On Sept. 25, Don Tarry, Public Service Company of New Mexico CEO, spoke to the Greater Albuquerque Chamber of Commerce Board of Directors about the Blackstone acquisition.
Tarry said the amount of capital PNM invests in New Mexico is $3.4 billion over the next five years. He said Blackstone Infrastructure’s long-term, “patient capital” investment will provide PNM with the financial resources necessary to thrive in this rapidly changing energy environment and continue providing safe, reliable and affordable energy to our customers.
Tarry continued to brief the board on some key benefits of what Blackstone is bringing to the table, including:
- $105 million customer rate credit, two times larger than any other N.M. utility acquisition.
- $10 million over 10 years for PNM Good Neighbor Fund, triples funding for low-income customer bill assistance.
- $35 million economic development and workforce training, workforce and education, impactful community, environmental and major projects.
- $25 million clean tech with no cost to customers, furthers the transition to 100% carbon-free.
Tarry said there are many steps that the proposal will have to move through, and he is encouraged by the progress so far. He invited board members to reach out to him if there are any further questions about the acquisition.
Despite Blackstone investing, Tarry said PNM will remain the same when it comes to operations:
- No changes for employees, company leadership or headquarters.
- PNM will remain locally managed and independently operated with commitments to retain local workforce and honor labor contracts with the IBEW.
- Headquarters will remain in New Mexico.
- Charitable contributions will be maintained to preserve PNM’s local impact and help New Mexico communities thrive, including tribal and pueblo communities.
- PNM will continue to operate under the jurisdiction and oversight of the NMPRC, with strong ring-fencing and affiliate rules.
