,361,000		261,657,000	198,144,000
non-utility property, net of accumulated depreciation of 2,228 and 1,570																																																																					9,490,000
nuclear fuel, net of accumulated amortization of 18,669 and 15,395																																																																					61,068,000
pension asset																																																																					24,059,000	21,965,000	20,149,000		10,817,000	10,163,000
other intangible assets, net of accumulated amortization of 4,344 and 3,362																																																																					65,882,000
minority interest in valencia																																																																					95,949,000
common stockholders’ equity:
and outstanding 86,454,111 and 76,814,491 shares)																																																																					1,287,555,000
total common stockholders’ equity																																																																					1,724,812,000	1,700,952,000	1,621,182,000		1,706,708,000	1,726,578,000			1,319,846,000
non-utility property, net of accumulated depreciation of 1,946 and 1,570																																																																						9,876,000
nuclear fuel, net of accumulated amortization of 15,454 and 15,395																																																																						59,609,000
other intangible assets, net of accumulated amortization of 4,017 and 3,362																																																																						67,866,000
and outstanding 86,390,701 and 76,814,491 shares)																																																																						1,286,708,000
accumulated other comprehensive income, net of income tax																																																																						-24,587,000	-6,018,000		23,075,000	17,599,000
non-utility property, net of accumulated depreciation of 1,712 and 1,570																																																																							9,533,000
nuclear fuel, net of accumulated amortization of 18,420 and 15,395																																																																							59,117,000
other intangible assets, net of accumulated amortization of 3,690 and 3,362																																																																							75,564,000
and outstanding 76,914,254 and 76,814,491 shares)																																																																							1,044,861,000
impairments of utility plant																																																																								19,500,000
materials and supplies, fuel stock and natural gas stored																																																																								1,292,000
income taxes paid																																																																								5,604,000
inventories																																																																									57,597,000	58,963,000		58,479,000	60,547,000		39,827,000	39,984,000
non-utility assets, net of accumulated depreciation of 1,433 and 1,365																																																																									7,056,000
gas plant in service																																																																									756,352,000	751,736,000		724,129,000	728,494,000		689,297,000	647,844,000
nuclear fuel, net of accumulated amortization of 18,806 and 14,008																																																																									53,659,000
other intangible assets, net of accumulated amortization of 3,035 and 2,052																																																																									76,219,000
and outstanding 76,770,266 and 76,648,472 shares)																																																																									1,041,111,000
non-utility assets, net of accumulated depreciation of 1,291 and 1,365																																																																										7,084,000
nuclear fuel, net of accumulated amortization of 20,353 and 14,008																																																																										35,263,000
other intangible assets, net of accumulated amortization of 2,707 and 2,052																																																																										76,547,000
cumulative preferred stock of subsidiary without mandatory redemption requirements																																																																										11,529,000
intercompany receivables																																																																											109,565,000			144,510,000
property, plant and equipment, net of accumulated
depreciation of 8,013 and 7,063																																																																											25,379,000
long-term investments																																																																											29,013,000			8,220,000
investment in subsidiaries																																																																											2,438,757,000			1,811,285,000
other long-term assets																																																																											11,982,000			15,999,000
total long-term assets																																																																											2,505,131,000			1,855,793,000
total assets																																																																											2,627,637,000			2,026,912,000
other long-term liabilities																																																																											12,380,000			16,809,000
common stock outstanding (no par value, 120,000,000 shares authorized:
issued 76,648,472 and 68,786,286 at december 31, 2006 and 2005, respectively)																																																																											1,040,451,000
accumulated comprehensive income, net of tax																																																																											28,909,000			244,000
total common stockholders' equity																																																																											1,693,296,000	1,382,509,000		1,378,292,000	1,201,848,000
total liabilities and stockholders' equity																																																																											2,627,637,000			2,026,912,000
nuclear fuel, net of accumulated amortization of 16,714 and 14,679																																																																												27,240,000
investment in lessor notes																																																																												259,360,000	271,000,000		298,340,000	309,022,000
non-utility property, net of accumulated depreciation of 2,368 and 22																																																																												7,676,000
deferred charges:
prepaid pension cost																																																																												94,485,000	93,471,000		88,363,000
other intangible assets, net of accumulated amortization of 1,725 and 742																																																																												102,529,000
total deferred charges																																																																												1,168,021,000	1,142,987,000		356,571,000
capitalization and liabilities
capitalization:
common stockholders' equity:
70,362,922 and 68,786,286 at september 30, 2006 and december 31, 2005, respectively)																																																																												856,089,000
accumulated other comprehensive loss, net of tax																																																																												-78,755,000	-99,168,000		-88,914,000
cumulative preferred stock of subsidiary without mandatory redemption
(100 stated value, 10,000,000 shares authorized: issued 115,293 at
september 30, 2006 and december 31, 2005)																																																																												11,529,000
total capitalization																																																																												3,139,883,000	3,074,930,000		2,444,628,000	2,053,882,000
long-term liabilities:
total long-term liabilties																																																																												1,346,714,000
nuclear fuel, net of accumulated amortization of 13,758 and 14,679																																																																													28,086,000
non-utility property, net of accumulated depreciation of 2,372 and 22																																																																													7,898,000
other intangible assets, net of accumulated amortization of 1,397 and 742																																																																													102,857,000
the accompanying notes, as they relate to pnmr, are an integral part of these financial statements.
