New Mexico's largest electric utility, owned by publicly traded TXNM Energy (NYSE: TXNM) — with a pending $61.25-a-share Blackstone Infrastructure takeover awaiting NMPRC approval.
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.
PNM is a utility in mid-takeover. Its parent TXNM Energy trades on the NYSE today, but Blackstone Infrastructure — an arm of the world's largest private equity firm — agreed in May 2025 to buy the whole company. Texas regulators and FERC have signed off; New Mexico's PRC is the last big hurdle, and in July 2026 the companies pushed their deal deadline out to May 2027 to keep pursuing it. This is the second time in five years someone has tried to buy PNM: regulators rejected Avangrid's bid in 2021, and that deal died in 2024.
The NMPRC case is where the terms that matter get set — rate credits, ring-fencing, investment commitments. Watchdog groups have already flagged energy-affordability concerns about private equity owning a monopoly utility. Whatever conditions New Mexico extracts (or doesn't) will echo the fights over El Paso Electric's 2020 sale and New Mexico Gas Company's sale, which closed the same week this portal launched.
Meanwhile the bills are already moving: a $105 million rate increase approved in May 2025 landed in two phases — about $6.23 a month in July 2025 and another $6.23 in April 2026.
TXNM Energy announced the agreement at $61.25 per share, which would take PNM's parent off the public market and put New Mexico's largest electric utility under private equity ownership. The Private Equity Stakeholder Project raised affordability concerns about the deal.
The NMPRC approved PNM's rate case in May 2025: about $6.23 a month more for an average residential customer in July 2025 and another roughly $6.23 in April 2026 — around $12.46 total. PNM says the revenue funds reliability and its transition to carbon-free power.
FERC authorized the acquisition, finding it consistent with the public interest, and the Public Utility Commission of Texas approved a unanimous settlement covering TXNM's Texas utility. Federal antitrust and FCC clearances are also complete — leaving New Mexico as the decisive venue.
TXNM and Blackstone extended their merger agreement's termination date to May 31, 2027, to allow more time for New Mexico regulatory approval, with closing now estimated in the first half of 2027 pending a new procedural schedule at the NMPRC.
Utility Watch is built on the same platform as this market’s archived public meetings — search the record for every time “PNM” came up in council chambers.
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