ALBUQUERQUE – The proposed acquisition of PNM’s parent company by Blackstone Infrastructure will remain under review well into next year after the companies agreed to extend the deadline for completing the transaction.
TXNM Energy and Blackstone Infrastructure announced they have extended the termination date of their merger agreement to May 31, 2027, saying additional time is needed to secure the remaining regulatory approvals. The merger has already been approved by regulators in Texas, the Federal Energy Regulatory Commission, the Federal Communications Commission, and TXNM Energy shareholders. However, approval is still pending before both the New Mexico Public Regulation Commission (NMPRC) and the Nuclear Regulatory Commission.
The New Mexico review has become the biggest hurdle for the proposed acquisition.
Earlier this month, the NMPRC ruled that a $400 million stock transaction between TXNM Energy and Blackstone should be unwound because it had not received prior approval from state regulators. The Commission paused the merger schedule while the companies prepare a report demonstrating they have complied with that order. TXNM Energy has since obtained a term loan to reverse the stock transaction and plans to issue common stock to repay that loan.
Once the compliance report is submitted and reviewed, the Commission is expected to resume hearings on whether the acquisition serves the public interest. According to the NMPRC, a final decision will not be made until the evidentiary hearing process is completed.
The proposed merger has generated significant public interest across New Mexico. Supporters argue Blackstone’s investment would provide long-term capital to strengthen the electric grid, improve reliability, and support future energy infrastructure. Opponents have expressed concerns that private equity ownership could eventually increase costs for customers or place greater emphasis on investor returns over public service, although utility rates would continue to require NMPRC approval.
As part of its review, the NMPRC will hold an in-person public comment hearing on Tuesday, July 28, from 1 p.m. to 7 p.m. at the University of New Mexico Student Union Building in Albuquerque. Members of the public may speak by signing up at the event, and the hearing will also be livestreamed on the Commission’s YouTube channel.
Don Tarry, president and CEO of TXNM Energy, said the company remains committed to the proposed partnership, calling it an important step toward maintaining reliable, affordable and clean electric service while supporting long-term investments in New Mexico and Texas.
By: John Krehbiel – Bravo Mic Communications News – John@bravomic.com
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