pnm resources, inc. and subsidiaries
condensed consolidated balance sheets
69,216,719 and 68,786,286 at june 30, 2006 and december 31, 2005, respectively)																																																																													826,899,000
june 30, 2006 and december 31, 2005)																																																																													11,529,000
total long-term liabilities																																																																													1,358,735,000
depreciation of 7,063 and 10,066																																																																														20,289,000
issued 68,786,286 and 60,464,595 at december 31, 2005 and 2004, respectively)																																																																														813,425,000
nuclear fuel, net of accumulated amortization of 19,134 and 16,448																																																																															24,066,000
non-utility property, net of accumulated depreciation of 127 and 1,773																																																																															1,437,000
accounts receivables, net of allowance for uncollectible accounts
of 1,329 and 1,329																																																																															84,005,000
the accompanying notes are an integral part of these financial statements.
consolidated balance sheets
deferred credits:
additional minimum pension liability																																																																															164,801,000
accrued postretirement benefit cost																																																																															15,121,000
total deferred credits																																																																															1,047,685,000	959,382,000
nuclear fuel, net of accumulated amortization of
19,233 and 15,995																																																																																23,530,000
accounts receivables, net of allowance for uncollectible
accounts of 2,561 and 9,284																																																																																58,322,000
notes receivable from parent																																																																																19,700,000
prepaid benefit costs																																																																																86,516,000
public service company of new mexico and subsidiaries
common stockholder's equity:
additional paid-in capital																																																																																556,608,000
accumulated other comprehensive (loss), net of tax																																																																																-70,986,000
total common stockholder's equity																																																																																1,054,497,000
cumulative preferred stock without mandatory
redemption requirements																																																																																12,800,000
long-term debt, less current maturities																																																																																986,585,000
accounts payable to parent																																																																																56,998,000
asset retirement obligation																																																																																49,382,000
minimum pension liability																																																																																128,825,000
accrued post-retirement benefit costs																																																																																16,271,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2009-05-06	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2006-12-31	2006-09-30

cash flows from operating activities:
net earnings	8,005,000	-5,288,000	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						98,082,000							8,371,000	35,638,000	43,844,000
adjustments to reconcile net earnings to net cash flows from operating activities:
depreciation and amortization	125,431,000	122,283,000	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						42,305,000							44,127,000	-126,598,000	45,642,000
deferred income tax expense	-547,000	-11,426,000	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								-85,899,000							-8,293,000
losses on investment securities	8,944,000			-23,556,000	1,241,000			-558,000	-17,998,000	-17,431,000	8,404,000	-3,777,000	-6,442,000
stock based compensation expense	5,110,000	2,043,000	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						1,070,000							865,000		1,135,000
allowance for equity funds used during construction	-5,014,000	-7,279,000	-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																																										-325,000		-426,000
other	1,202,000	222,000	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						333,000							-2,528,000	5,422,000	1,589,000
changes in certain assets and liabilities:
accounts receivable and unbilled revenues	23,500,000	51,881,000	-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	-8,197,000	-8,330,000	-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						2,098,000
other current assets	-17,871,000	1,153,000	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						-1,034,000
other assets	-11,432,000	-23,109,000	-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						1,386,000							23,165,000	795,000	13,171,000
accounts payable	-4,196,000	15,302,000	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						-79,025,000							1,985,000	98,351,000	-14,715,000
accrued interest and taxes	11,043,000	-10,149,000	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						139,815,000							6,189,000		18,194,000
other current liabilities	1,617,000	-15,077,000	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						-26,815,000
other liabilities	15,593,000	-12,236,000	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						-4,440,000							-344,000	28,911,000	13,664,000
net cash flows from operating activities	153,188,000	157,699,000	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						-15,288,000			51,824,000	-12,424,000	24,700,000	95,524,000	39,784,000		74,110,000
cash flows from investing activities:
additions to utility plant and non-utility plant	-312,716,000		-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 sales of investment securities	110,074,000	252,558,000	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	-112,748,000	-269,339,000	-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
net cash flows from investing activities	-315,352,000	-326,626,000	-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									-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						560,707,000			-59,826,000	-82,174,000	-67,900,000
cash flows from financing activities:
revolving credit facilities borrowings	667,800,000	589,200,000	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	-586,000,000	-721,600,000	-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		540,000,000	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						309,242,000							0
