Blackstone-TXNM deal faces fresh questions from New Mexico DOJ

If you're a customer of Public Service Company of New Mexico (PNM), a utility dispute over its parent company's ownership is still playing out, and it could touch your electric bill down the road. TXNM Energy, PNM's parent, is being bought by the investment firm Blackstone. Earlier this year, New Mexico regulators voided a $400 million stock sale tied to that deal, saying it needed the state's approval first. TXNM has since unwound the sale, repaying the money through a new loan and canceling the shares involved.

Now the New Mexico Department of Justice says it doesn't have enough information to confirm that this financial fix won't end up costing PNM customers indirectly. TXNM has acknowledged the added debt could weaken its financial standing, and the DOJ wants details on the loan terms and the company's own estimates of the impact before signing off. PNM says the issue is resolved and maintains customers are protected.

For homeowners served by PNM, none of this changes your rates or service today. But it's part of a broader, ongoing review of the Blackstone-TXNM deal, which still needs approval from New Mexico regulators and remains tied up with related questions about how much public benefit and consumer protection such utility sales must guarantee. The companies have given themselves until May 2027 to walk away from the deal if it doesn't get approved, so this saga has a while left to run.