Latest news with #PNM
Yahoo
27-05-2025
- Business
- Yahoo
21 students honored for graduating from PNM's Power Pros program
NEW MEXICO (KRQE) – The Public Service Company of New Mexico (PNM) and the International Brotherhood of Electrical Workers honored 21 students from various cities in New Mexico as they graduated from the PNM Power Pros program. Power Pros is a 15-week career and technical education (CTE) program that prepares students for careers in the electric utility industry. Graduates of the program from ACE Leadership High School, Silver High, Cliff High School, and Cobre Consolidated High School all earned OSHA 10 certification and CTE course credits. City of Albuquerque offers free lunches for children over the summer 'PNM's investment in PNM Power Pros is an investment in our youth, our future, and our state,' said Don Tarry, President and CEO of PNM. 'We are committed to supporting New Mexico schools and communities, and we believe that developing a high-skilled energy workforce is crucial for tomorrow.' More schools in central and southern New Mexico are set to join the program this fall, and Deming High School will add the program to its after-school curriculum. To find out more about the program, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Reuters
21-05-2025
- Business
- Reuters
Group that blocked New Mexico utility merger eyes data centers in Blackstone deal
NEW YORK, May 21 (Reuters) - Blackstone Infrastructure's (BX.N), opens new tab plans for data centers in New Mexico will be a deciding factor in whether stakeholders challenge the private equity group's $11.5-billion proposed acquisition of electric company TXNM Energy (TXNM.N), opens new tab, the group that blocked TXNM's previous merger plan told Reuters this week. TXNM, which is a holding company for regulated utilities, including PNM in New Mexico, announced its sale agreement with Blackstone on Monday in the latest of several recent U.S. power industry deals propelled by rising electricity demand from Big Tech's AI data centers. The agreement will require the approval of state regulators, with input from PNM stakeholders, including the New Mexico Department of Justice, consumer advocates and clean power groups such as New Energy Economy. New Energy led the effort to ultimately thwart TXNM's last agreement to sell to power company Avangrid, the U.S. unit of Spanish electric company Iberdrola. After the fight over the proposed acquisition escalated to the New Mexico Supreme Court, Avangrid abandoned its $8.3-billion bid for TXNM in late 2023. Since the foiled deal, data centers have emerged as the biggest driving force behind U.S. electricity demand, which is on track to reach record highs this year and in 2026. How Blackstone plans to capitalize on that demand in New Mexico will be a key issue in New Energy Economy's scrutiny of the TXNM purchase, the nonprofit's director, Mariel Nanasi, said. Among the considerations are whether Blackstone intends to own data centers in New Mexico, either directly or through affiliates, and how it handles the costs of upgrading electrical systems to connect the large energy loads, Nanasi said. "We are going to want to have real guardrails around that," she said. TXNM and Blackstone representatives, on a call with investors shortly after the acquisition announcement, said they planned to meet with stakeholders over the next 90 days before filing their plan with the state. As artificial intelligence data centers proliferate and grow to use record amounts of electricity, regulatory fights have emerged over who pays for additional infrastructure and upgrades needed for the giant energy consumers. The regulated utilities under TXNM can power data centers, but they are barred by state regulations from developing, owning, or operating the centers for third parties, said one person familiar with the Blackstone-TXNM arrangement, who spoke on condition of anonymity. Any transmission upgrades or power generation built to serve data centers would be paid for by the data center companies, the person said.
Yahoo
20-05-2025
- Yahoo
Mother confronts son's killer, Albuquerque budget, Clearer weather, PNM parent company potential sale, Pueblo pottery and lowriders
Incompetent to Stand Trial? Arrest, Release, Repeat Which Santa Fe restaurants has Guy Fieri visited on 'Diners, Drive-Ins, and Dives'? Law enforcement provide update on Operation Route 66 in Albuquerque Gateway Center operations to expand with sobering center and housing services UNM men's golf prepare for NCAA Championships Video shows Albuquerque police officer getting arrested for DWI Jet had to abort takeoff to avoid runway collision at New York's LaGuardia Airport [1] Teen murderer faces victim's mother in Albuquerque courtroom – Jacob Lovato was 16-years-old when he was in an apartment on Carlisle Blvd., buying a gun from Gabriel Gurule, then threatened to take it without paying. When Gurule resisted, Lovato sprayed the room with bullets from an automatic handgun, killing Gurule. Monday, Gurule's mother, Jennifer Lucero, shared with the court everything she misses about her son. Lucero also had words for Lovato and his defense attorney. Lovato pled guilty to first-degree murder. He is facing up to 25 years in prison. [2] Albuquerque city councilors approve record-breaking $1.5 billion budget – Albuquerque city councilors have approved next year's $1.5 billion operation budget. Councilors debated several items, including how much of a pay increase they should give city workers. Councilors turned down an amendment that would have given a 1% increase to workers, saying they needed to prioritize other areas like dealing with fire prevention. Councilors did approve the fiscal year 2026 