FERC Authorizes TXNM Energy Acquisition by Blackstone Infrastructure, Finds Transaction Consistent with Public Interest
The Federal Energy Regulatory Commission (FERC) has authorized the acquisition of TXNM Energy by Blackstone Infrastructure, stating that the transaction is consistent with the public interest. FERC found no evidence of adverse effects on state or federal regulation, rates, or competition. This approval follows earlier regulatory approvals and shareholder consent, though federal and state approvals are still pending from the Nuclear Regulatory Commission and the New Mexico Public Regulation Commission.
NM AG raises questions about $400M stock sale in proposed PNM acquisition
New Mexico Attorney General Raúl Torrez has asked state utility regulators to review a $400 million stock sale between PNM’s parent company, TXNM Energy Inc., and a Blackstone affiliate, alleging it may have violated state law. This action comes amidst a proposed $11.5 billion acquisition of TXNM by Blackstone Infrastructure. Both the AG's office and clean energy advocates argue that the stock sale should have been overseen by the Public Regulation Commission, potentially jeopardizing the acquisition deal.
The Truth About PNM Resources Inc: Is This Quiet Utility Stock a Secret Power Play?
This article examines PNM Resources Inc., a regulated utility stock, to determine if it's a valuable addition to an investment portfolio, especially for those seeking stability over high-growth. It highlights the company's predictable revenue, dividend potential, and defensive characteristics, contrasting it with more volatile meme stocks and emphasizing its role as a steady, long-term investment. The author advises cautious investors to consider PNM for its income-focused exposure and stability, particularly during market downturns.
The Truth About PNM Resources Inc: Is This Quiet Utility Stock a Secret Power Play?
This article explores whether PNM Resources Inc, a regulated utility stock, is a worthwhile investment despite its lack of "hype" compared to meme stocks. It highlights PNM's predictable power delivery, steady returns, and dividend income potential, framing it as a defensive play for long-term, stability-seeking investors. The piece contrasts PNM with flashier investments, noting its value in a balanced portfolio, especially during market volatility.
Texas Commission Approves TXNM Energy Acquisition by Blackstone Infrastructure
The Public Utility Commission of Texas has approved the acquisition of TXNM Energy by Blackstone Infrastructure, noting it is in the public interest. The settlement includes $45 million in rate credits for customers, strong governance, financial protections, and commitments to fund capital expenditure plans and support Texas communities. This approval follows federal regulatory clearances and overwhelming shareholder approval but still requires additional federal and state approvals.
PNM Resources: Regulated Utility Calm While Arbitrage Trade Tests Investor Nerves
PNM Resources is behaving like a merger-arbitrage play due to its pending acquisition by Avangrid, causing investor skepticism. Despite its regulated utility nature, the stock's performance has been underwhelming over the past year, with ongoing regulatory delays and mixed analyst sentiment. The future of PNM's stock hinges on the merger's resolution and its core utility fundamentals.
New Mexico prepares for winter storm with power and travel safety measures
New Mexico is bracing for an incoming winter storm, prompting PNM to urge residents to prepare for potential power outages by assembling an emergency kit and signing up for the LifeWatch program if they rely on medical equipment. Additionally, the Department of Transportation and AAA are advising travelers to prepare emergency car kits and exercise extreme caution on the roads, emphasizing the importance of checking conditions and slowing down, especially near snowplows.
The Truth About PNM Resources Inc: Quiet Utility Stock, Loud Payoff Potential?
This article examines PNM Resources Inc. (PNM), a utility stock that is currently undergoing a cash buyout. It discusses the potential for a small, predictable payout for investors, contrasting it with high-growth or viral meme stocks. The piece highlights the low-risk, low-reward nature of investing in PNM prior to the deal's finalization, appealing to those interested in merger arbitrage and stable, defensive plays.
