FERC Approves Blackstone's Acquisition of TXNM Energy, Addresses Concerns Over Private Equity Involvement in Public Utilities.

The US Federal Energy Regulatory Commission (FERC) has approved Blackstone Infrastructure's acquisition of TXNM Energy, which supplies electricity to over 800,000 homes and businesses in Texas and New Mexico. The FERC found the acquisition aligns with the public interest, citing adequate ring-fencing protections to safeguard regulatory interests. TXNM Energy shareholders voted in favor of the deal in August 2025, and federal and state approvals are pending before the transaction can close. The acquisition is valued at approximately $11.5bn on an enterprise basis.