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PNM Sale Sparks Debate in New Mexico

  //stocks-investing.news-articles.net/content/2026/02/13/pnm-sale-sparks-debate-in-new-mexico.html
  Published in Stocks and Investing on Friday, February 13th 2026 at 7:34 GMT by KOAT Albuquerque
      Locales: New Mexico, UNITED STATES

ALBUQUERQUE, NM - February 13th, 2026 - A heated debate is unfolding across New Mexico as residents grapple with the implications of PNM Resources' proposed $3.2 billion sale to Blackstone Infrastructure Partners. While PNM champions the deal as a pathway to modernized infrastructure and potentially lower rates, a growing chorus of concerned citizens and advocacy groups are voicing anxieties about private equity ownership, potential job losses, and the influence of foreign investment in a critical public utility.

The proposed acquisition, announced late last year, has triggered a rigorous review by the New Mexico Public Regulation Commission (PRC), which holds the key to whether or not the deal proceeds. The PRC's mandate is to determine if the sale serves the public interest, a task proving increasingly complex in light of evolving public sentiment and scrutiny of Blackstone's business practices.

PNM insists the Blackstone partnership will unlock significant benefits for New Mexico customers. In a statement released earlier this week, the company reiterated its commitment to the state's workforce and highlighted a planned $300 million investment in infrastructure improvements over the next three years. These upgrades, PNM argues, will bolster grid reliability, facilitate the integration of renewable energy sources, and ultimately lead to more stable and affordable electricity for residents.

However, skepticism remains high. Michael Kallenbach, an Albuquerque resident and long-time observer of the energy sector, expressed a common fear: "I'm worried about job losses. It seems like a lot of what they're promising is just the opposite of what will happen." This concern stems from Blackstone's reputation as a firm focused on maximizing returns for its investors, often through cost-cutting measures that can impact employment. Similar acquisitions by Blackstone in other states have, at times, resulted in workforce reductions.

Rebecca Farmer, another Albuquerque resident, articulated a broader concern about foreign influence. "The PRC has to ensure that PNM serves the public interest," she stated. "And I believe that a foreign company shouldn't be allowed to take over PNM." While Blackstone is headquartered in the United States, it's a globally managed firm with significant international investment, raising questions about accountability and alignment with New Mexico's specific energy needs and priorities.

The debate extends beyond job security and foreign ownership. Critics point to the potential for increased debt loads on PNM following the acquisition, as Blackstone often finances deals with substantial borrowing. This debt, they argue, could ultimately be passed on to consumers through higher rates, negating any promised savings. There are also worries about a shift in PNM's long-term investment strategy, potentially prioritizing short-term profits over sustainable energy development and community benefit programs. The state's ambitious renewable energy goals could be compromised if Blackstone prioritizes immediate financial gains.

The PRC is scheduled to hold a series of public hearings throughout February and March to gather input from residents, businesses, and stakeholders. These hearings are crucial, providing a platform for citizens to voice their concerns and for the PRC to assess the full impact of the proposed sale. Experts anticipate a significant turnout, reflecting the high stakes involved. The PRC will likely focus on several key areas during its review, including:

• Financial Stability: Assessing PNM's financial health under Blackstone's ownership and its ability to maintain service quality and make necessary infrastructure investments.
• Workforce Impact: Evaluating the potential for job losses and ensuring adequate protections for PNM employees.
• Ratepayer Impact: Determining whether the sale will ultimately benefit or harm New Mexico customers through changes in electricity rates.
• Energy Policy Alignment: Ensuring that Blackstone's plans align with New Mexico's renewable energy goals and long-term energy sustainability.
• Transparency and Accountability: Establishing mechanisms to ensure transparency and accountability in PNM's operations under new ownership.

The decision facing the PRC is not simply a matter of approving or denying a financial transaction. It's a pivotal moment for New Mexico's energy future, impacting the lives of every resident and shaping the state's path towards a sustainable and equitable energy system. The outcome will serve as a test case for other states grappling with similar proposals, highlighting the growing tension between private equity investment and public utility oversight.