TXNM Energy, Blackstone Revise Merger With $300M Package

TXNM Energy and Blackstone Infrastructure filed a motion to submit a revised merger application featuring a $300 million customer and community benefits package, even as the companies navigate regulatory orders to unwind a prior unauthorized stock transaction.

The motion, filed with the New Mexico Public Regulation Commission on September 15, 2026, attempts to address past regulatory friction while securing long-term capital for utility infrastructure. The proceeding follows scrutiny from state regulators who previously determined the companies violated state law by executing a $400 million stock deal without obtaining prior regulatory authorization.

"Our focus has been and will continue to be on serving our customers with safe, reliable, affordable energy," said Don Tarry, President and CEO of PNM and TXNM Energy, in a statement regarding the filing. "These enhanced commitments put real dollars back in customers' pockets, protect the people who do this work every day, and keep PNM locally managed and locally rooted – while giving us the capital to build the grid New Mexico needs."

Breakdown of the $300 Million Package

The draft revised application structures the financial commitments across four areas designed to offset customer costs and fund local initiatives. According to Stock Titan filings, the package allocates funds as follows:

• $220 million in direct customer rate credits
• $40 million dedicated to workforce and economic development
• $25 million for virtual power plant technology deployments
• $15 million to expand the PNM Good Neighbor Fund

"This enhanced proposal would deliver unprecedented, tangible benefits directly to customers while helping ensure New Mexico has the resources needed to meet growing energy demand and continue building a reliable, modern electric grid," said Sebastien Sherman and Heidi Boyd, Senior Managing Directors at Blackstone Infrastructure.

Regulatory Hurdles and Unwind Orders

The renewed push for approval comes amid complex regulatory hurdles in New Mexico. Hearing examiners previously placed the merger proceeding in abeyance while awaiting compliance with an order requiring the companies to unwind the prior $400 million stock sale that regulators ruled was completed without proper oversight, according to Yahoo Finance reporting.

In the public markets, TXNM Energy Inc (TXNM) stock traded at $58.46, down 0.22% from its previous close of $58.59, as of 2026-09-18T14:51:01.000Z, according to Finnhub market data.