Over 50 local organizations and 1400 New Mexico residents are calling on New Mexico’s state leadership and gubernatorial candidates to invest $400 million of state funds in TXNM Energy — the parent company of the Public Service Company of New Mexico, the state’s largest electricity provider.
Organizers launched a petition and an open letter — the petition signed by state residents, and the letter by organizations — calling on state leadership to replace Blackstone Infrastructure by instead investing in TXNM.
TXNM recently borrowed $400 million from Wells Fargo to resolve its stock sale to Blackstone subsidiary Troy ParentCo, which the Public Regulation Commission determined had violated state law in 2025 for being completed without required PRC approval, according to non-profit New Energy Economy’s President Mariel Nanasi.
“Rather than allowing another private equity firm or out-of-state financial institution to purchase this significant ownership stake in New Mexico’s largest electric utility, the State of New Mexico should become that investor,” the letter reads.
The letter calls on gubernatorial candidates Deb Haaland and Gregg Hull and their respective lieutenant governor candidates to “work with the New Mexico State Investment Council to purchase the available TXNM shares” under the terms of 8 million shares for $50 per share, totaling an investment of $400 million.
In a statement to the Daily Lobo, Haaland wrote that there are “successful and unsuccessful models” for public utilities in the U.S., and that “New Mexicans are right to be wary when Wall Street comes knocking.”
“I am firmly in favor of making our utilities more accountable to ratepayers, more affordable for consumers, driven by more renewable energy for our environment, and more beneficial for New Mexicans,” Haaland wrote. “As governor, I will work with New Mexicans to usher in bold and necessary investments in our people by advancing universal healthcare, bolstering universal childcare and early childhood education, and building more affordable housing. My priority as Governor will be to ensure we support families, protect consumers, and keep costs down.”
A request for comment to the listed press contact for Gregg Hull’s gubernatorial campaign returned a message stating that the address does not exist or could not receive mail. In a statement to Source NM on the situation, Hull said he didn’t oppose a private acquisition, but wants the terms of any such deal to protect the company’s ratepayers.
“Whatever happens with TXNM has to work for New Mexico ratepayers and taxpayers first, not politicians or private equity,” he told Source NM. “That means the PRC’s ruling on the illegal stock sale gets enforced in full, and it means this coalition’s buy-in proposal gets the same independent scrutiny I’ve demanded of the Blackstone deal itself before a single public dollar moves.”
New Energy Economy, Youth United for Climate Crisis Action and Organized Power in Numbers led the petition and letter, and among the organizations that signed were UNM Leaders for Environmental Action & Foresight, and United Graduate Workers of UNM.
Nanasi said the investment would be equivalent to a 7.6% share of all of PNM shares and would allow the state to “have a piece of” PNM, with the additional ask that the state of New Mexico is guaranteed two seats on the company’s board.
“If Blackstone thinks PNM is a good investment and all these other investors on Wall Street think PNM is a good investment, why shouldn’t the state of New Mexico take advantage of this good investment?” Nanasi said.
Get content from The Daily Lobo delivered to your inbox
Blackstone declined to comment on the petitions when contacted by the Daily Lobo.
In a statement to the Daily Lobo, Vice President for Investor and TXNM Community Relations Lisa Goodman responded to the petition, stating that the “stock was already re-issued on the public market last week, after regulators confirmed further approval was not needed.”
“The re-issued shares add to over 100 million other TXNM shares who voted overwhelmingly in support for our transaction with Blackstone,” Goodman wrote. “Regardless of who owns TXNM stock and provides the funding, New Mexico regulators will continue to have oversight of how PNM serves our 560,000 customers with reliable energy that meets the state’s clean energy standards in the most affordable way.”
Nanasi said New Energy Economy also filed a motion with the PRC to investigate another $200 million stock sale of TXNM made by Zimmer Partners one month after the initial $400 million stock sale to Troy ParentCo, claiming that it is related to the merger and violated state law for not having required PRC approval.
PNM responded to New Energy Economy’s petition, stating that Zimmer “did not act in concert with TXNM or Troy to advance the Acquisition, is not a public utility or a registered public utility holding company, and is unaffiliated with the parties involved in the Acquisition proceeding.”
“Zimmer approached TXNM independently of Troy and Blackstone Infrastructure and had no direct communication with Troy or Blackstone Infrastructure regarding the Zimmer stock purchase or the Acquisition,” PNM’s response reads.
On Aug. 25, New Energy Economy in turn responded PNM by including testimony from PNM President Don Tarry, and claiming that TXNM contractually required Zimmer to vote using the newly-issued shares in favor of the Blackstone/Troy acquisition.
In the testimony, a TXNM attorney asks PNM President Don Tarry about a set of emails that discussed consulting with Blackstone with regard to the Zimmer transaction. Tarry responds by stating that in a merger transaction, “you don’t want
to be held in breach of contract, and there are specific terms in the Merger Agreement…so (Blackstone) were included and consulted with for that reason.”
New Energy Economy claims that Tarry’s testimony shows Blackstone had access to the details of TXNM’s transaction with Zimmer, despite PNM’s response stating that the two transactions were made independent of each other.
“What we are claiming is an unlawful stock acquisition because it happened just a month after the TXNM and PNM stock acquisition, and they didn’t get permission from the PRC either and it was related to this merger as well,” Nanasi said.
The PRC hearing examiners have not officially weighed in on New Energy Economy’s petition regarding the Zimmer stock sale.
This is a developing story. Visit dailylobo.com for more information and updates.
Leila Chapa is the photo editor for the Daily Lobo. She can be reached at socialmedia@dailylobo.com or on X @lchapa06
Paloma Chapa is the news and multimedia editor for the Daily Lobo. She can be reached at news@dailylobo.com or on X @paloma_chapa88
Leila Chapa is the photo editor for the Daily Lobo. She can be reached at socialmedia@dailylobo.com or on X @lchapa06
Paloma Chapa is the news and multimedia editor for the Daily Lobo. She can be reached at multimedia@dailylobo.com or on Twitter @paloma_chapa88
