We filed our Brief in Chief. The people filed theirs.

Yesterday we filed our Brief in Chief in the Bernhard Capital Partners buyout case, delivering our final legal arguments recommending against the deal, and laying out the requirements the PRC should impose should they decide to do so. But today the public showed up to make their own arguments, and they did not disappoint! The people called out the dangers of private equity, the impact of likely rate increases on seniors and the working poor, and the absurdity of allowing the acquisition without properly vetting the full history of BCP.

We were particularly touched by the testimony of Leondra Schuler, a young mother who called on the PRC to protect future generations of New Mexicans from the predations of private equity investors that do not have their best interests at heart. We hope that the PRC will listen to us, and to the people, when they decide on our appeal of the Hearing Examiner's defective rulings in this case - potentially next week at the December 18th Open Meeting. (Click here if you want to make public comment on the 18th.)

In the meantime we are digging further into issues in the Blackstone acquisition application for PNM. Here is some of the information we are learning:

Just yesterday Blackstone president and Chief Operating Officer Jon Gray told investors that Blackstone continues to stand behind its strategy of investing in data center capacity. Blackstone paid about $10 billion to take data center operator QTS private in 2021 and its capacity has grown by 12 times since then. Other investments the company has made affirm our concerns that Blackstone will significantly impact electricity costs and climate emissions if it is allowed to take over PNM. These include:

1. Investments in myriad electrical and utility service suppliers.

Yesterday Blackstone announced it is acquiring ownership interests in the merger of MacLean Power Systems (MPS) and Power Grid Components for $4 billion. Combined, MPS will be one of the largest suppliers of highly-engineered utility equipment in North America, "offering customers a comprehensive portfolio of critical solutions for transmission, distribution, substation, and communication infrastructure." This follows its September acquisition of Shermco, a leading provider of full life-cycle electrical equipment services to data centers and utilities, and additional related acquisitions, including Enverus, Lancium, Sediver, Trystar, Westwood, and others. These acquisitions significantly increase the risk of self-dealing and affiliate transactions between a Blackstone utility and equipment/service suppliers owned by the same firm, resulting in increasing costs for utility customers who pay the price for any grid upgrades.

2. Massive investments into gas-fired generation to supply data center expansion. 

In September Blackstone’s Energy Transition Partners agreed to acquire the Hill Top Energy Center, a 620 MW natural gas power plant in Western Pennsylvania, for nearly $1 billion — expanding its power generation footprint. This transaction follows the July 2025 announcement that Blackstone will invest over $25 billion to "support the build out of Pennsylvania’s digital and energy infrastructure supporting the AI revolution." And the January announcement that Blackstone Energy Transition Partners agreed to acquire the Potomac Energy Center, a 774 MW natural gas plant in Virginia that the company touts is "positioned near major data centers." But it is not just buying existing plants - in July PPL and Blackstone formed a joint venture to build new gas plants for data centers. In August Blackstone announced expanded investment into Aligned Data Centers to "support rapid growth and accelerates the development of the company’s planned 5+ GW of future capacity across the Americas."

That was all this year. It doesn't include Blackstone's 2024 purchase of AirTrunk for $24 billion. AirTrunk owns significant capacity and land for future data center growth across Australia, Japan, Malaysia, Hong Kong, and Singapore. Or a 2023 partnership with Digital Realty to form a ~$7 billion joint venture to develop hyperscale data center campuses (targeting ~500 MW of IT load across Europe and North America).

Is your head spinning yet? Are those BILLIONS computing? The idea that our three-person Public Regulation Commission could properly regulate the activities and private development contracts of a company of this size and complexity is laughable, and the sheer scale of funds this firm is investing into cornering both the electrical and grid services industry, as well as data center capacity development in the US and worldwide, leaves no doubt about their intentions in acquiring New Mexico's energy grid.

PNM is the first utility Blackstone is seeking to buy outright, an ominous development for New Mexico that can only result in significant rate increases and harm to our people and land. This article in the American Prospect makes the case clearly: Private Equity's Utility Spending Spree Threatens New Mexico. The New Mexico Foundation for Civic Excellence has started a petition asking the PRC to reject the Blackstone deal. Please add your name and share it with your friends and family.