Albuquerque, N.M. – – September 18, 2026 -- TXNM Energy and Blackstone Infrastructure have filed a motion with the New Mexico Public Regulation Commission (NMPRC) seeking to submit a revised merger application that raises total customer and community benefits to $300 million, more than doubling direct rate credits from the original proposal.
Direct customer rate credits jump to $220 million
The draft revised application increases direct customer rate credits to $220 million, over double the commitment in the initial filing. It also allocates $40 million for workforce and economic development, including job training, scholarships and apprenticeships coordinated with state and local stakeholders.
PNM commits $25 million to virtual power plant infrastructure
The proposal earmarks $25 million to build utility-side infrastructure for virtual power plant technology, enabling coordination of customer-side energy resources. An additional $15 million would go to PNM's Good Neighbor Fund for low-income customer assistance, quadrupling current annual funding.
Workforce protections bar involuntary reductions and wage cuts
The revised terms include no involuntary workforce reductions and no cuts to wages or benefits, continued support for existing labor agreements, and priority for local hiring and apprenticeships.
Nearly $5 billion grid investment plan gets backing
Blackstone Infrastructure's commitment supports PNM's capital investment plan of nearly $5 billion, intended to help the utility meet rising demand and improve grid reliability across New Mexico.
"These enhanced commitments put real dollars back in customers' pockets, protect the people who do this work every day, and keep PNM locally managed and locally rooted – while giving us the capital to build the grid New Mexico needs," said Don Tarry, President and CEO of PNM and TXNM Energy.
Sebastien Sherman and Heidi Boyd, Senior Managing Directors at Blackstone Infrastructure, said the enhanced proposal would deliver unprecedented, tangible benefits to customers while helping New Mexico meet growing energy demand.
Headquarters and local leadership commitments remain intact
The draft revised application maintains PNM and TXNM Energy's headquarters in New Mexico, preserves New Mexico-based leadership, and establishes local oversight of economic development funds. TXNM Energy, parent of PNM and TNMP, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico.
The proposed transaction remains subject to review and approval by the NMPRC and other customary regulatory approvals.