PNM filed an application Monday with the New Mexico Public Regulation Commission seeking approval for Blackstone Infrastructure to acquire TXNM Energy, PNM’s parent company, in a deal that would provide $175 million in benefits to customers and communities.
The proposed acquisition includes the largest utility acquisition rate credit in New Mexico history at $105 million — twice the size of any previous utility acquisition credit in the state, according to the filing. The credit would be paid over four years and would lower the average residential customer bill by 3.5%, equivalent to $168 in savings per customer.
“The benefits in this filing are unprecedented and underscore Blackstone Infrastructure’s commitment to PNM and New Mexico,” PNM President and CEO Don Tarry said in a statement. “The energy landscape is changing, and New Mexico is at a critical point in time.”
Sean Klimczak, Global Head of Blackstone Infrastructure, said the filing “backs up these conversations with real commitments that exceed any amounts delivered in state history.” He emphasized Blackstone’s long-term investment approach and commitment to supporting well-run companies.
Under the agreement, Blackstone Infrastructure has committed to holding TXNM Energy for a minimum of 10 years and keeping PNM headquartered in New Mexico with local management and employees. The company would also honor PNM’s current union commitments and fully fund the utility’s five-year capital plan.
Additional commitments include tripling the PNM Good Neighbor Fund for low-income customers to $10 million over 10 years and allocating $60 million for economic development and energy transition initiatives. Of that amount, $35 million would support economic development programs and local communities, while $25 million would accelerate New Mexico’s energy transition goals.
PNM serves nearly 550,000 customers as New Mexico’s largest electricity provider. The company is committed to transitioning to 100% carbon-free electricity while maintaining grid reliability.
Blackstone Infrastructure already invested $400 million in June through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share.
The filing begins a regulatory review process that PNM anticipates will take up to a year. The New Mexico Public Regulation Commission will establish a schedule for testimony and hearings to evaluate the proposed transaction.
