Affordable, Reliable Power for New Mexico
PNM has been a trusted partner to New Mexico families and businesses for over a century, helping New Mexico thrive, and it will stay that way.
Providing the affordable, reliable power the state relies on today and into the future requires long-term investment in the system.
Blackstone Infrastructure’s partnership with PNM will provide the long-term capital needed to modernize New Mexico’s grid.
Blackstone Infrastructure Long-term Capital Investment
Blackstone Infrastructure's long-term capital investment in PNM makes it cheaper for PNM to invest in grid hardening and reliability.
Blackstone cannot set rates. The New Mexico Public Regulation Commission (PRC) will continue to set all rates.
PNM will remain locally run and headquartered in New Mexico.
Customers will receive immediate benefits:
- $105M in bill credits;
- Tripling of low-income assistance funding over ten years through PNM’s Good Neighbor fund;
- $35 million in workforce development.
The bottom line is PNM remains the same local utility but is better positioned to deliver the affordable, reliable power New Mexico needs for the long haul.
About the Partnership
A Long-Term Partnership to Provide Affordable, Reliable Power for New Mexico
Blackstone Infrastructure is proposing to invest in a decades-long partnership designed to provide the funds and expertise needed to modernize New Mexico's energy infrastructure while preserving local control and delivering unprecedented customer benefits.
Blackstone Infrastructure invests out of what we call a “patient capital” fund, meaning it is focused on long-term investing and can commit to partners like TXNM Energy and PNM for decades. Blackstone Infrastructure is making $8 billion in investments over the next five years across the TXNM Energy system to modernize the grid and continue providing the affordable, reliable power needed for New Mexican homes, schools, and businesses.
Blackstone Infrastructure is an experienced utility investor, and this is exactly the type of partnership we prioritize – places where we can make an infrastructure investment to support ongoing and future service over the long-term.
Benefits for PNM Customers
- $105 million in bill credits
- Improved service reliability
- Critical community investment
- Accelerated path towards clean energy future
Benefits for New Mexico
- $8 billion across New Mexico and Texas in major, necessary infrastructure investment over 5 years
- Job creation and workforce development
- Economic development and support for local businesses
- Accelerate path towards 100% clean energy
Benefits for PNM
- Access to long-term capital at lower cost
- Ability to modernize infrastructure
- Support for clean energy goals
- Preservation of local operations and local management