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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.
PNM Resources, Inc.
(A New Mexico Corporation)
414 Silver Ave. SW
Albuquerque, New Mexico 87102-3289
Telephone Number - (505) 241-2700
Commission File No. - 001-32462
IRS Employer Identification No. - 85-0468296

Public Service Company of New Mexico
(A New Mexico Corporation)
414 Silver Ave. SW
Albuquerque, New Mexico 87102-3289
Telephone Number - (505) 241-2700
Commission File No. - 001-06986
IRS Employer Identification No. - 85-0019030

Texas-New Mexico Power Company
(A Texas Corporation)
577 N. Garden Right Blvd.
Lewisville, Texas 75067
Telephone Number - (972) 420-4189
Commission File No. - 002-97230
IRS Employer Identification No. - 75-0204070
Securities registered pursuant to Section 12(b) of the Act:
Registrant
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
PNM Resources, Inc.
Common Stock, no par value
PNM
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
Registrant
Title of each class
Public Service Company of New Mexico
1965 Series, 4.58% Cumulative Preferred Stock
($100 stated value without sinking fund)
Indicate by check mark whether each registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
PNM Resources, Inc. (“PNMR”)
Yes
No
Public Service Company of New Mexico (“PNM”)
Yes
No
Texas-New Mexico Power Company (“TNMP”)
Yes
No
Indicate by check mark if each registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
PNMR
Yes
No
PNM
Yes
No
TNMP
Yes
No


Table of Contents

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
PNMR
Yes
No
PNM
Yes
No
TNMP
Yes
No
(NOTE: As a voluntary filer, not subject to the filing requirements, TNMP filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.)

Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
PNMR
Yes
No
PNM
Yes
No
TNMP
Yes
No
Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated
filer
Non-accelerated
filer
Smaller reporting company
Emerging growth company
PNMR
Large accelerated
filer

Accelerated
filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
PNM
Large accelerated
filer
Accelerated
filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
TNMP
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
PNMR
Yes
No
PNM
Yes
No
TNMP
Yes
No

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

As of February 19, 2021, shares of common stock outstanding were:
 
PNMR85,834,874 
PNM39,117,799 
TNMP6,358 

On June 30, 2020, the aggregate market value of the voting common stock held by non-affiliates of PNMR as computed by reference to the New York Stock Exchange composite transaction closing price of $38.44 per share reported by The Wall Street Journal, was $3,061,885,307. PNM and TNMP have no common stock held by non-affiliates.

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

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the following document are incorporated by reference into Part III of this report:

Proxy Statement to be filed by PNMR with the SEC pursuant to Regulation 14A relating to the annual meeting of shareholders of PNMR to be held on May 11, 2021.

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

Table of Contents

PNM RESOURCES, INC. AND SUBSIDIARIES
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES
INDEX 
   Page
 
PART I
ITEM 1. BUSINESS
A - 1
A - 1
A - 2
OPERATIONS AND REGULATION
A - 2
REGULATED OPERATIONS
A - 2
A - 4
A - 5
A - 5
A - 8
A - 9
A - 9
EMPLOYEES
A - 10
A - 10
A - 12
ITEM 1A. RISK FACTORS
A - 12
ITEM 1B. UNRESOLVED STAFF COMMENTS
A - 24
ITEM 2. PROPERTIES
A - 24
ITEM 3. LEGAL PROCEEDINGS
A - 25
ITEM 4. MINE SAFETY DISCLOSURES
A - 25
A - 25
PART II
ITEM 5. MARKET FOR PNMR’S COMMON EQUITY, RELATED STOCKHOLDER 
 MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
A - 26
ITEM 6. SELECTED FINANCIAL DATA
A - 27
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
A - 29
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
A - 63
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
B - 1
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
C - 1
AND FINANCIAL DISCLOSURE
ITEM 9A. CONTROLS AND PROCEDURES
C - 1
ITEM 9B. OTHER INFORMATION
C - 2
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
C - 2
ITEM 11. EXECUTIVE COMPENSATION
C - 2
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
C - 2
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE
C - 2
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
C - 2
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
D - 1
ITEM 16. FORM 10-K SUMMARY
D - 14
E - 1
 