budget, which will go into effect July 1. [3] Clearer and colder start with warmer weather ahead – A late season freeze is likely for locations in western and northern New Mexico Tuesday morning. Freeze Warnings are in effect for these areas. High temperatures will be warmer, but still near to below average Tuesday afternoon. The wind will also be much lighter. Temperatures will continue to warm through the rest of this week. By Friday afternoon, we'll see some of the warmest weather so far this year. [4] PNM parent company announces potential sale to Blackstone Infrastructure – TXNM Energy, the parent company New Mexico's largest electricity provider, PNM, announced Monday that it has entered into an agreement which will allow Blackstone Infrastructure to purchase the company for $11.5 billion. The acquisition is subject to review and approval by the NMPRC along with regulators in Texas and at the federal level. [5] 'Rolling piece of pottery': Car designed by Albuquerque-based artist turns heads – A unique piece of 'rolling pottery' is blending Native American and lowrider culture. Artist Jesse Littlebird says the design of his 1973 Dodge Dart brings his Native American culture together with the lowrider culture he grew up with in Albuquerque. Littlebird, with the help of Max Baptiste, worked to transform the 1973 custom Dodge Dart into a drivable art car. 'Petrolglyph' officially debuted in 2024, and since then, it's been featured in multiple publications and has been on display at different events around the state. You can check out the car at the Kukani Gallery on Sunday's. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
E&E News
20-05-2025
- Business
- E&E News
Blackstone to acquire New Mexico utility
Private equity firm Blackstone reached an agreement Monday to purchase TXNM Energy, in an $11.5 billion deal that reinforces investors' enthusiasm for utilities as electricity demand rises. The move will help TXNM — the parent company of New Mexico's largest utility — achieve 'scale' while maintaining stability for its current customers, CEO Pat Collawn said in a call with investors on Monday. The deal with Blackstone Infrastructure, the firm's North American infrastructure arm, is expected to be completed in the second half of 2026. Blackstone will also invest $400 million through stock purchases in the interim to support growth in TXNM and its two subsidiaries in New Mexico and Texas, PNM and TNMP. Advertisement 'PNM has done an excellent job of transitioning its generation portfolio to clean energy and supporting the communities it serves,' Sean Klimczak, Blackstone's global head of infrastructure, said in a statement. 'We will utilize our long-term investment approach to support PNM's economic development efforts during New Mexico's sustainable generation transition.'
Yahoo
20-05-2025
- Business
- Yahoo
Blackstone to acquire TXNM Energy for $11.5bn
Blackstone Infrastructure has agreed to acquire TXNM Energy for $61.25 per share in cash, reflecting a total enterprise value of $11.5bn including net debt and preferred stock. The acquisition provides significant capital to support TXNM Energy's subsidiaries, PNM and TNMP, in their efforts to meet the growing electricity infrastructure demands and clean energy goals. PNM, a subsidiary of TXNM Energy, is working towards transforming its generation portfolio to align with the US state of New Mexico's clean energy objectives. Meanwhile, TNMP is increasing its capital investments to cater to the high growth rates in its Texas service territory. This transaction is expected to bolster the long-term capital required to achieve these initiatives. Blackstone Infrastructure global head Sean Klimczak stated: 'We are excited to partner with Pat, Don and their fantastic team to accelerate growth at TXNM, and across New Mexico and Texas. 'We are long-term investors who back industry-leading companies using our perpetual capital to support economic development. We are focused on being great long-term partners to the communities in which we invest, and we look forward to having the opportunity to engage in meaningful dialogue about how we can create win-win, growth-oriented investments across both states.' With $60bn of assets under management, Blackstone Infrastructure is dedicated to investing in North American infrastructure and enhancing the performance of its portfolio companies. The company plans to fund the acquisition entirely with equity and does not intend to increase TXNM Energy's leverage levels for the purchase. Blackstone Infrastructure will also invest $400m in TXNM Energy by purchasing 8 million newly issued shares at $50 each through a private placement agreement. This investment, set for completion in June 2025, aims to support TXNM Energy's growth plans. TXNM Energy anticipates issuing an additional $400m of equity before the transaction closes to fund its growth rates. The funding for the transaction will come from equity and the assumption of existing debt, with no new debt being issued as part of the deal. Wells Fargo and Citi are acting as financial advisors, while Troutman Pepper is the legal advisor for TXNM Energy. RBC Capital Markets and J.P. Morgan are advising Blackstone Infrastructure, with Kirkland & Ellis providing legal counsel. In a related development in January 2025, Blackstone's private equity fund, Blackstone Energy Transition Partners, agreed to acquire the 774MW Potomac Energy Center in Virginia. This natural gas-fired power plant, built in 2017, is strategically located near Washington DC, in an area that hosts a significant portion of the US's data centre capacity. "Blackstone to acquire TXNM Energy for $11.5bn" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