Collawn Prepares to Hand Off CEO Reins at TXNM
TXNM Energy Inc. CEO Pat Collawn will transition to executive chair on July 1, with President and COO Don Tarry succeeding her as CEO. Collawn has led the company since 2012, overseeing significant growth in revenues and customers. Tarry, a long-time company veteran, will take over leadership following a recent period of change for TXNM.
TXNM Energy: Profit From Positive Demographics And Data Center Expansion (NYSE:TXNM)
TXNM Energy, serving customers in Texas and New Mexico, aims to capitalize on strong demographic growth and increasing electricity demand from data centers, particularly in Texas. The company plans significant infrastructure investments and forecasts 7-9% EPS growth over the next five years, offering an attractive total annual return of 11-12% despite high leverage and potential shareholder dilution.
Report: PNM holding company considers sale year after Avangrid merger deal failed
This article indicates that the content requested is unavailable due to "Too Many Requests". It suggests a potential report about PNM's holding company considering a sale, following the failed Avangrid merger. However, no actual content is provided to confirm or elaborate on this.
Report: PNM’s parent company exploring sale following takeover interest
TXNM Energy Inc., the parent company of PNM, is reportedly exploring a potential sale after receiving takeover interest. This development comes as the company continues to meet its earnings goals and project future growth. A sale would require approval from the New Mexico Public Regulation Commission, similar to a previously rejected merger attempt.
PNM Resources: Q3 Earnings Snapshot
PNM Resources reported its third-quarter earnings, which showed a decrease in profit compared to the same period last year. The company's revenue for the quarter also fell short of analyst expectations. This snapshot provides key financial figures for the utility.
PNM Resources: Q3 Earnings Snapshot
PNM Resources Inc. reported third-quarter earnings of $136.3 million, resulting in a profit of $1.22 per share. Adjusted for non-recurring costs, the company's earnings were $1.33 per share, with revenue reaching $647.2 million for the period.
PNM maintaining assistance for furloughed federal workers - KOAT
PNM is offering assistance to federal workers who have been furloughed and are experiencing financial hardship. This includes payment arrangements, assistance programs, and a suspension of disconnections for furloughed customers. Furloughed employees can submit a "Furloughed Federal Employee Special Consideration Request Form" to request more time to pay their PNM bill.
New Mexico electric utility PNM files application for $11.5B Blackstone acquisition
Public Service Company of New Mexico (PNM) and its parent company TXNM Energy have filed an application with the state's Public Regulation Commission for a proposed $11.5 billion acquisition by private equity firm Blackstone Infrastructure. PNM highlights that the deal would provide financial resources for grid transformation and continued rooting in New Mexico, with commitments including customer rate credits and investments in economic development and energy transition goals. However, groups like New Energy Economy plan to intervene, raising concerns about potential threats to ratepayers and communities.
MON: TXNM Energy, PNM’s parent company, files $11.5 billion Blackstone acquisition with state regulators, + More
TXNM Energy, the parent company of PNM, and Blackstone Infrastructure have filed their $11.5 billion acquisition plan with state regulators in New Mexico and Texas. This proposed sale, occurring five years after a failed merger attempt with Avangrid, aims to reshape New Mexico's energy sector and promises $105 million in residential rate credits. Despite potential benefits such as significant investments in technology and economic development, the deal faces opposition from groups like New Energy Economy, who argue it poses risks to residents, workers, and the environment.
Blackstone to acquire US utility TXNM for $5.7bn
Blackstone's infrastructure arm is set to acquire US utility TXNM Energy in a $5.7 billion all-cash deal, valuing the company at $11.5 billion including debt. This acquisition highlights a growing trend of private equity investment in regulated utilities due to their predictable cash flows. The deal, which still requires approvals from six federal and state agencies, follows a previously blocked takeover attempt by Iberdrola and is expected to have a clearer regulatory path.
