OPINION: Lowering the temperature: A path toward a shared energy vision

I work for Public Service Company of New Mexico, and I attended the recent public comment hearing on the proposed acquisition by Blackstone Infrastructure. I attended in person because I wanted to hear directly from the people we serve. Once I got past the jeering and the hissing by individuals looking to disrupt the meeting — I heard something far more important: thoughtful concerns and deeply held hopes about the future of New Mexico’s electric system. What struck me most was that many disagreements weren’t about our goals. Most of us want the same things: reliable, affordable, increasingly clean energy. The divide is largely about facts and how the proposal actually works.

Accountability does not go away.

PNM would remain a fully regulated utility. That means strict oversight, public processes and decisions made by regulators — not private equity managers behind closed doors. Utilities cannot raise rates or increase profits on their own. The comparisons being made to unregulated private‑equity takeovers simply don’t apply here.

This is different from how many people think of private equity.

The investor is Blackstone’s dedicated infrastructure strategy. It invests on behalf of firefighters and teacher pensions and plays a unique role in Blackstone’s overall portfolio. It focuses on long-term investments in critical infrastructure projects that support schools, businesses and the day-to-day lives of families across the country. That is exactly the kind of investment profile a utility offers, and exactly the kind of partner New Mexico needs.

PNM stays local.

The CEO, headquarters, leadership team and employees remain in place. Union contracts remain in place. Day‑to‑day operations and decisions continue to be made by the people here on the ground in New Mexico. What changes is the financial strength behind the company, not the people running it or the commitments we’ve made to New Mexico.

And most importantly: This will mean an investment in our communities. New Mexico needs that.

Stable capital is essential to modernizing our grid and meeting the state’s clean‑energy goals. The benefits in the filing matter to real New Mexico families:

• A $105 million rate credit.

• $10 million in additional assistance for customers struggling to pay their bills.

• $35 million for workforce development to grow New Mexico’s skilled labor force.

• $25 million to support the technological breakthroughs required to reach carbon‑free energy affordably.

These are not abstract numbers. They translate into lower bills, stronger communities and a more resilient energy future.

Electric service is not theoretical. It keeps hospitals running, classrooms lit, small businesses open and families safe. Maintaining reliability and affordability while accelerating toward a clean‑energy future requires steady investment, strong oversight and long‑term financial capacity. This transaction strengthens all three.

Scrutiny is appropriate. Debate is healthy. But a shared understanding of the facts would go a long way toward lowering the temperature and raising the quality of the conversation. It is time for New Mexico to thrive — and I believe this partnership can help make that happen.

Monique Jacobson is the senior vice president of corporate services at Public Service Company of New Mexico.