FERC approves Blackstone’s acquisition of TXNM Power

The US Federal Power Regulatory Fee (FERC) has granted approval for Blackstone Infrastructure’s acquisition of New Mexico-based power holding firm TXNM Power.

Presently listed on the New York Inventory Change, TXNM Power provides electrical energy to greater than 800,000 properties and companies in Texas and New Mexico by way of its regulated subsidiaries, TNMP and PNM.

The FERC decided that the proposed transaction aligns with the general public curiosity. The fee cited an absence of proof that both state or federal regulation could be compromised, or that buyer charges or market competitors could be adversely affected.

It additionally addressed issues about Blackstone Infrastructure’s information centre holdings and personal fairness involvement in public utilities, stating that enough ring-fencing protections exist in each New Mexico and Texas to safeguard regulatory pursuits.

Alongside the FERC’s authorisation, the acquisition has obtained the required federal regulatory clearance from the Federal Communications Fee. The ready interval stipulated underneath the Hart-Scott-Rodino Antitrust Enhancements Act has expired with out objection.

Earlier within the month, the Public Utility Fee of Texas (PUCT) permitted a settlement supporting the acquisition. The PUCT concluded that the transaction serves the general public curiosity.

TXNM Power shareholders voted overwhelmingly in favour of the deal in August 2025.

The settlement permitted by the PUCT units out a number of provisions together with $45m in fee credit for patrons and enhanced governance requirements. It additionally consists of restrictions on dividend funds, monetary protections comparable to ring-fencing measures and native administration oversight.

Workforce ensures, continued funding for TXNM Power’s five-year capital expenditure programme and commitments to serve Texas communities are additionally a part of the settlement.

Events to this settlement embody municipalities served by TNMP, the Workplace of Public Utility Counsel, PUCT workers, the Texas Power Affiliation for Entrepreneurs, Texas Industrial Power Customers and Walmart.

Federal approval from the Nuclear Regulatory Fee and state consent from the New Mexico Public Regulation Fee are nonetheless pending earlier than the transaction can shut.

In Might 2025, TXNM Power introduced it had entered an settlement underneath which Blackstone Infrastructure would purchase all of its excellent shares at $61.25 per share in money. This values the transaction at roughly $11.5bn on an enterprise foundation, inclusive of web debt and most popular inventory.

TXNM Power’s subsidiaries have outlined plans to keep up regulated service provision underneath current state and federal oversight.

PNM will proceed efforts to satisfy New Mexico’s clear power aims and determine cost-effective methods for power transition.

In the meantime, TNMP is claimed to be progressing with elevated capital funding in response to development inside its Texas service space.

TXNM Power beforehand said that PNM and TNMP will proceed to deal with cost-effective options to ship protected and dependable energy for patrons throughout New Mexico and Texas.

The corporate indicated that each utilities would stay topic to oversight by state and federal commissions together with the New Mexico Public Regulation Fee and the PUCT.

Blackstone Infrastructure intends to retain current native administration groups and workforce throughout TXNM Power and its subsidiaries and preserve their headquarters in New Mexico and Texas.

TXNM Power, PNM, and TNMP would proceed to be regionally managed and operated, with commitments to retain the native workforce.

“FERC approves Blackstone’s acquisition of TXNM Power” was initially created and printed by Energy Expertise, a GlobalData owned model.

The data on this website has been included in good religion for common informational functions solely. It isn’t meant to quantity to recommendation on which you need to rely, and we give no illustration, guarantee or assure, whether or not specific or implied as to its accuracy or completeness. You have to acquire skilled or specialist recommendation earlier than taking, or refraining from, any motion on the idea of the content material on our website.