TXNM, Blackstone request to file revised merger application
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TXNM Energy and Blackstone Infrastructure said Sept. 15 they filed a motion with the New Mexico Public Regulation Commission (PRC) seeking authorization to file a revised version of their merger application. The motion included a draft of the revised application that would deliver $300 million in customer and community benefits as part of Blackstone Infrastructure's proposed acquisition of TXNM Energy, according to a statement released Tuesday by TXNM, the parent company of PNM. "Our focus has been and will continue to be on serving our customers with safe, reliable, affordable energy," said Don Tarry, President and CEO of PNM and TXNM Energy. "These enhanced commitments put real dollars back in customers' pockets, protect the people who do this work every day, and keep PNM locally managed and locally rooted - while giving us the capital to build the grid New Mexico needs." The revised application draft includes $220 million in direct customer rate credits, more than doubling the direct rate credit commitment included in the original application, while expanding commitments to workforce development, economic opportunity, and affordability programs across New Mexico. "This enhanced proposal would deliver unprecedented, tangible benefits directly to customers while helping ensure New Mexico has the resources needed to meet growing energy demand and continue building a reliable...
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