# We Uncovered Blackstone's Scheme To Keep Utility Bills High Source: https://www.youtube.com/watch?v=K9PH7LVkEbU Recap page: https://rapidrecap.app/video/K9PH7LVkEbU Generated: 2026-02-17T19:05:45.771+00:00 --- ## Quick Overview Blackstone's acquisition of PNM Resources, parent company of New Mexico's largest electric utility, is facing scrutiny from activists and former regulators who question whether the deal, which prioritizes private equity profit over public interest, will lead to higher utility costs and reduced service quality for New Mexico ratepayers. **Key Points:** - Blackstone Infrastructure plans to acquire TXNM Energy (parent of PNM) in a $11.5 billion deal, planning to use state permanent funds for the purchase. - Former New Mexico PRC Chair Stephen Fischmann believes the deal is designed to benefit activist investors by securing higher returns, not ratepayer interests. - Nearly 40% of PNM's customers in New Mexico live below the poverty line, making ratepayer protection from increased costs a critical concern. - Activists like Jonathan Juarez and the group Youth United For Climate Crisis Action are actively resisting the deal, citing concerns over corporate control and environmental impact (like Project Jupiter data centers). - Mariel Nanasi of New Energy Economy notes that the application is unusually secretive and that the PRC's core mission is to protect ratepayers, questioning if they can approve a deal prioritizing profit maximization. - The acquisition is facing environmental concerns, including opposition to uranium mining and data centers, which activists argue are being pushed by corporate interests. - The New Mexico Public Regulation Commission (PRC) must evaluate the deal based on six factors, including benefits to utility customers and quality of service, which opponents argue will be diminished. ![Screenshot at 00:03: Mariel Nanasi of New Energy Economy shows documents detailing 'Golden Parachute Compensation' for executives, highlighting the financial incentives for leadership tied to the merger, which she argues is prioritized over public interest.](https://ss.rapidrecap.app/screens/K9PH7LVkEbU/00-00-03.jpg) **Context:** This video investigates the proposed acquisition of PNM Resources, the parent company of Public Service Company of New Mexico (PNM), by Blackstone Infrastructure. The deal, valued at $11.5 billion, involves using New Mexico's state permanent funds to buy a majority stake in the utility. Activists and former regulators express deep concern that this move, driven by private equity's profit motive, will negatively impact the state's 800,000 utility customers, many of whom already live below the poverty line. ## Detailed Analysis The video reveals that Blackstone Infrastructure intends to acquire PNM Resources, the parent company of New Mexico's largest electric utility, PNM. This $11.5 billion acquisition, potentially utilizing $6.6 billion from the state's permanent funds, is raising alarms among activists and former regulators. Mariel Nanasi of New Energy Economy points out that the application filed with the New Mexico Public Regulation Commission (PRC) is unusually secretive, noting that the deal's focus appears to be maximizing profit for investors rather than serving the public interest, especially since 40% of PNM's customers live below the poverty line. Former PRC Chair Stephen Fischmann echoes this sentiment, stating that private equity firms, unlike public trusts, have a narrow vision focused on maximizing returns, which he fears will lead to higher utility prices and potential harm to New Mexicans. Activists, including Jonathan Juarez of Youth United For Climate Crisis Action, are mobilizing against the takeover, protesting outside the PRC hearing (09:24) and at Blackstone's headquarters in New York (10:40), demanding accountability and protection for residents. The PRC's evaluation criteria require them to weigh benefits against potential harms, but critics believe the current structure favors corporate interests over ratepayers, potentially setting a precedent for other utilities nationwide to be taken over by private equity firms. ### Blackstone's Acquisition Strategy - Blackstone Infrastructure plans to acquire TXNM Energy (PNM's parent) in a $11.5 billion deal - The deal involves using $6.6 billion from New Mexico's permanent funds - Activists fear this leads to profit maximization over public good. ### Regulatory Scrutiny (PRC) - The PRC must approve the deal based on six factors, including protecting ratepayers and service quality - Mariel Nanasi argues the application is secretive and the PRC's mission conflicts with a profit-driven takeover. ### Community Impact - Nearly 40% of PNM customers live below the poverty line and face high energy costs - Activists like Selinda Guerrero (ABQ Mutual Aid) report people struggling to afford electricity. ### Activist Opposition - Protesters at the PRC hearing demanded 'People Over Profit' and 'Stop Uranium Mining' - Activists like Jonathan Juarez vow to continue resisting the takeover and corporate influence. ### Financial Incentives - Documents show 'Golden Parachute Compensation' for executives (04:46), suggesting high financial rewards tied to the merger. ### Political Engagement - Reporter Dan Lieberman interviewed State Senator Peter Wirth and Representative Nathan Small about the political implications of the deal. ![Screenshot at 00:00: Opening shot of a desolate landscape, introducing the New Mexico setting related to the utility infrastructure.](https://ss.rapidrecap.app/screens/K9PH7LVkEbU/00-00-00.jpg) ![Screenshot at 00:03: Mariel Nanasi displays a document showing 'Golden Parachute Compensation' for executives, illustrating the financial benefits involved in the deal.](https://ss.rapidrecap.app/screens/K9PH7LVkEbU/00-00-03.jpg) ![Screenshot at 00:31: Reporter Dan Lieberman interviews protesters in Santa Fe, highlighting the grassroots opposition to Blackstone's involvement in state utilities.](https://ss.rapidrecap.app/screens/K9PH7LVkEbU/00-00-31.jpg) ![Screenshot at 01:24: On-screen text announces 'TXNM Energy Enters Agreement to be Acquired by Blackstone Infrastructure,' confirming the central event.](https://ss.rapidrecap.app/screens/K9PH7LVkEbU/00-01-24.jpg) ![Screenshot at 07:05: Graphic showing that nearly 40,000 households in New Mexico are behind on their utility bills, emphasizing the financial vulnerability of customers.](https://ss.rapidrecap.app/screens/K9PH7LVkEbU/00-07-05.jpg)