Frequently Asked Questions
Rates & Bills
No. The New Mexico Public Regulation Commission (NMPRC) retains complete authority over rate setting. Additionally, FERC found "no evidence that the proposed transaction will have an adverse effect on rates."
The $220 million customer rate credit would be applied directly to customer bills. This represents the largest proposed acquisition rate credit in New Mexico history. No action is required by customers—the credit would be applied automatically.
As is the case today, any rate changes—whether up or down—must be approved by the NMPRC through a transparent public process. Blackstone Infrastructure has committed to working with regulators to ensure long-term rate stability.
The rate credit would be implemented following regulatory approval and closing of the transaction. The specific timeline will be determined by the NMPRC.
Service & Operations
No. PNM will continue to operate as it always has, with the same local teams providing the same reliable service. Customer service phone numbers, emergency response, and day-to-day operations remain unchanged.
PNM will remain headquartered in New Mexico and led by local management. The same teams will continue to serve you.
PNM employees will continue in their roles.
Yes. All existing labor agreements will be honored, and the IBEW partnership will continue. This includes collaboration on infrastructure projects, workforce training, and maintaining the highest safety standards.
Local Control
Yes. PNM will remain headquartered in Albuquerque, with local management and local employees.
Day-to-day operational decisions will continue to be made by local PNM management.
Community Benefits
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 $15 million investment included in the draft revised application would quadruple current annual funding. This means more customers would qualify for assistance, and those who do would receive more help. The fund supports bill payment assistance and energy efficiency programs.
The $40 million investment included in the draft revised application would support utility-related job training, apprenticeships with local unions, scholarships for New Mexico students, and broader economic development initiatives.
Clean Energy
This investment would enable PNM to accelerate its path toward an affordable and reliable 100% carbon-free energy future.
Yes. Blackstone Infrastructure's long-term capital commitment would enable PNM to accelerate renewable energy deployment while maintaining reliability and affordability.
Tribal Partnerships
Blackstone Infrastructure and PNM are committed to continued partnership with New Mexico's 23 federally recognized tribes, including the Navajo Nation. This includes ongoing engagement, support for tribal energy initiatives, and economic development partnerships.
The Regulatory Process
The transaction requires approval from the New Mexico Public Regulation Commission (NMPRC). Federal approval from FERC has already been received, and Texas regulators unanimously approved the transaction.
You can submit comments to the NMPRC, attend public hearings, and contact your elected representatives.
All public filings are available in the Resources & Filings section of this website and on the NMPRC website.
Blackstone Infrastructure
Blackstone Infrastructure is one of the world's leading infrastructure investors, with a long-term, patient capital investment approach and a track record of partnering with essential infrastructure providers.
Blackstone Infrastructure’s long-term investment provides the capital needed to modernize the state’s energy grid, support economic development, and accelerate the transition to clean energy.