New Mexico Utility Deal Voided | Santa Fe News

Regulators in New Mexico just nixed a $400 million stock sale by TXNM Energy — the company behind PNM — calling it illegal, forcing the company to undo the deal with Blackstone. But the real drama? Consumer and environmental groups say TXNM is staging this as a “too big to fail” maneuver, potentially letting executives walk away with millions while customers lose out. TXNM even gave up a $350 million termination fee from Blackstone — a move advocates call reckless and self-serving. They’re demanding an investigation into that fee and another suspicious stock sale that followed. New Mexicans have been sounding the alarm for months, fearing private equity will jack up rates and erode service — and they’re not buying TXNM’s promises of rate credits and investments. While TXNM insists it had no legal right to the fee and believes the deal will benefit customers long-term, critics argue the waiver was an unusual concession that hurt ratepayers. The battle over New Mexico’s utility future is far from over, with regulators now probing the second sale and both sides preparing their next moves. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/c87f99d97e6730d5