近距离内射合集

Should New Mexico buy its own utility?

This question has nipped at the state鈥檚 heels for years and has resurfaced in full force as Blackstone Infrastructure Partners proposes to buy TXNM Energy, the parent company of Public Service Company of New Mexico 鈥� the state鈥檚 largest electricity provider. New Mexico鈥檚 climate goals, electricity rates and energy reliability are at stake in the answer. New Mexicans deserve a full accounting of the facts.

Start with the most basic fact: New Mexico already has an answer to who decides the future of the state鈥檚 utility landscape. The Public Regulation Commission is a public, independent body created to objectively review cases exactly like this one, account for public comment and protect the state鈥檚 energy consumers.

In 2023, New Mexico strengthened the PRC to ensure independent oversight, transparency and accountability. The commission enforces consumer protections, reliability standards, renewable energy requirements and long-term planning obligations. Those authorities remain fully intact regardless of who owns our utilities. If a transaction is approved, the PRC can impose enforceable conditions, backed by law, to protect the public interest. And this commission has shown it will use its teeth: Just this month, the PRC found that PNM and Blackstone violated state law by executing a $400 million stock transaction without the commission鈥檚 approval and recommended maximum penalties.

The commission ordered the companies to reverse the transaction and prove that ratepayers won鈥檛 bear the cost of the reversal.

Weighing complex evidence, evaluating public comment and issuing enforceable rulings is what the commission exists to do. We need to let it do its job.

Second: The PRC 鈥� and the PRC alone 鈥� sets electricity rates statewide. In New Mexico, neither utilities nor their owners exercise authority on rates. Any proposed adjustment is subject to rigorous financial review, public hearings and formal approval. This means that whether the utility sells, and to whomever it is sold, New Mexico鈥檚 consumers will remain protected by the PRC.

Third: We need the investment of private partners to ensure a reliable energy grid and achieve our climate goal of 100% carbon-free electricity by 2045. Whoever the private partner is 鈥� Blackstone today, Avangrid in 2020, or other deals in the future 鈥� we must be pragmatic about what significant, well-regulated capital could offer us. Grid reliability is fundamental to public safety, economic stability and quality of life for New Mexicans. Extreme heat, wildfire risk, population growth and rising electricity demand strain our infrastructure. Meeting those challenges and our climate mandates will require meaningful investment in new energy generation, transmission, storage and grid modernization. When properly regulated, long-term private capital can help build out our clean energy grid while preserving public oversight through the PRC. New Mexico should send a clear signal that we welcome responsible investment and the jobs that come with it 鈥� and an equally clear signal that the PRC will hold any partner, in this deal or the next one, to the same high bar of ratepayer protection.

Some have proposed that the state purchase PNM using permanent funds. Legislative analysts have noted that the State Investment Council鈥檚 roughly $75 billion in assets could, on paper, cover the cost of such a purchase.

The reality is more complicated. A state acquisition would strain the general fund, diverting resources from education, healthcare and public safety. It would demand higher taxes or increased debt to fund both the initial purchase and the ongoing technology investments needed to maintain grid reliability.

And the assumption that public ownership means better management doesn鈥檛 survive a look at the closest real-world example: In Los Angeles, the city-owned Department of Water and Power鈥檚 botched 2013 billing system rollout triggered years of litigation and cost ratepayers hundreds of millions of dollars. Public ownership is not a guarantee of accountability.

This is why New Mexico separates ownership from oversight, so an independent PRC can hold any owner, public or private, to account without conflicted interests. We do this to strengthen 鈥� not weaken 鈥� accountability to ratepayers.

The PRC must determine whether Blackstone鈥檚 proposed purchase of PNM serves the public interest and whether any commitments made are sufficient and enforceable. This process should be allowed to play out. My administration will continue to ensure the regulatory framework is strong, independent and accountable to the people of New Mexico 鈥� not to any ownership interest.

Should New Mexico buy its own utility? I say no. We already have a regulatory body that has proved it will protect New Mexican ratepayers. We need well-regulated private capital to realize our energy goals. And a purchase with state funds would be much more expensive and complicated to execute than its proponents have acknowledged.

Whether or not you agree with me, I think we can agree on this: The path forward requires informed debate, respect for our regulatory institutions, and a clear-eyed commitment to reliable, affordable and clean energy for every New Mexican.

Michelle Lujan Grisham is governor of New Mexico.