Report: PNM’s parent company exploring sale following takeover interest
TXNM Energy Inc., parent company of PNM, is reportedly considering a sale following takeover interest. This news comes after the company's stocks saw a significant jump and a failed $4.3 billion merger agreement last year. Any potential sale would require approval from New Mexico's Public Regulation Commission.
Women of Influence 2022: For Lisa Goodman, impact means more than role or title
This article features Lisa Goodman, director of investor relations and shareholder services for PNM Resources, as part of the "Women of Influence 2022" series. Goodman emphasizes that for her, impact goes beyond just her role or title. She expresses her goal to pursue roles that allow her to be a strategic thought partner and build critical relationships.
New Mexico denies PNM bid to exit Four Corners coal plant, citing lack of replacement resources
New Mexico regulators rejected Public Service Company of New Mexico's (PNM) bid to transfer its 13% share of the Four Corners coal plant due to a lack of identified replacement resources. This decision, which PNM argues would have saved customers $300 million and accelerated its coal exit, was lauded by environmental advocates who believed the transfer would prolong coal use and highlighted the need for a prudence review of PNM's investments in the plant. PNM called the decision "disconcerting" and stated it creates uncertainty about the regulatory environment, while environmental groups emphasized the importance of accountability for past investments and finding true replacement power.
Hearing examiner says potential harms outweigh benefits in PNM/Avangrid merger
A hearing examiner for the New Mexico Public Regulation Commission has recommended denying the proposed merger between Public Service Company of New Mexico (PNM) and Avangrid, stating that the potential harms outweigh the benefits. The 445-page report cites concerns including potential risks to ratepayers, Avangrid's regulatory compliance issues in other states, and erosion of PRC jurisdiction. Avangrid maintains the merger would bring over $300 million in benefits to New Mexico and create new jobs.
Avangrid-PNM merger in doubt after New Mexico hearing examiner warns of reliability, oversight issues
A New Mexico hearing examiner has recommended the rejection of Avangrid's proposed $8 billion acquisition of PNM Resources, citing reliability risks and concerns over overestimated benefits and insufficient oversight. The examiner also raised concerns about Avangrid's poor service quality in other regions and a criminal investigation involving Iberdrola's CEO, Avangrid's parent company. The final decision by the New Mexico Public Regulation Commission is anticipated in December.
Avangrid parent company exec agrees to millions of dollars worth of concessions as part of PNM merger
Iberdrola executive Pedro Azagra Blázquez made several compromises on the first day of evidentiary hearings for the proposed merger between PNM and Avangrid. These concessions are part of the ongoing regulatory approval process, with the NMPRC being the final entity to approve the merger. The hearing involved seven hours of testimony from the Iberdrola executive.
Cheniere Appoints Patricia Collawn and Lorraine Mitchelmore to Board of Directors
Cheniere Energy, Inc. announced the appointment of Patricia K. Collawn and Lorraine Mitchelmore to its Board of Directors, effective July 1, 2021. Both appointees bring extensive experience from the energy industry, with Collawn serving as Chairman, President and CEO of PNM Resources and Mitchelmore having held leadership roles at Shell and Enlighten Innovations Inc. Their appointments aim to enhance Cheniere's ESG programs, climate strategies, and competitive advantages, while Nuno Brandolini retired from the Board.
New Mexico largest electric utility bankrolled dark money group in 2020 election
New Mexico's largest electric utility, PNM Resources, Inc., was the sole funder of a dark money group called the “Council for a Competitive New Mexico” (CCNM) in the 2020 election, contributing almost half a million dollars. CCNM spent over $130,000 on mailers and robo-calls to support incumbents and attack opponents in five state senate Democratic primary races. This disclosure by the New Mexico State Ethics Commission highlights the utility's increasing involvement in state politics and raises suspicions about its potential funding of other dark money groups.
