New Mexico Groups Urge State To Buy Stake In PNM Parent After Blackstone Stock Sale Ruled Illegal

A coalition of more than 50 organizations and roughly 1,400 New Mexicans has asked state leaders to consider a public investment in TXNM Energy Inc., the parent company of PNM — the utility that supplies electricity to most of the state — instead of allowing another private share sale that would expand Wall Street ownership.

The appeal follows a ruling by the New Mexico Public Regulation Commission (PRC) that found a $400 million stock transaction between TXNM and private equity firm Blackstone violated state law and must be reversed. TXNM says it will repay Blackstone and then intends to issue another $400 million in stock; petition supporters say that repayment and reissuance would create a window for the state to step in and acquire a stake.

“Instead of automatically handing this investment opportunity back to Wall Street, New Mexico should seriously evaluate purchasing a significant stake in our own largest electric utility,”

said Mariel Nanasi, executive director of clean-energy advocacy group New Energy Economy.

A spokesperson for the State Investment Council told Source NM the proposal will require "additional analysis and review" before officials can comment. Advocates emphasize that ownership of a major utility affects affordability, accountability and the pace of renewable-energy deployment.

Public opposition to the Blackstone transaction has been visible at PRC comment hearings, where residents packed meetings to voice concerns. The debate has also become politically salient with New Mexico voters choosing a governor on November 3.

Governor Michelle Lujan Grisham has argued that the state needs "well-regulated private capital to realize our energy goals," and her office says that position has not changed. Both leading gubernatorial candidates — Deb Haaland, former U.S. representative and Interior secretary, and Gregg Hull, former mayor of Rio Rancho — have urged close scrutiny and said any final arrangement must protect ratepayers.

Organizations backing the petition include New Energy Economy, the Center for Biological Diversity and Youth United for Climate Crisis Action. They argue that if TXNM is going to sell more stock, state leaders should seriously weigh whether public ownership would better protect consumers and accelerate the transition to renewables.

Wider Implications

The TXNM/PNM dispute raises broader questions about who should control essential services and how much influence private investment should have over community energy decisions. Similar controversies in the region — including disputes over private control of water resources and legal fights over public land policies — underscore wider tensions about public oversight of critical resources.

As the PRC ruling is implemented and any potential stock reissuance moves forward, New Mexico officials face a choice: return the investment opportunity to private markets or evaluate a public buy-in that advocates say could prioritize ratepayers, accountability and a faster shift to renewable energy.