TXNM Energy Submits Regulatory Applications for Acquisition by Blackstone Infrastructure

TXNM Energy has filed regulatory applications with the New Mexico Public Regulation Commission, Public Utility Commission of Texas, and Federal Energy Regulatory Commission for approval of its acquisition by Blackstone Infrastructure. The applications include benefits for customers and communities, including rate credits, economic development funding, and charitable contributions. The review process is expected to take up to a year to complete.

Albuquerque, NM, July 02, 2025 – 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) for approval of its acquisition by Blackstone Infrastructure. The applications, submitted on August 25, 2025, include significant benefits for customers and communities, totaling $225 million [1].

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, including 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 of innovative technologies to support New Mexico's carbon-free energy transition. The filing also continues PNM's strong community involvement and charitable giving. The NMPRC does not have a statutory timeframe for consideration, and TXNM Energy anticipates that the review process will take up to a year to complete [1].

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, including 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. The PUCT has a 180-day statutory timeframe for consideration of the application [1].

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. The FERC also has a 180-day statutory timeframe for consideration of the application [1].

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. The acquisition aims to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield [1].

The regulatory review process is expected to take up to a year to complete, with the NMPRC review taking the longest. The applications can be viewed on TXNM Energy's investor website [1].

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