04:24 AM EDT, 10/18/2024 (MT Newswires) -- TXNM Energy's ( TXNM ) Public Service Company of New Mexico subsidiary said late Thursday it has received approval for a $344 million modernization plan from the New Mexico Public Regulation Commission.

The utility company said its modernization plans include "using state-of-the art technology for a more resilient, reliable, efficient and decarbonized electric system."

The approved six-year plan includes smart meters to allow two-way communications with customers as well as upgrades to allow real-time monitoring of the distribution grid.