New Mexico regulatory staff finds $400M stock sale between PNM, private equity violated state law

By: Joshua Bowling

Outlets: Source New Mexico

Published: June 8, 2026

Words: 470

Last Updated: 1 month, 2 weeks ago

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The New Mexico Public Regulation Commission’s staff on Monday determined that the state’s largest electric provider and the private equity firm seeking to acquire it violated state law in 2025 by conducting a $400 million stock sale tied to the takeover without first obtaining PRC approval.

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Hearing examiners late Monday morning issued a recommended decision, which requires PRC approval, to reverse the stock sale and …

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