TXNM Energy, Blackstone revise merger with $300M benefits

Albuquerque, N.M. - TXNM Energy and Blackstone Infrastructure have submitted a revised merger application to the New Mexico Public Regulation Commission, seeking approval with $300 million in benefits for customers and the community. The updated plan boosts direct customer rate credits to $220 million, more than double the initial proposal.

The new package allocates $40 million for workforce development and economic initiatives, including job training, scholarships, and apprenticeships. Additionally, $25 million is set aside for virtual power plant technology infrastructure, while $15 million is earmarked for the PNM Good Neighbor Fund to assist low-income customers.

The revised application also pledges to maintain no workforce reductions, preserve existing wages and benefits, and uphold current labor agreements. Both companies plan to prioritize local hiring and apprenticeship opportunities, and Blackstone Infrastructure's acquisition includes support for PNM's $5 billion capital investment plan.

The application ensures that TXNM Energy's headquarters remains in New Mexico and that New Mexico-based leadership and management are preserved. Don Tarry, President and CEO of PNM and TXNM Energy, stated that these enhanced commitments will directly benefit customers, protect employees, and keep PNM locally managed and rooted. The proposed transaction requires approval from the New Mexico Public Regulation Commission and other regulatory authorities.