TXNM Energy files applications for acquisition by Blackstone Infrastructure.

TXNM Energy has filed applications with the New Mexico Public Regulation Commission, Public Utility Commission of Texas, and Federal Energy Regulatory Commission to approve its proposed acquisition by Blackstone Infrastructure. The acquisition includes benefits for PNM customers and communities, such as a $105 million rate credit, $10 million contribution to the PNM Good Neighbor Fund, and $35 million in economic development funding. Additionally, TXNM Energy will contribute $25 million to support New Mexico's carbon-free energy transition.

Albuquerque, N.M., Aug. 25, 2025 /PRNewswire/ -- TXNM Energy (NYSE: TXNM) has filed regulatory applications with the New Mexico Public Regulation Commission (NMPRC), Public Utility Commission of Texas (PUCT), and Federal Energy Regulatory Commission (FERC) to approve its proposed acquisition by Blackstone Infrastructure. The acquisition aims to bring significant benefits to customers and communities in New Mexico and Texas.

NMPRC Application
The NMPRC regulates PNM, TXNM Energy's wholly owned utility in New Mexico that delivers electricity to approximately 550,000 customers. The filing includes unprecedented benefits for PNM customers and communities, such as a $105 million rate credit paid over four years, a $10 million contribution to the PNM Good Neighbor Fund paid over 10 years, $35 million in economic development funding, and $25 million in innovative technologies to support New Mexico's carbon-free energy transition [1].

PUCT Application
The PUCT regulates TNMP, TXNM Energy's wholly owned transmission and distribution utility in Texas that delivers electricity to approximately 280,000 customers. The filing includes benefits for TNMP customers and communities, such as a $35 million rate credit paid over four years, $10 million in economic development funding paid over 10 years to support workforce development, and $5 million in additional community support paid over 10 years to enhance charitable giving [1].

FERC Application
FERC regulates PNM's wholesale electricity and transmission services. The filing demonstrates that the acquisition is consistent with the public interest because it will not have an adverse effect on competition, rates, and regulation and will not result in any inappropriate cross-subsidization [1].

About TXNM Energy and Blackstone Infrastructure
TXNM Energy is an energy utility holding company based in Albuquerque, New Mexico, delivering energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure, and water and waste infrastructure sectors, seeking to apply a long-term buy-and-hold strategy to large-scale infrastructure assets [1].

Forward-Looking Statements
The press release contains forward-looking statements, which may be identified by the use of forward-looking terms such as "may," "will," "should," "can," "expects," "believes," "anticipates," "intends," "plans," "estimates," "projects," "assumes," "guides," "targets," "forecasts," "is confident that" and "seeks" or the negative of such terms or other variations on such terms or comparable terminology [1].

References
[1] https://www.prnewswire.com/news-releases/txnm-energy-files-regulatory-applications-302537768.html