Petition to Reject the Proposed Acquisition of TXNM Energy by Blackstone Infrastructure

**To: The New Mexico Public Regulation Commission (NMPRC)**  
**Case Number: 25-00060-UT**  

We, the undersigned residents, ratepayers, and concerned citizens of New Mexico, strongly oppose the proposed acquisition of TXNM Energy (parent company of Public Service Company of New Mexico, or PNM) by Blackstone Infrastructure, an arm of the private equity firm Blackstone. This $11.5 billion deal, announced on May 19, 2025, would privatize the state's largest electric utility, prioritizing corporate profits over the public interest.

 We urge the NMPRC to reject this takeover to protect affordable, reliable energy for New Mexicans and prevent the negative consequences often associated with private equity ownership of public utilities.

#### Background and Concerns
- **Public Opposition and Community Impact**: Hundreds of PNM customers have already voiced strong resistance, as seen in the packed public hearing on February 5, 2026, where signs read "NO PRIVATE EQUITY IN PUBLIC UTILITIES" and "NO BLACKSTONE." Attendees expressed fears that privatization would lead to higher rates and diminished service quality, with one resident stating, "We were disrespected!" This reflects widespread community concern that Blackstone's profit-driven model could harm vulnerable households.
- **Risks to Affordability and Reliability**: Private equity acquisitions of utilities frequently result in rate hikes, reduced investments in infrastructure, and service declines, as firms focus on short-term gains to satisfy investors. Blackstone's offer of $105 million in rate credits equates to less than $4 per month for customers over four years—a minimal concession compared to potential long-term cost increases. Additionally, concerns have been raised about cross-subsidization, where TXNM resources might benefit other Blackstone-owned entities, such as data centers, at the expense of New Mexico ratepayers.
- **Broader Implications for Public Utilities**: Allowing this acquisition sets a dangerous precedent for privatizing essential public services. PNM serves over 500,000 customers in New Mexico and should remain under public oversight to ensure alignment with state goals like renewable energy transitions and equitable access. Blackstone's involvement, backed by investors including Saudi Arabia's Public Investment Fund, raises questions about transparency and accountability in managing critical infrastructure.
- **Regulatory and Historical Context**: This deal follows the failed 2021-2023 merger attempt with Avangrid, which was rejected due to similar public interest concerns. While Texas regulators approved the Blackstone deal on February 6, 2026, New Mexico must prioritize its residents' needs. Federal approvals from FERC and the NRC are still pending, and FERC has already flagged deficiencies in Blackstone's application regarding customer protections.

 Call to Action
We petition the NMPRC to deny approval of this acquisition under Case 25-00060-UT. Instead, prioritize keeping PNM publicly accountable, investing in sustainable energy, and protecting ratepayers from exploitation. Public utilities must serve the people of New Mexico, not private equity interests.

This petition can be circulated among community members, printed, and signed. Once collected, submit it as a public comment to the NMPRC via their online portal (e360.prc.nm.gov) or by mail. Public comments are accepted ongoing, but to influence the upcoming March 6, 2026, testimony deadline and May 2026 hearing, submit soon.

#### How to Submit This Petition as a Public Comment
1. Go to the NMPRC e360 portal (e360.prc.nm.gov) and click "Submit New" on the landing page.
2. Select "Submit a Public Comment."
3. Choose "Docket" as the category, search for case number 25-00060-UT, and select "Ratepayer" or "Other Stakeholder" as your commenter type.
4. Enter your contact info (name and email required).
5. Provide a subject like "Petition Opposing Blackstone Acquisition of TXNM Energy."
6. Paste or summarize the petition text in the comment field.
7. Upload the signed petition as a supporting document (PDF recommended; mark as non-confidential).
8. Certify agreement to guidelines and submit.