New Mexico utility regulators rule PNM, private equity firm must undo controversial $400M stock sale

By: Joshua Bowling

Outlets: Source New Mexico

Published: July 2, 2026

Words: 1,110

Last Updated: 2 weeks, 6 days ago

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New Mexico utility regulators on Thursday voted 2-1 that PNM and Blackstone Infrastructure, the state’s largest electricity provider and the private equity firm seeking to acquire it, must undo a $400 million stock sale. That vote does not impact the overall pending merger.

The vote came as hundreds of residents shuffled through the hallways of the Roundhouse in Santa Fe and crammed into a legislative committee room that was too small for them. Commissioners had …

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