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, customers can expect immediate benefits through a $105 million rate credit. 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 New Mexico PRC 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. Blackstone Infrastructure is committing $8 billion in infrastructure investments to NM and TX over the next five years. Continuing to provide 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 will provide capital for that long-term investment.
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 IBEW partnership will expand through a $35 million workforce development investment, which includes apprenticeships with local unions and utility-related job training programs.
This partnership includes one of the largest customer benefits packages in New Mexico history — totaling $239 million. This includes:
- $105 million customer rate credit
- $64 million in savings from deferred rate increase
- $35 million for economic and workforce development
- $25 million for clean technology investment
- $10 million for the Good Neighbor Fund, which triples previous levels of low-income customer assistance.
- More customers will qualify for help, and those who do will receive larger assistance amounts.
Low-income customers will receive more assistance. The $10 million investment in PNM's Good Neighbor Fund triples current annual funding, meaning more customers will qualify for help, and those who do will receive larger assistance amounts.
This partnership will create economic opportunity and jobs for New Mexico. It keeps union agreements with IBEW in place. The $35 million economic and workforce development investment will support utility-related job training, apprenticeships, and scholarships. The billions in infrastructure investment will create construction and technical jobs across the state.
This partnership enables PNM to accelerate its path toward an affordable and reliable 100% carbon-free energy future. Blackstone Infrastructure is investing $25 million in clean technology, aligning with New Mexico's Energy Transition Act. This investment enables PNM to accelerate its path toward affordable and reliable 100% carbon-free energy with grid modernization necessary for renewable integration.
The clean energy commitments are binding as outlined by the New Mexico Energy Transition Act. The $25 million clean technology investment supports grid modernization necessary for renewable integration.
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.
These investments aren’t optional – they're essential to continue to provide the affordable, reliable power the state relies on today.
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.