utility regulators

Opponents of the proposed Acquisition of PNM's parent company, TXNM Energy, by Blackstone infrastructure got a big win Thursday when the New Mexico Public regulation Commission voted to reverse a $400 million sale of stock in TXNM to Blackstone that occurred after the acquisition was announced. Regulators said the companies violated state law when they did not seek approval for the stock sale. The overall acquisition is scheduled for a hearing in August.

The New Mexico Supreme Court ruled Monday that nonprofit rural electric cooperatives do not have complete autonomy over their rates. The decision means state utility regulators can set the rates as they see fit. The co-op at the center of the lawsuit is calling the decision “dangerous,” and wants the state Legislature to step in.