LOCAL COLUMN
OPINION: Why I'm concerned about Blackstone's PNM purchase
I am a Public Service Company of New Mexico customer and a retired widow, who has worked since I was 16 years old, paid taxes and now live on a fixed income.
On researching Blackstone, a private equity company, I found its infrastructure fund is attempting to purchase PNM鈥檚 parent company, TXNM Energy. Blackstone has a long track record of deceit and greed, exploiting people, employees and communities to extract extreme profits. Blackstone has been found liable and paid countless penalties for violations including using and abusing child labor.
It has purchased other utility companies and raised rates. Blackstone officials claim they will not raise our rates but have consistently raised rates with companies they have previously purchased.
The company proposes short-term rate credits, but offers no rate freeze.
Because of Blackstone鈥檚 vast wealth, I fear the Public Regulation Commission will not have the capacity to police a company of Blackstone鈥檚 size and complexity.
We have too many homeless people in our state already, and these exorbitant costs will only create more people in need, which is an unnecessary expense on local municipalities and the state while the company makes massive profits.
New Mexico does not need this company taking advantage of our people and our land. We choose to keep our morals and work with our citizens to improve our state and live productive, meaningful lives in our homes with the simple comfort of heat and cooling and not go broke because of it.
My family, my neighbors and I are 100% opposed to Blackstone purchasing PNM or any other utility in New Mexico.
Kim Kahler is a citizen of New Mexico who is concerned with maintaining affordable electric rates.
