State Can't Buy PNM Due to Constitution | Santa Fe News

Why can’t New Mexico’s State Investment Council buy PNM? The answer’s in the constitution—state law caps their ownership at just 10%, making a full buyout impossible. Even if they could change that, it’d create a messy conflict: lowering power costs vs. needing to earn returns for kids’ programs. Plus, they’re investors, not utility managers. So who should own PNM? The Public Regulation Commission—the agency built to oversee utilities and hear from the public—is now leading the charge, with hearings ongoing and a deal extended until 2027. The final call? Still up to the PRC. 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/1b4efde3638986ea