Public Service Company of New Mexico CEO Don Tarry took the stage in front of a great crowd of business leaders on Aug. 27 during the Chamber’s first 2025 Energy Address, which will be an annual event.
Tarry expressed his gratitude for the opportunity to represent PNM and launched into an address about PNM and the future of energy in New Mexico.
Tarry said in order to keep up with an evolving energy landscape and increasing power demands, TXNM Energy Inc. and PNM need to be “thinking differently.”
“We have to think, not what it’s like today or what it’s been in the past, but we have to look forward to what we expect in the future,” Tarry said. “What we really want to happen in the future we have to plan for, which requires us to act differently in how we design systems, act differently in how we spend the money.”
Tarry discussed the changing energy dynamics and the scale of investment required to meet future demand – that led PNM to pursue a merger opportunity, which was recently filed with the PRC.
He highlighted the benefits of the proposed $11.5 billion sale to Blackstone Infrastructure and said PNM would engage with the community and stakeholders in a more transparent process.
Commenting on the challenge ahead, he said PNM has three areas of focus — reliability, affordability and its environmental footprint. He compared the challenges to a “three-legged stool.”
“What happens if you take one leg out of a three-legged stool? I fall off,” Tarry said.
He said each one of the three legs is critical and needs to be looked at through a lens of how it supports the customer.
Tarry said the acquisition will help secure financial support for the utility over the next several years for grid modernization and system infrastructure.
Tarry concluded his comments on an upbeat note, sharing his optimistic perspective on what lies ahead.
“Blackstone is patient capital; they’re looking longer term. They have no time period to ever sell the assets in their portfolio. It’s an open-ended portfolio, so it provides lots of benefits. The local presence won’t change. The headquarters won’t change. The corporate giving won’t change. Our commitment to the community won’t change. I will tell you a lot of it’s going to get enhanced as we go forward through the corporate giving from a Blackstone infrastructure as well, too,” he said.
