The Public Utility Commission of Texas (PUCT) approved a unanimous settlement filed in the application by Texas-New Mexico Power Company (TNMP) for TXNM Energy, the parent company of TNMP, to be acquired by Blackstone Infrastructure.
The approval confirms that the acquisition is in the public interest. Terms of the settlement include $45 million in rate credits to customers, strong governance and local oversight, dividend restrictions, financial protections and ring-fencing, local control and workforce protections, customer and regulatory protections, a commitment to fund the company's 5-year capital expenditure plans, and commitments to Texas communities.
The settlement was reached in December with the staff of the Public Utility Commission of Texas, Texas Industrial Energy Consumers, Office of Public Utility Counsel, Cities served by TNMP, Walmart Inc. and Texas Energy Association for Marketers.
The acquisition has received federal regulatory approval from the Federal Communications Commission (FCC), and the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired. TXNM Energy shareholders overwhelmingly approved the merger in August 2025.
The merger also requires federal approval from the Federal Energy Regulatory Commission (FERC) and the Nuclear Regulatory Commission, along with state approval from the New Mexico Public Regulation Commission (NMPRC) as it relates to Public Service Company of New Mexico (PNM), the New Mexico utility subsidiary of TXNM Energy.
