SANTA FE – The Hearing Examiners for the New Mexico Public Regulation Commission (NMPRC) have directed the Joint Applicants in the proposed acquisition of Public Service Company of New Mexico (PNM) to explain a significant stock purchase completed last year.
According to filings in the case, an affiliate of Blackstone Infrastructure purchased eight million shares of TXNM Energy, Inc. – PNM’s parent company – for $400 million in June 2025. Some parties argue that this deal should have been submitted to the Commission for review and approval, but the Joint Applicants say that prior authorization wasn’t required.
After reviewing the filings, the Hearing Examiners determined that additional information is necessary and issued an Order to Show Cause. The order requires the Joint Applicants to explain how the stock purchase complies with New Mexico statutes governing utility acquisition cases.
The Joint Applicants must file their response by April 6. Other parties in the case may also file comments on that date, with responses due by April 20.
Separately, the Hearing Examiners scheduled a status conference with the parties in the case for March 16 to discuss upcoming procedural deadlines. The status conference will give the parties an opportunity to discuss the current procedural schedule in light of the order to show cause.
The order does not find a violation of any rules, nor a determination regarding the validity of the stock purchase or the proposed acquisition. The Commission will continue reviewing all information before making any final decisions.
Case information and filings are available on PRCe360 under case number 25-00060-UT.
An online version of this release is available here.
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