PNM, Blackstone double ratepayer credits in merger application
Source: Albuquerque Journal, N.M. ·
Public Service Company of New Mexico, the state’s largest utility, and Blackstone Infrastructure, the company looking to purchase PNM, more than doubled the amount of rate credits they will provide to ratepayers if the deal closes. The proposed $11.5 billion merger between the state’s largest electric utility and a unit of one of the world’s largest private equity firms, Blackstone Inc., faced ...
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The new application asks the PRC to approve the $11.5 billion merger, which includes $220 million in rate credits The parent company of the state’s largest utility and Blackstone Infrastructure, the company looking to purchase it, more than doubled the rate credits they will provide to ratepayers if the deal closes. The proposed $11.5 billion merger between TXNM Energy and a unit of one of the world’s largest private equity firms, Blackstone Inc., faced a setback in July. Members of the Public Regulation Commission ordered the two companies to unwind a $400 million sale of TXNM stock to Blackstone affiliates, saying the transaction violated a state law prohibiting utility mergers without prior regulatory approval. That stock transaction gave Blackstone a 7.59% stake in TXNM, which owns Public Service Company of New Mexico. The companies went back to the drawing board on the deal. On Tuesday, PNM and Blackstone filed a request to amend their application with the PRC. A draft of the…