LOCAL COLUMN
OPINION: Blackstone’s acquisition of PNM will strengthen New Mexico’s economic future
The Public Service Company of New Mexico building in Downtown Albuquerque.
New Mexico’s electrical energy stands at a crossroads. As someone who has spent almost five decades in commercial real estate, industrial park development and local government, I have seen firsthand how long-term investment drives economic stability and delivers concrete benefits.
The acquisition of TXNM Energy, the parent company of Public Service Company of New Mexico, by Blackstone Infrastructure is exactly the type of opportunity our state needs to secure leadership stability, create job growth, provide community benefits and expand clean energy.
The agreement ensures local control remains intact — PNM’s leadership, workforce and headquarters will remain in New Mexico for at least 10 years and be managed by New Mexicans. They have agreed to honor all existing labor agreements — stability measures critical to preventing disruptive turnover or short-term, profit-driven restructuring.
Blackstone has committed to substantial new funding for job growth — $35 million dedicated to workforce development which directly supports training and expanding New Mexico’s skilled labor force.
According to PNM President and CEO Don Terry, this transaction keeps PNM rooted in New Mexico while giving it the financial strength to transform our grid and harness the opportunities to benefit our customer and communities for decades to come. Modernizing and expanding our grid to meet increasing demand will require engineers, construction firms, contractors and technicians — jobs that cannot be outsourced.
Blackstone’s investment in New Mexico is not abstract — it comes with real, measurable community benefits:
$105 million in rate credits for PNM customers over four years — creating an average savings of $168 per customer.
Tripling of the Good Neighbor Fund expanding monetary support for disadvantaged customers.
$35 million for economic development targeted at workforce training, education and major projects across the state.
$25 million for clean technology investments, furthering New Mexico’s commitment to carbon-free energy.
PNM has already been a national leader in moving toward a carbon-free portfolio, delivering 80% carbon-free energy to customers in 2025. Blackstone’s long-term, sustaining capital strengthens this commitment. The company has explicitly committed to funding the necessary infrastructure needed to meet New Mexico’s energy transition goals while keeping PNM’s operations fully regulated by the Public Regulation Commission.
Critics have raised concerns — many of them heartfelt — about affordability, transparency and private equity involvement in public utilities. But we must ground this discussion in facts:
Rates will still be set through PRC oversight.
PNM will remain locally managed, with existing union agreements intact.
Financial benefits to customers and communities exceed those offered in any past New Mexico utility transaction.
The Federal Energy Regulatory Commission has already reviewed the transaction and concluded it aligns with the public interest, finding no evidence of harm to customer rates, competition, or state and federal oversight.
That level of regulatory assurance further supports the case that this acquisition promotes — not threatens — New Mexico’s economic security.
New Mexico needs stable capital to modernize its grid, attract employers, support our workforce, and ensure affordable and reliable clean energy. Blackstone’s acquisition of PNM will deliver on every one of these objectives.
It is not just a transaction — it is an investment in our future.
Tim Cummins is a former Bernalillo County commissioner, former Albuquerque city councilor and co-owner of RIO Real Estate Investment Opportunities.
