Myth vs. Fact
Rates won't change because of this transaction. The New Mexico Public Regulation Commission (NMPRC) will retain authority over all rate setting – just as it does today. In fact, the draft revised application includes $220 million in direct customer rate credits. The Federal Energy Regulatory Commission (FERC), which regulates electricity, found "no evidence that the proposed transaction will have an adverse effect on rates."
Blackstone Infrastructure cannot set rates. The NMPRC will continue to set all rates based on what's fair and reasonable for customers. The PRC’s regulatory oversight protects customers. Blackstone Infrastructure's long-term approach to investing means investment in reliability and modernization, not short-term profit extraction.
This partnership keeps PNM locally run and headquartered here. The same teams that serve you today will continue to do so. Day-to-day operations, customer service, and emergency response remain unchanged. The Blackstone Infrastructure partnership is designed to provide funds for needed investments while preserving local control.
Service quality will improve. The draft revised application includes 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.
PNM employees will continue in their current roles, and all existing International Brotherhood of Electrical Workers (IBEW) labor agreements will continue under existing terms. The draft revised application includes $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.
The draft revised application outlines commitments 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.
This partnership can create economic opportunity and jobs for New Mexico. The $40 million economic and workforce development investment, outlined in the draft revised application, would support utility-related job training, apprenticeships, and scholarships.
Low-income customers would receive more assistance. The $15 million investment in PNM's Good Neighbor Fund, included in the draft revised application, quadruples current annual funding, meaning more customers would qualify for help, and those who do would receive larger assistance amounts.
This partnership would enable PNM to accelerate its path toward an affordable and reliable 100% carbon-free energy future.
The clean energy commitments are binding as outlined by the New Mexico Energy Transition Act.
Blackstone Infrastructure and PNM are committed to continued and strengthened partnership with New Mexico's 23 federally recognized tribes, including the Navajo Nation and Pueblo communities. This includes ongoing engagement and support for tribal energy initiatives.
Robust regulatory oversight will continue. The NMPRC sets all rates and retains complete authority over rates and service quality. Blackstone Infrastructure cannot set rates. Federal regulators have already approved the transaction after thorough review. As part of this review, FERC made clear there is no evidence that the proposed transaction will have an adverse effect on rates. Ongoing monitoring, reporting requirements, and public participation opportunities are part of existing mandates and will ensure continued transparency and accountability.
Blackstone Infrastructure invests out of a "patient capital" fund focused on long-term investing – typically holding investments for decades, not years. This partnership is designed for the long haul, with commitments that extend well into the future. Quick flips are fundamentally incompatible with utility infrastructure investing, which requires sustained capital commitments.
Blackstone Infrastructure is one of the world's leading infrastructure investors and one of the most active investors in utilities in the United States. Across our utility investments, Blackstone Infrastructure has no ability to set rates and relies on strong local management to ensure customers receive reliable and affordable power.