repayment of long-term debt	-3,601,000	-200,000,000	-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						-314,079,000
issuance of common stock	103,687,000	-152,000	197,582,000																																																																		620,000							1,182,000	186,884,000	29,933,000
awards of common stock	-5,385,000	-3,539,000	-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	-46,151,000	-44,518,000	-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						-11,546,000							-17,779,000	-15,235,000	-15,443,000
valencia’s transactions with its owner	473,000	-5,746,000	-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	18,213,000	23,464,000	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	-5,136,000	-8,968,000	-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	-1,853,000	-7,245,000	-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	142,047,000	160,896,000	-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						-615,593,000			137,291,000	204,709,000	53,200,000	-1,659,000	72,096,000		8,026,000
change in cash, cash equivalents, and restricted cash	-20,117,000	-8,031,000	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	31,953,000		0	0	22,085,000		0	0	3,943,000
cash, cash equivalents, and restricted cash at end of period	11,836,000		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	13,697,000	0	0	0	17,587,000	0	0	0	1,728,000
at end of period	6,216,000	5,779,000	-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	46,310,000	72,483,000	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	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						-1,777,000									10,966,000
supplemental schedule of noncash investing activities:
decrease in accrued plant additions	81,423,000	-73,344,000	-95,000	-9,834,000	62,988,000	-33,986,000	-2,655,000	7,146,000	40,223,000	-69,454,000	1,905,000	7,399,000	37,148,000		9,322,000	8,708,000	38,918,000		21,224,000
(gain) on sale of nmrd						0	0	0	-4,449,000
pension settlement charge
regulatory disallowances		0				-1,621,000	6,142,000	0	4,459,000																																		0	1,529,000	215,000					10,500,000								0	0
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
proceeds from sale of plant assets						0	0	0	2,840,000	0
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
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:
(gains) on investment securities																		-742,000											-14,014,000				-288,000
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						-70,174,000							-41,311,000
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						140,644,000
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						70,470,000
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
(gains) losses on investment securities														-5,747,000			26,486,000			-13,193,000	-967,000			-21,620,000	32,849,000
net cash flows used in investing activities														-238,922,000			-211,864,000			-163,947,000	-174,455,000
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													162,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
increase in accrued plant additions																					49,092,000			14,566,000	6,699,000			3,815,000	26,636,000	-27,679,000			16,003,000			-9,088,000	10,367,000			5,339,000	20,149,000
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						-599,067,000							89,014,000		-3,400,000
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
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						11,458,000							12,343,000
investment in westmoreland loan																																						0
short-term loan
repayment of short-term loan
net unrealized (gains) losses on commodity derivatives																																								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																																																															0
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						14,908,000
utility plant additions																																																														-100,148,000	-45,044,000						-75,442,000							-123,527,000		-64,814,000
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						44,391,000							36,828,000
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						-44,724,000							-37,552,000
valencia's transactions with its owner
supplemental schedule of noncash financing activities:
net unrealized losses on derivatives																																																				-3,173,000	4,902,000								-11,002,000	-12,346,000	16,897,000						6,955,000							7,678,000
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						-1,395,000
impairment of equity investment in optim energy
net unrealized (gains) losses on derivatives																																																						-4,674,000				-2,844,000	1,127,000
investments in optim energy																																																														-2,669,000	-1,203,000
excess tax (shortfall) from stock-based payment arrangements																																																														-316,000	-150,000						-519,000
payments received on pvngs firm-sales contracts																																																										0	0	0	2,558,000	7,604,000	7,639,000						7,634,000
proceeds from transmission interconnection arrangements
repayment of transmission interconnection arrangements
proceeds from sales of utility plant																																																							0	0	1,367,000																			0
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
settlement of legal proceeding
proceeds from sale of pnm gas																																																																					640,620,000
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						29,240,000							32,476,000	-162,043,000	36,147,000
pvngs firm-sales contract revenue																																																											0	0	-2,558,000
realized losses on investments held by ndt																																																																					4,382,000
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						-803,000							-385,000
gain on sale of pnm gas																																																																					-111,006,000
net cash flows from:
operating activities																																																																	-13,300,000					-15,300,000
investing activities																																																																	-54,100,000					560,700,000
financing activities																																																																	81,700,000					-615,600,000
net change in cash and cash equivalents																																																																	14,300,000					-70,200,000	-126,500,000			10,000,000
net cash flows from: operating activities
amortization of pre-payments on pvngs firm-sales contracts																																																																					-6,330,000
(gains) losses on investments held by ndt
gain on reacquired debt																																																																					-7,467,000
stock-based compensation expense
reduction in restricted special deposits
