Tell the PRC: reject Blackstone's purchase of PNM

The Duke City Ledger opposes the sale. If you agree, tell the commission.

The comment is written. On the PRC's form you'll add the case number, your name and email, answer two questions, and paste it.

Send it to the PRC

The form asks you to pick a commenter type: Ratepayer if you're a PNM customer, Other Stakeholder if not. Public comments are for people not affiliated with a party to the case (PNM, Blackstone, or the groups and agencies arguing it). If you work for or represent one, this form isn't for you.

Your name and comment will be public on the PRC's site. This page doesn't send them to the Ledger or keep them.

Blackstone Infrastructure, a New York investment firm, wants to buy PNM's parent company, TXNM Energy, for about $11.5 billion including debt.
The Public Regulation Commission decides. Nobody on the ballot votes on it.
A public comment goes into the case's record, under your name.

Read our reporting on the sale

What you'll send

Subject 25-00060-UT: please reject the Blackstone purchase of PNM

To the commissioners: I ask the commission to reject Blackstone Infrastructure's purchase of PNM's parent company, TXNM Energy, in Case No. 25-00060-UT. Blackstone's revised offer has no rate freeze. When the commission approved the sale of New Mexico Gas Co. this year, its conditions included a freeze on base rates through January 2028. TXNM's own forecasts, given to Blackstone during the sale, projected PNM rate increases of $83 million in 2027 and $78 million in 2028. PNM customers deserve at least the protection gas customers got, not $220 million in bill credits spread over 10 years. Blackstone promises to keep control of PNM for at least 10 years, and its commitments say nothing about what follows. PNM would be the first regulated utility Blackstone has bought outright. PNM's customers should not be anyone's first try. Even with five of nine board seats going to independent directors, PNM's board would still need the majority owner's written consent to hire or fire an officer or change its budget, business plan or dividend policy. The decisions that matter would be made by Blackstone. For these reasons, please reject the sale. Thank you.

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What the comment covers

The full comment (change anything)

To the commissioners:

I ask the commission to reject Blackstone Infrastructure's purchase of PNM's parent company, TXNM Energy, in Case No. 25-00060-UT.

Blackstone's revised offer has no rate freeze. When the commission approved the sale of New Mexico Gas Co. this year, its conditions included a freeze on base rates through January 2028. TXNM's own forecasts, given to Blackstone during the sale, projected PNM rate increases of $83 million in 2027 and $78 million in 2028. PNM customers deserve at least the protection gas customers got, not $220 million in bill credits spread over 10 years.

Blackstone promises to keep control of PNM for at least 10 years, and its commitments say nothing about what follows. PNM would be the first regulated utility Blackstone has bought outright. PNM's customers should not be anyone's first try.

Even with five of nine board seats going to independent directors, PNM's board would still need the majority owner's written consent to hire or fire an officer or change its budget, business plan or dividend policy. The decisions that matter would be made by Blackstone.

For these reasons, please reject the sale.

Thank you.

On the PRC's form

"Send it to the PRC" opens the form in a new tab. Come back here for each step.

Under "Please select a comment category," pick Docket. If you see the PRC's home page instead of the form, tap the + at the bottom right, then Submit a Public Comment.
In Related Docket, type 25-00060-UT and pick it from the list.
Commenter Type: Ratepayer if you're a PNM customer, Other Stakeholder if not.
Your first name, last name and email. "Are you a party to this docket?" No, if you're not affiliated with a party.
Comment Subject:
Comment: copy it here, then paste it there. Tick the box that you agree to the guidelines, tap Submit, and keep the confirmation number.

Stuck? The PRC's help line is 1-888-427-5772, or email prc.support@prc.nm.gov.