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Public comment raises concern over PNM sale

  //stocks-investing.news-articles.net/content/202 .. public-comment-raises-concern-over-pnm-sale.html
  Published in Stocks and Investing on Wednesday, February 18th 2026 at 14:00 GMT by KOB 4
      Locale: UNITED STATES

ALBUQUERQUE, N.M. - February 18, 2026 - A proposed \$2.8 billion sale of PNM Resources to Southwestern Power Company (SWPower) is facing increasing scrutiny and public opposition, with the New Mexico Public Regulation Commission (PRC) carefully considering a wave of critical public comments. Concerns center around potential rate increases for consumers and the future of PNM's ambitious renewable energy initiatives.

The deal, initially announced in November 2023, has been under PRC review for months. Last week's public hearing offered New Mexicans a direct opportunity to voice their opinions, and the feedback was overwhelmingly negative. Citizens expressed deep skepticism regarding SWPower's ability to responsibly manage PNM's crucial infrastructure and, crucially, to uphold PNM's existing commitments to transitioning towards cleaner energy sources.

"We are deeply worried about the potential for massive rate hikes," stated Maria Sanchez, a long-time Albuquerque resident who testified at the hearing. "We've seen similar acquisitions in other states result in significantly higher bills for everyday consumers, and we fear that will happen here. PNM, while not perfect, has been relatively stable. We don't want to gamble with our household budgets." This sentiment was echoed by numerous other commenters, many of whom pointed to a pattern of post-acquisition rate increases by SWPower in other regional markets.

Beyond affordability, the most significant source of public concern is SWPower's commitment - or perceived lack thereof - to renewable energy. PNM has been a leader in New Mexico's push towards sustainable energy, investing heavily in solar, wind, and other renewable resources. Commenters fear that SWPower, a subsidiary of Southwestern Electric Company, will prioritize short-term profits over long-term sustainability, leading to the abandonment or scaling back of existing projects.

"PNM has made real, demonstrable progress in renewable energy," explained Dr. David Chen, an energy policy analyst who attended the hearing. "They've committed to significant reductions in carbon emissions and have a clear roadmap for achieving those goals. SWPower's public statements lack that same level of detail and conviction. Their history suggests a preference for traditional fossil fuel-based energy generation. If this sale goes through, we risk losing years of progress and hindering New Mexico's ability to meet its climate goals."

The PRC faces a complex challenge. On one hand, SWPower argues the acquisition will strengthen the regional energy grid, improve reliability, and ultimately benefit customers. They maintain that they are committed to upholding PNM's existing renewable energy portfolio and will even explore opportunities for further investment. SWPower representatives have pledged to work closely with the PRC and community stakeholders to address concerns.

However, the sheer volume and intensity of the negative public feedback cannot be ignored. The PRC must now meticulously weigh these concerns against SWPower's assurances and the potential financial benefits of the deal. A key point of contention will be SWPower's financial stability and its long-term business plan. Several commenters questioned the company's debt levels and its ability to fund necessary infrastructure upgrades without raising rates.

Experts suggest the PRC will be scrutinizing SWPower's past performance in other markets. Were rate increases necessary to maintain service quality? Did they prioritize renewable energy investments? What impact did previous acquisitions have on local communities? These are critical questions that will inform the PRC's decision.

The decision has implications extending beyond New Mexico. The state has positioned itself as a leader in renewable energy, attracting investment and creating jobs. A shift away from this commitment could jeopardize those gains. Moreover, the outcome of this case could set a precedent for future utility acquisitions, influencing how regulators balance the interests of investors, consumers, and the environment. The PRC is expected to announce its decision in the coming months, marking a pivotal moment for New Mexico's energy future.