iii

Table of Contents

GLOSSARY
Definitions:  
2017 IRPPNM’s 2017 IRP
2020 IRPPNM’s 2020 IRP
2020 DCOSTNMP’s application for a distribution cost recovery factor filed on April 6, 2020
ABCWUAAlbuquerque Bernalillo County Water Utility Authority
ABO  Accumulated Benefit Obligation
ACE RuleAffordable Clean Energy Rule
AEP OnSite PartnersAEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
Afton  Afton Generating Station
AFUDCAllowance for Funds Used During Construction
ALJ  Administrative Law Judge
AMIAdvanced Metering Infrastructure
AMSAdvanced Meter System
Anaheim
City of Anaheim, California
AOCI  Accumulated Other Comprehensive Income
APBO  Accumulated Postretirement Benefit Obligation
APS  Arizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
ARO  Asset Retirement Obligation
ARPAlternative Revenue Program
ASUAccounting Standards Update
August 2016 RD
Recommended Decision in PNM’s NM 2015 Rate Case issued by the Hearing Examiner on August 4, 2016
AvangridAvangrid, Inc., a New York corporation
BART  Best Available Retrofit Technology
BDTBalanced Draft Technology
Board  Board of Directors of PNMR
BSERBest system of emission reduction technology
BTMUMUFG Bank Ltd., formerly the Bank of Tokyo-Mitsubishi UFJ, Ltd.
BTMU Term Loan
NM Capital’s $125.0 Million Unsecured Term Loan
BTU  British Thermal Unit
CAAClean Air Act
CARES ActCoronavirus Aid, Relief, and Economic Security Act
Casa Mesa WindCasa Mesa Wind Energy Center
CCAECoalition for Clean Affordable Energy
CCNCertificate of Convenience and Necessity
CCRCoal Combustion Residuals
CFIUSCommittee on Foreign Investment in the United States
CFRECitizens for Fair Rates and the Environment
CIACContributions in Aid of Construction
CO2
  Carbon Dioxide
COVID-19Novel coronavirus global pandemic
CSACoal Supply Agreement
CTC  Competition Transition Charge
DC CircuitUnited States Court of Appeals for the District of Columbia Circuit
December 2018 Compliance Filing
PNM’s December 31, 2018 filing with the NMPRC regarding SJGS
DOE  United States Department of Energy
DOI  United States Department of Interior
EGUElectric Generating Unit
EIM  California Independent System Operator Western Energy Imbalance Market
EPA  United States Environmental Protection Agency
EPE  El Paso Electric Company
ERCOT  Electric Reliability Council of Texas
ESAEndangered Species Act
ESGEnvironmental, Social, and Governance principles
ETAThe New Mexico Energy Transition Act
EUEAThe New Mexico Efficient Use of Energy Act
Exchange ActSecurities Exchange Act of 1934
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FarmingtonThe City of Farmington, New Mexico
FASB  Financial Accounting Standards Board
FCCFederal Communications Commission
FERC  Federal Energy Regulatory Commission
FIP  Federal Implementation Plan
Four Corners  Four Corners Power Plant
Four Corners Abandonment ApplicationPNM’s January 8, 2021 application for approval for the abandonment of Four Corners and issuance of a securitized financing order
Four Corners CSAFour Corners’ coal supply contract with NTEC
Four Corners Purchase and Sale AgreementPNM’s pending sale of its 13% ownership interest in Four Corners to NTEC
FPPAC  Fuel and Purchased Power Adjustment Clause
FTCFederal Trade Commission
FTYFuture Test Year
GAAP  Generally Accepted Accounting Principles in the United States of America
GHG  Greenhouse Gas Emissions
GWh  Gigawatt hours
HSRHart-Scott Rodino Antitrust Improvement Act of 1976
IBEW  International Brotherhood of Electrical Workers
IberdrolaIberdrola, S.A., a corporation organized under the laws of the Kingdom of Spain, and 81.5% owner of Avangrid
IRCInternal Revenue Code
IRPIntegrated Resource Plan
IRS  Internal Revenue Service
ISFSIIndependent Spent Fuel Storage Installation
kVKilovolt
KW  Kilowatt
KWh
  Kilowatt Hour
La Joya Wind ILa Joya Wind Facility generating 166 MW of output that became operational in February 2021
La Joya Wind IILa Joya Wind Facility generating 140 MW of output that is expected to be operational in March 2021
La Luz  La Luz Generating Station
LIBOR  London Interbank Offered Rate
Lightning Dock Geothermal
Lightning Dock geothermal power facility, also known as the Dale Burgett Geothermal Plant
