N.M. Residents Oppose PNM Private Equity Acquisition at State Meeting

Residents voice concerns over Blackstone Infrastructure's proposed $11.5 billion takeover of the state's largest electric provider.

Published on Feb. 26, 2026

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A small crowd attended a New Mexico Public Regulation Commission meeting to oppose a proposed private equity takeover of the state's largest electric provider, PNM. Residents used the public comment period to urge commissioners to reject the $11.5 billion acquisition deal between Blackstone Infrastructure and PNM's parent company, TXNM Energy Inc. Concerns were raised about private equity firms draining the state's resources and not prioritizing the people of New Mexico.

Why it matters

The proposed acquisition has faced significant community pushback, with residents worried about the implications of a private equity firm taking control of the state's largest electric utility. There are concerns that the deal may not serve the best interests of New Mexico ratepayers and could lead to higher electricity rates and reduced investment in renewable energy.

The details

Blackstone Infrastructure and TXNM Energy Inc. jointly announced plans last May to have a Blackstone subsidiary acquire ownership of TXNM, PNM's parent company, in an $11.5 billion deal. The companies argued this was necessary to provide the 'financial resources necessary to thrive in a rapidly changing energy environment.' However, residents who attended the PRC meeting, both in-person and virtually, voiced strong opposition to the deal, with some alleging it violates state law. The New Mexico Attorney General has also raised concerns about the stock sale between TXNM and a Blackstone affiliate.

  • The PRC meeting where residents voiced opposition took place on Thursday, February 26, 2026.
  • Formal hearings on the proposed acquisition are scheduled to begin on May 4, 2026.

The players

Blackstone Infrastructure

A private equity firm that has proposed a $11.5 billion acquisition of PNM's parent company, TXNM Energy Inc.

TXNM Energy Inc.

The parent company of PNM, New Mexico's largest electric provider, which has agreed to be acquired by Blackstone Infrastructure.

New Mexico Public Regulation Commission

The state regulatory body that must approve the proposed acquisition of PNM by Blackstone Infrastructure and TXNM Energy Inc.

Luis Peña Alvarez

An Albuquerque filmmaker who attended the PRC meeting in person to oppose the proposed acquisition.

Priscilla Del Aguila

An Albuquerque teacher who attended the PRC meeting virtually to oppose the proposed acquisition.

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What they’re saying

“New Mexico's resources have been drained enough and its people should not pay the price for the capital gains of another industry.”

— Luis Peña Alvarez, Albuquerque filmmaker (tricityrecordnm.com)

“Private equity companies are looking out for their pocketbooks and not the people. Blackstone is not welcome in New Mexico, and our voices have been very clear.”

— Priscilla Del Aguila, Albuquerque teacher (tricityrecordnm.com)

What’s next

Formal hearings on the proposed acquisition are scheduled to begin on May 4, 2026, where the PRC will consider whether to approve or reject the $11.5 billion deal.

The takeaway

The strong community opposition to Blackstone Infrastructure's proposed acquisition of PNM highlights the concerns many New Mexico residents have about the potential impacts of private equity ownership of the state's largest electric utility. The outcome of the PRC's formal hearings will be closely watched as it could significantly shape the future of the state's energy landscape.