Affordable, Reliable Power for New Mexico
PNM has been a trusted partner to New Mexico families and businesses for over a century, helping New Mexico thrive, and it will stay that way.
Providing the affordable, reliable power the state relies on today and into the future requires long-term investment in the system.
Blackstone Infrastructure’s partnership with PNM would provide the long-term capital needed to modernize New Mexico’s grid.
Blackstone Infrastructure Long-term Capital Investment
Blackstone Infrastructure's long-term capital investment in PNM would make it cheaper for PNM to invest in grid hardening and reliability.
Blackstone cannot set rates. The New Mexico Public Regulation Commission (NMPRC) will continue to set all rates.
PNM will remain locally run and headquartered in New Mexico.
TXNM Energy, the parent company of PNM, and Blackstone Infrastructure have filed a motion with the NMPRC seeking authorization to file a revised version of their merger application. The motion included a draft of the revised application that would deliver $300 million in customer and community benefits including:
- $220 million in direct customer rate credits over 10 years.
- $40 million for workforce development and economic development initiatives, including job training, scholarships, apprenticeships, and other programs developed in coordination with state and local stakeholders.
- $25 million for virtual power plant technology to create the necessary infrastructure on the utility side of the meter to coordinate customer resources.
- $15 million for PNM's Good Neighbor Fund, quadrupling annual funding for low-income customer assistance.
- Enhanced worker protections, including no involuntary workforce reductions and no cuts to wages or benefits, continued support for existing labor agreements, and commitments to prioritize local hiring and apprenticeship opportunities.
- A commitment to support PNM’s nearly $5 billion capital investment plan, helping the utility meet rising demand, improve reliability, and support New Mexico's long-term energy needs and clean energy goals.
The bottom line is PNM remains the same local utility but is better positioned to deliver the affordable, reliable power New Mexico needs for the long haul.
About the Partnership
A Long-Term Partnership to Provide Affordable, Reliable Power for New Mexico
Blackstone Infrastructure is proposing to invest in a decades-long partnership designed to provide the funds and expertise needed to modernize New Mexico's energy infrastructure while preserving local control and delivering unprecedented customer benefits.
Blackstone Infrastructure invests out of what we call a “patient capital” fund, meaning it is focused on long-term investing and can commit to partners like TXNM Energy and PNM for decades. Blackstone Infrastructure is making $8 billion in investments over the next five years across the TXNM Energy system to modernize the grid and continue providing the affordable, reliable power needed for New Mexican homes, schools, and businesses.
Blackstone Infrastructure is an experienced utility investor, and this is exactly the type of partnership we prioritize – places where we can make an infrastructure investment to support ongoing and future service over the long-term.
The draft revised application includes:
in direct customer rate credits over 10 years.
for workforce development and economic development initiatives, including job training, scholarships, apprenticeships, and other programs developed in coordination with state and local stakeholders.
for virtual power plant technology to create the necessary infrastructure on the utility side of the meter to coordinate customer resources.
for PNM's Good Neighbor Fund, quadrupling annual funding for low-income customer assistance.
Enhanced worker protections, including no involuntary workforce reductions and no cuts to wages or benefits, continued support for existing labor agreements, and commitments to prioritize local hiring and apprenticeship opportunities.
A commitment to support PNM’s nearly $5 billion capital investment plan, helping the utility meet rising demand, improve reliability, and support New Mexico's long-term energy needs and clean energy goals.
The draft revised application also includes commitments to New Mexico including:
Maintaining PNM and TXNM Energy’s headquarters in New Mexico.
Preserving New Mexico-based leadership and management.
Establishing local oversight of economic development funds to support long-term investment in New Mexico.