Blackstone clears major step in acquisition of TXNM Energy

Blackstone Infrastructure has reached a major milestone in its $11.5 billion acquisition of TXNM Energy, the parent company of Texas-New Mexico Power, which supplies electricity to over 280,000 homes and businesses in the Houston area. A regulatory settlement has been reached with key stakeholders—including TXNM, local cities, industrial energy consumers, Walmart, and the Texas Energy Association for Marketers—but it still requires approval from the Public Utility Commission of Texas. Under the settlement, TXNM will: • Provide $45.5 million in customer rate credits over 48 months • Maintain a seven-member board of directors, including three independent directors • Retain its $4.2 billion five-year capital spending plan through 2029 • Keep its headquarters in Texas • Avoid involuntary layoffs or reductions to wages and benefits The capital plan is designed to modernize infrastructure, strengthen the grid against risks like wildfires, and support rising electricity demand, which grew roughly 66% from 2020 to 2024. Blackstone, managing over $64 billion in assets, and TXNM leadership say the acquisition will provide the financial resources necessary to maintain a reliable, resilient grid and meet the state’s projected growth in electricity needs.