TXNM Energy and Blackstone Infrastructure Acquisition - pnmprod
TXNM Energy and
Blackstone
Infrastructure
Acquisition
On May 19, 2025, TXNM Energy (PNM's parent company) announced an agreement under which Blackstone Infrastructure would acquire TXNM Energy. The agreement is subject to state and federal regulatory approvals. On Aug. 25, 2025, after three months of engagement with customer groups, local officials and other stakeholders, the companies filed an application for approval of the acquisition with the New Mexico Public Regulation Commission (NMPRC). This is the first step of a year-long public process for approval.
The acquisition provides PNM with the financial resources necessary to thrive in a rapidly changing energy environment, Blackstone Infrastructure has made a long-term commitment to funding PNM's projects to continue providing safe, reliable power to New Mexicans with a focus on affordability. The acquisitionwhich is pending before the NMPRCkeeps PNM headquartered in New Mexico and maintains local leadership and employees. It also includes unprecedented benefits for PNM customers and New Mexico communities that include:
- $105 million residential rate credit over 4 yearstwo times larger than any other New Mexico utility acquisition, reducing the average residential bill by 3.5%.
- $10 million for the PNM Good Neighbor Fund over 10 yearstripling support for low-income customer bill assistance.
- $35 million for economic development and workforce trainingsupporting education, community, environmental and major projects.
- $25 million for clean technology investmentsat no cost to customers, advancing the transition to 100% carbon-free energy.
Next Steps in Acquisition Process
Click below to read the public notice, which provides more detail about the process, public meetings, and proposal.
Frequently Asked Questions
Why does PNM want this acquisition?
This acquisition will provide PNM with the financial resources necessary to thrive in a rapidly changing energy environment while continuing to provide safe, reliable and affordable energy.
As demand for energy grows, we recognize the need for significant investments to modernize the grid and support growth across New Mexico with clean energy. Blackstone Infrastructure provides long-term capital to support these investments without the market expectation of immediate profits, which allows PNM to focus on the projects benefiting customers and communities without needing to access the stock market.
How will the acquisition change PNM?
PNM will have a stronger financial backing under the acquisition, but the Who, Where and Why of PNM will not change: No changes for employees, company leadership or headquarters.
- PNM will remain locally managed and independently operated with commitments to retain our local workforce and honor our labor contracts with the IBEW.
- Headquarters will remain in New Mexico.
- Maintain charitable contributions to preserve PNM's local impact and help New Mexico communities thrive, including tribal and pueblo communities.
- PNM will continue to operate under the jurisdiction and oversight of the NMPRC.
The acquisition will provide $175 million in benefits to customers and communities, including a $105 million rate credit to PNM customers.
How does this acquisition benefit PNM customers?
The application with the NMPRC details $175 million in local community and customer benefits that include:
- $105 million residential rate credit over 4 yearstwo times larger than any other New Mexico utility acquisition, reducing the average residential bill by 3.5%.
- $10 million for the PNM Good Neighbor Fund over 10 yearstripling support for low-income customer bill assistance.
- $35 million for economic development and workforce trainingsupporting education, community, environmental and major projects.
- $25 million for clean technology investmentsat no cost to customers, advancing the transition to 100% carbon-free energy.
Will the acquisition impact PNM customer rates?
Yes, the acquisition will lower PNM rates by $105 million over 4 years that will reduce the average residential bill by 3.5%.
Outside of the rate credit, PNM will continue its normal course of business, making investments to continue providing customers with safe, reliable and affordable power. The NMPRC will continue to review and approve these investments, their associated costs and the rates for PNM's service.
How long will the regulatory process take?
New Mexico statutes do not specify a timeframe for the NMPRC decision. PNM has estimated the process to last about a year from its application filing date of Aug. 25, 2025.
Why does Blackstone Infrastructure want to acquire PNM?
Blackstone Infrastructure believes in New Mexico's clean energy future and PNM's management team and is making a long-term investment in our business. Any profits earned by PNM are, and will continue to be, regulated by the New Mexico Public Regulation Commission.
Will PNM still be regulated by the NMPRC?
Yes. PNM will continue to operate under NMPRC jurisdiction.