customer accounts receivable and unbilled revenues																																																																					-3,211,000
amortization of prepayments on pvngs firm-sales contracts
equity in net (earnings) loss of energyco
realized loss on altura contribution																																																																												0
amortization of fair value of acquired twin oaks sales contract																																																																												0		-31,842,000
materials, supplies, fuel stock, and natural gas stored
change in restricted special deposits
investments in energyco																																																																												-42,500,000
distributions from energyco																																																																												0
redemption of long-term debt																																																																												0
excess tax benefits (tax shortfall) from stock-based payment arrangements
equity in net earnings of energyco																																																																												-10,556,000
realized gains on investments held by ndt																																																																												-3,897,000
impairment loss on intangible assets																																																																												0
impairment loss on utility plant
carrying charges on regulatory assets and liabilities																																																																												-179,000
excess tax benefit from stock-based payment arrangements																																																																												-1,000	3,122,000
accounts receivable																																																																												-44,110,000
unbilled revenues																																																																												5,391,000		2,167,000
regulatory assets																																																																												-4,285,000		4,532,000
accrued pension liability and postretirement benefit costs																																																																												1,796,000
deferred credits																																																																												-4,765,000
net additions to restricted special deposits
twin oaks acquisition
net cash flows used from investing activities
excess tax benefits from stock-based payment arrangements																																																																												1,000		2,958,000
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																																																																												0
utility plant																																																																												0
deferred charges																																																																												0
total assets contributed																																																																												0
current liabilities																																																																												0
deferred credits and other liabilities																																																																												0
total liabilities contributed																																																																												0
other comprehensive income																																																																												0
total liabilities and oci contributed																																																																												0
net contribution to energyco																																																																												0
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.
cash and cash equivalents beginning of period
cash and cash equivalents end of period
adjustments to reconcile net earnings to net cash flows
from operating activities:
accumulated deferred income tax																																																																													5,620,000	7,296,000
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																																																																													-35,841,000	26,976,000
beginning of year
end of year
income taxes refunded
non-cash dividends from subsidiaries
net unrealized losses on trading and investment securities
realized gains on investment securities																																																																														-7,000
carrying charges on deferred stranded costs																																																																														-2,037,000
interest on retail competition transition obligation																																																																														460,000
carrying charges on other regulatory assets and liabilities																																																																														-768,000
amortization of emissions allowances																																																																														976,000
amortization of fair value of acquired first choice contracts																																																																														4,762,000
customer accounts receivable
other accounts receivable
accrued postretirement benefit costs																																																																														-3,177,000
pvngs lease accrual
nuclear fuel additions																																																																														-2,111,000
proceeds from sales of securities																																																																														20,391,000
purchases of securities																																																																														-20,840,000
return of principal pvngs lessor notes																																																																														11,640,000
cash acquired from purchase of tnp, net of cash paid
twin oaks business acquisition																																																																														-43,000
net cash flows used for investing activities																																																																														-55,160,000
short-term bridge loan for twin oaks acquisition																																																																														0
long-term debt repayments
redemption of tnp preferred stock
repurchase of common stock for stock-based payment arrangements
beginning of period																																																																														0
end of period																																																																														26,976,000
net unrealized losses on trading and marketing securities
changes in certain assets and liabilities, net of amounts acquired:
accounts receivable - customer
accounts receivable - other
the accompanying notes, as they relate to pnmr, are an integral part of these financial statements.
pnm resources, inc. and subsidiaries
condensed consolidated statements of cash flows
repurchase of common stock-based payments
equity-linked units charge
redemption of short-term investments
eip sale
equity contribution to subsidiaries
increase (decrease) in cash and cash equivalents
interest paid

PNM Resources, Inc(NYSE:PNM)

PNM Resources, Inc
(NYSE:PNM)