The state's largest gas utility — sold by Canada's Emera to private equity firm Bernhard Capital Partners in a deal that closed August 12, 2026.
Regional utility — this same portal appears in albuquerque-nm and rio-rancho-nm and santa-fe-nm.
Estimates only — increases land differently by rate class and usage; the sourced numbers are in “On the record” below.
New Mexico Gas Company just became the state's newest private-equity–owned utility: on August 12, 2026, Bernhard Capital Partners closed its $1.252 billion purchase from Canadian utility holding company Emera. Hearing examiners recommended approval in May, and the commission's vote to allow it was divided — opponents argued a private fund's return targets don't belong on a monopoly gas bill.
The approval came with concessions worth watching as they pay out: $22.4 million in customer rate credits spread over a year (averaging about $3.40 a month per customer), about $7 million for the utility's low-income assistance program, and $10 million for economic development. The next test of the new ownership is its first rate case — that docket is where a private equity owner's cost of capital becomes a line on your bill.
Emera announced the sale of New Mexico Gas Company to Bernhard Capital Partners for $1.252 billion including roughly $500 million of assumed debt, kicking off a two-year regulatory review at the NMPRC.
Hearing examiners recommended approval on May 20, 2026, and the commission approved the acquisition in a divided vote. Conditions included $22.4 million in customer rate credits over one year (about $3.40 a month on average), roughly $7 million for low-income assistance, and $10 million for economic development programs.
Bernhard Capital Partners announced it had completed the acquisition, making New Mexico's largest gas utility private-equity–owned. Watch for the rate credits to appear on bills over the coming year, and for the first post-sale rate case.
Utility Watch is built on the same platform as this market’s archived public meetings — search the record for every time “New Mexico Gas” came up in council chambers.
🔎 Search the meeting archive for “New Mexico Gas”