Episode Details

Blackstone’s $11.5 billion bid to buy New Mexico’s main power company, PNM, is sparking alarm after the company secretly executed a $400 million stock deal without state approval. Climate advocates warn this signals disregard for regulations and could lead to steep rate hikes for customers—especially in a state where power providers can’t be switched. While Blackstone insists rates will remain under state control and touts a $105 million customer credit, critics point to Blackstone’s past role in Indiana’s utility, where bills surged. PNM counters that the deal will modernize the grid and accelerate clean energy, all while staying locally managed and rate-regulated.

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