ALBUQUERQUE, N.M. — The company that provides most of the electricity for the Albuquerque metro could soon be part of a takeover, according to a recent report.

PNM’s parent company, TXNM Energy, is considering a deal after an unnamed company approached them about it, according to a Bloomberg report this week. TXNM Energy, formerly known as PNM Resources, tried merging with Avangrid for three years. The latest deal fell apart last year.

TXNM Energy serves 800,000 customers in New Mexico and Texas. PNM, alone, serves over 550,000 customers.

The company’s stock surged around 12% following the report. TXNM is currently valued at just over $10 billion, including debt, according to the report.