Albuquerque, NM (KKOB) – Nearly seven hours of public comment took place at the UNM Student Union over the proposed purchase of TXNM Energy, the parent company of PNM, which is also New Mexico’s largest electric utility provider, by private equity firm, Blackstone Infrastructure, for $11.5 billion dollars.
Dozens of people showed up to testify, many saying the merger should not be approved until the companies first resolve a stock transaction that regulators say violated state law. Others argued that privately owned companies are not the right direction for the state.
Several people spoke in support of the merger, specifically highlighting that Blackstone plans to invest $20 million in apprenticeships, which they said will keep youth in the state and stabilize jobs. Representatives from the Chamber of Commerce also attended, stating that Blackstone will help New Mexico maintain a power grid that the state is currently outgrowing. One attendee commented, that currently TXNM doesn’t have enough cash on hand in order to grow and expressed his support for the merger.
Attendees also questioned whether their electric bills will go up and PRC commissioners indicated that increased bills may be inevitable due to badly needed improvements in the electric system.
This was the fourth public comment meeting held so far. PNM has said the acquisition is needed to give them better financial standing to build new projects and much-needed infrastructure improvements.
