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Santa Fe County backs opposition to Blackstone'9s proposed acquisition of PNM, cites local-control and transparency concerns
Summary
The Board of County Commissioners voted to send a letter to the state Public Regulation Commission opposing Blackstone Infrastructure Partners'9 proposed acquisition of PNM, citing concerns about private equity ownership, transparency, potential rate impacts and local control; the vote included at least one abstention.
Santa Fe County commissioners voted to submit a formal letter to the New Mexico Public Regulation Commission opposing the proposed acquisition of PNM by Blackstone Infrastructure Partners, expressing concerns that private equity ownership could reduce transparency and prioritize investor returns over local ratepayers.
Commissioner Adam Johnson outlined the board'9s primary objections: he said Blackstone'9s pre-application stock purchases present legal and oversight questions and that the acquisition creates uncertainty for ratepayers. "Blackstone has not abided by the law in purchasing stock in advance of the acquisition," Johnson said during the meeting. Commissioners also raised questions about executive payouts, labor and environmental track-records, and whether the scale of Blackstone'9s ownership could complicate state regulation of utility rates.
County staff briefed commissioners on procedural options available at the PRC, including filing public comments or seeking intervenor status. County Attorney Boyd explained that the formal deadline to file an untimely motion to intervene has passed, and that the most immediate step available to the county was submitting public comment for the PRC record.
After discussion the board voted to approve the county'9s letter opposing the acquisition; the motion carried with a recorded majority and one abstention. Commissioners framed the letter as an expression of the county'9s interest in protecting local control, consumer protections and workforce commitments.
Next steps: The letter will be added to the PRC record. Commissioners also discussed parallel work to study public-power options in Santa Fe County and asked for updates on a county-contracted analysis of public-power feasibility.
(Reporting note: factual statements here are limited to items discussed and voted on during the public meeting. The board'9s letter and PRC filings are the authoritative records of the county'9s position.)
