TXNM Energy, Blackstone Revise Merger to Offer $300M in Customer and Community Benefits

Blackstone Infrastructure has updated its merger proposal with TXNM Energy, increasing the total customer and community benefits package to $300 million, a significant upgrade from the original plan. The revised application, filed with the New Mexico Public Regulation Commission, allocates $220 million toward direct customer rate credits—more than double the initial allocation—and distributes the remainder across workforce development, technology infrastructure, and assistance programs. Key allocations include $40 million for job training, scholarships, and apprenticeships, $25 million for virtual power plant technology, and $15 million for PNM’s Good Neighbor Fund to support low-income customers. The transaction also proposes nearly $5 billion in additional capital investment support for PNM’s ongoing projects.