When a regulated utility files a rate settlement, the most revealing line is rarely the headline rate base — it’s the signature page. TNMP, the Texas transmission-and-distribution subsidiary of TXNM Energy, filed a comprehensive settlement in its base-rate review before the Public Utility Commission of Texas on May 29, 2026, recovering a filed rate base of $2.8 billion as of June 30, 2025 and holding its authorized return on equity at 9.65% with a 45% equity ratio (TXNM/PNM release). The settlement also adds $20.5 million in rider recovery for Hurricane Beryl restoration costs over five years, separate from base rates, with interim rates relating back to May 22, 2026 ([TXNM/PNM release](http://o