State regulators open probe of $400M stock sale between New Mexico utility and private equity firm

By: Joshua Bowling

Outlets: Source New Mexico

Published: March 12, 2026

Words: 513

Last Updated: 4 months, 3 weeks ago

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New Mexico Public Regulation Commission hearing examiners have ordered the state’s largest utility company and the private equity firm looking to acquire it to show evidence that a $400 million stock sale did not violate state law.

The order comes after a chorus of interested parties — ranging from the Albuquerque anti-poverty nonprofit Prosperity Works to New Mexico Attorney General Raúl Torrez — raised questions about the sale’s timing and legality.

TXNM Energy Inc., …

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