New Mexico utility regulators have ordered the state’s largest electric provider and a major private equity firm to reverse a $400 million stock deal, ruling that the transaction violated state law by proceeding without prior approval, KUNM reports.
The New Mexico Public Regulation Commission voted 2-1 on July 2, 2026, to order PNM Resources’ parent company, TXNM Energy, and Blackstone Infrastructure to undo the year-old stock sale, and fined the parties a total of $300,000 for going ahead without the commission’s approval. The order requires the money to be paid back in a way that does not affect ratepayers, and KOB 4 reported that the companies must file a report within 45 days showing how they unwound the transaction.
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Commissioner Greg Nibert cast the lone vote against the decision, offering an alternate order that would have reduced the fines and let the sale stand, saying the law governing the deal is vague. Commissioner Gabriel Aguilera disagreed, saying the law is clear.
The 2025 deal, in which Blackstone acquired a significant stake in TXNM Energy, is part of a broader effort to own PNM. Prosperity Works, an Albuquerque anti-poverty nonprofit, and New Mexico Attorney General Raúl Torrez questioned the sale in February, saying the state’s Public Utilities Act requires the commission to approve certain stock sales, Source NM reported. At a hearing in April, PNM and TXNM representatives defended the sale and denied wrongdoing.
About This Story
Daily Reports is Brant.One’s news roundup. Each day we gather the New Mexico stories worth knowing from newsrooms across the state, sum them up and point you to the source. This one comes from KUNM’s reporting, and their original story has the interviews and full details.
Editor’s note: Updated Oct. 31, 2026. This story is now part of Daily Reports, our New Mexico news roundup, and was revised to credit KUNM’s original reporting. Learn how Daily Reports works in our editorial standards.
