LOCAL COLUMN
OPINION: PRC should reject Blackstone's attempt to buy NM power
As a former K-12 educator, I planned to be relaxing into retirement at this point in my life. Giving testimony to the Public Regulation Commission and educating others about the dangerous climate and health impacts of doing business with Blackstone was not on my bucket list. My deep concerns keep me up at night, asking what I can do to educate people about these risks.
The mission of the PRC is 鈥渢o serve New Mexico by ensuring safe operations and reliable utility services at fair, just, and reasonable rates consistent with the State鈥檚 legal, economic, environmental, and social policies.鈥� The PRC, not only in order to fulfill its mission, but also to promote the basic tenets of fair play, must vote no on Blackstone's bid to takeover Public Service Company of New Mexico by acquiring its parent company, TXNM Energy.
Blackstone鈥檚 business model is unfair and unhealthy for New Mexicans. Blackstone, the largest private equity firm in the world, will be run for the financial benefit of investors who live outside of New Mexico, with its largest investor being the Public Investment Fund of Saudi Arabia. That is not fair.
New Mexico is one of the U.S. states hardest hit by the climate change. Blackstone has already invested heavily in data centers and has plans for rapid expansion in that sector. Artificial intelligence data centers are responsible for driving global temperatures higher each year due to their carbon footprint, and the centers will further impact New Mexico with their significant use of water for cooling their facilities. That is especially unfair to climate-stricken New Mexicans.
The many technicalities of the Blackstone acquisition are difficult for the public to follow, yet people have shown up en masse to resist and advocate for a better way forward. New Mexicans deserve a more sustainable, affordable alternative to Blackstone.
Instead of allowing Blackstone to extract unfair profits from New Mexico utility consumers, the New Mexico State Investment Council could buy a 51% stake in PNM, acquiring the right to manage our utilities for the benefit of the consumers, with the goal of promoting high efficiency and low costs, while complying with mandates moving us toward 100% renewable energy. That makes sense and sounds fair.
If you value fair play and a healthy climate, make sure to tell your neighbors, legislators and the PRC to give a definitive thumbs down to the Blackstone takeover of PNM.
Nell Burrus is an Albuquerque resident and a retired educator.