Lordsburg  Lordsburg Generating Station
Los AlamosThe Incorporated County of Los Alamos, New Mexico
Luna  Luna Energy Facility
MD&A  Management’s Discussion and Analysis of Financial Condition and Results of Operations
MergerThe merger of Merger Sub with and into PNMR pursuant to the Merger Agreement, with PNMR surviving the Merger as a direct, wholly-owned subsidiary of Avangrid
Merger AgreementThe Agreement and Plan of Merger, dated October 20, 2020, between PNMR, Avangrid and Merger Sub
Merger Backstop Revolving Facility$300.0 million 364-day revolving credit facility
Merger Backstop Term Loan$50.0 million 364-day delayed-draw term loan credit facility
Merger SubNM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of Avangrid which will merge with and into PNMR at the effective time of the Merger (defined below)
MMBTU  Million BTUs
Moody’s  Moody’s Investor Services, Inc.
MSR
M-S-R Public Power Agency
MW  
Megawatt
MWh  Megawatt Hour
NAAQSNational Ambient Air Quality Standards
Navajo Acts  
Navajo Nation Air Pollution Prevention and Control Act, Navajo Nation Safe Drinking Water Act, and Navajo Nation Pesticide Act
NDT  Nuclear Decommissioning Trusts for PVNGS
NECNavopache Electric Cooperative, Inc.
NEENew Energy Economy
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NEPA
National Environmental Policy Act
NERC  
North American Electric Reliability Corporation
New Mexico Wind
New Mexico Wind Energy Center
NM 2015 Rate CaseRequest for a General Increase in Electric Rates Filed by PNM on August 27, 2015
NM 2016 Rate CaseRequest for a General Increase in Electric Rates Filed by PNM on December 7, 2016
NM AREANew Mexico Affordable Reliable Energy Alliance, formerly New Mexico Industrial Energy Consumers Inc.
NM CapitalNM Capital Utility Corporation, an unregulated wholly-owned subsidiary of PNMR, now known as
New Mexico PPA Corporation
NM District CourtUnited States District Court for the District of New Mexico
NM Supreme Court
New Mexico Supreme Court
NMAG  New Mexico Attorney General
NMED  New Mexico Environment Department
NMMMD
The Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRC  New Mexico Public Regulation Commission
NMRD
NM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOx  Nitrogen Oxides
NOPRNotice of Proposed Rulemaking
NPDESNational Pollutant Discharge Elimination System
NRC  United States Nuclear Regulatory Commission
NSPS  New Source Performance Standards
NSR  New Source Review
NTEC  Navajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OATTOpen Access Transmission Tariff
OCI  Other Comprehensive Income
OPEB
  Other Post-Employment Benefits
OSM
United States Office of Surface Mining Reclamation and Enforcement
PBO
  Projected Benefit Obligation
PCRBs
  Pollution Control Revenue Bonds
PMParticulate Matter
PNM
  Public Service Company of New Mexico and Subsidiaries
PNM 2017 New Mexico Credit Facility
PNM’s $40.0 Million Unsecured Revolving Credit Facility
PNM 2017 Senior Unsecured Note Agreement
PNM’s Agreement for the sale of Senior Unsecured Notes, aggregating $450.0 million
PNM 2017 Term Loan
PNM’s $200.0 Million Unsecured Term Loan
PNM 2018 SUNs
PNM’s Senior Unsecured Notes issued under the PNM 2017 Senior Unsecured Note Agreement
PNM 2019 $40.0 Million Term Loan
PNM’s $40.0 Million Unsecured Term Loan
PNM 2019 $250.0 Million Term Loan
PNM’s $250.0 Million Unsecured Term Loan
PNM 2020 Fixed Rate PCRBsPNM's $302.5 million PCRBs remarketed on July 22, 2020
PNM 2020 Note Purchase AgreementPNM's Agreement for the sale of PNM 2020 SUNs
PNM 2020 SUNsPNM's $200.0 million Senior Unsecured Notes issued on April 30, 2020
PNM 2020 Term LoanPNM’s $250.0 million Unsecured Term Loan issued on April 15, 2020, of which $100.0 million was repaid on April 30, 2020
PNM Floating Rate PCRBsPNM's $100.3 million PCRBs remarketed on July 1, 2020
PNM Revolving Credit Facility
PNM’s $400.0 Million Unsecured Revolving Credit Facility
PNMR
  PNM Resources, Inc. and Subsidiaries
PNMR 2015 Term
Loan
PNMR’s $150.0 Million Three-Year Unsecured Term Loan that matured on March 9, 2018
PNMR 2016 One-Year Term Loan
PNMR’s $100.0 Million One-Year Unsecured Term Loan that matured on December 14, 2018
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