TXNM Energy and Blackstone Infrastructure Enhance Customer Benefits Package

TXNM Energy and Blackstone Infrastructure have announced a revised application that significantly enhances the benefits package for New Mexico customers and communities as part of Blackstone's proposed acquisition of TXNM Energy. The revised application, filed with the New Mexico Public Regulation Commission (NMPRC), includes a substantial $300 million in direct customer rate credits, more than doubling the original commitment.

According to Don Tarry, President and CEO of PNM and TXNM Energy, the enhanced application is designed to put real dollars back into customers' pockets while protecting the workforce and maintaining local management.

The revised application also includes a $40 million investment in workforce development and economic opportunity programs. These initiatives include job training, scholarships, apprenticeships, and other programs developed in coordination with state and local stakeholders. Additionally, the application includes a $25 million commitment to virtual power plant technology, which will create the necessary infrastructure on the utility side of the meter to coordinate customer resources. A further $15 million will be allocated to PNM's Good Neighbor Fund, quadrupling the annual funding for low-income customer assistance.

Enhanced worker protections are also part of the revised application. These include no involuntary workforce reductions, no cuts to wages or benefits, continued support for existing labor agreements, and commitments to prioritize local hiring and apprenticeship opportunities. The application also includes a commitment to support PNM's nearly $5 billion capital investment plan, aimed at meeting rising demand, improving reliability, and supporting New Mexico's long-term energy needs and clean energy goals.

The revised application also outlines commitments to New Mexico, including maintaining PNM and TXNM Energy's headquarters in the state, preserving New Mexico-based leadership and management, and establishing local oversight of economic development funds to support long-term investment in the state.

The proposed transaction remains subject to review and approval by the NMPRC and other customary regulatory approvals. The application can be viewed on the company's website at www.txnmenergy.com/investors/rates-and-filings/pnm-nmprc-filings.aspx.

TXNM Energy, an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure, and water and waste infrastructure sectors, seeking to apply a long-term buy-and-hold strategy to large-scale infrastructure assets.