Pattern Energy breaks ground on 1 GW of wind projects in New Mexico
Pattern Energy Group LP has reached financial close and started construction on its 1,050-MW Western Spirit Wind Projects in New Mexico, following agreements with GE Renewable Energy and GE Energy Financial Services. The comprehensive project includes several wind farms and a 150-mile transmission line, which Pattern Energy will acquire and operate upon completion. The wind farms are expected to be completed by the end of 2021, with GE supplying 377 wind turbines and providing a 10-year full-service agreement and tax equity.
NYSEG's Parent Company Looks to Multi-Billion Dollar Merger
NYSEG's parent company, Avangrid, a U.S. subsidiary of Iberdrola, announced a multi-billion dollar merger to acquire PNM Resources, the parent company of New Mexico's largest electric utility. This move aligns with Iberdrola's strategy to invest in regions with stable renewable energy regulations and expansion opportunities, especially as New Mexico aims for carbon-free energy by 2045. The merger is contingent on approval from regulators and shareholders.
As utility company exits Four Corners Power Plant, NTEC seeks to keep it open
PNM Resources is exiting its stake in the Four Corners Power Plant as part of its merger with Avangrid, but the Navajo Transitional Energy Company (NTEC) is actively negotiating to acquire PNM’s share, aiming to keep the plant open and secure a $75 million payment. This move by NTEC, which is also the plant's sole coal supplier, contradicts regional trends towards renewable energy and is seen as financially risky given the declining coal industry and the plant's high operating costs. Other power plant owners like Arizona Public Service (APS) are also moving away from coal, making NTEC's attempt to keep the plant open challenging and potentially detrimental to the Navajo Nation's economic future.
PNM Resources Merges with spanish energy conglomerate
AVANGRID (NYSE: AGR), a subsidiary of Spain-based Iberdrola, announced its merger with PNM Resources (NYSE: PNM). The acquisition, valued at approximately $4.318 billion in cash for PNM shareholders, is expected to enhance AVANGRID's regulated earnings and expand its clean energy and renewables portfolio. The merger is subject to approval from PNM shareholders and various state and federal regulatory bodies, with completion anticipated in about 12 months.
AVANGRID to acquire PNM Resources to create combined company
AVANGRID will acquire PNM Resources, including PNM, to form a combined regulated utility and renewable energy platform. Both companies' Board of Directors unanimously approved the agreement, aiming to create $14 billion in rate base and over 4 million customers. PNM will retain local oversight, headquarters in New Mexico, and commitments to job creation and coal exit strategies.
N.M. shuns gas, chooses renewables to replace coal
New Mexico regulators have approved a plan for Public Service Co. of New Mexico (PNM) to replace coal-fired power with solar and battery storage, rejecting the utility's proposal to include natural gas. This decision impacts the San Juan Generating Station and involves over $1 billion in potential investment in renewable energy. While the move is praised by renewable advocates, it creates a challenge for Enchant Energy Corp.'s carbon capture project, which now must proceed as a merchant generator without PNM's secured power purchase.
New Mexico approves PNM exit from San Juan coal plant, but CCS could still save facility
New Mexico regulators have approved PNM's request to exit the San Juan coal plant, financing the exit through securitization as part of the state's Energy Transition Act. However, local carbon capture company Enchant Energy and Farmington, New Mexico, are pursuing a plan to retrofit the plant with carbon capture technology, potentially saving the facility despite PNM's planned abandonment. This creates a complex situation balancing clean energy mandates with local economic interests and the viability of carbon capture solutions.
N.M. tries to quit coal. ‘Change is hard’
New Mexico is attempting a challenging transition away from coal with its Energy Transition Act, aiming for 100% carbon-free electricity by 2050. While the law includes provisions for workers and renewable energy development, communities like Farmington are grappling with job losses and economic concerns, with some proposing carbon capture as an alternative to plant closure. The state's utility regulators are also debating how the $283 million debt from the San Juan Generating Station will be handled and how much PNM can recoup from customers.
World’s largest CCS plant in N.M. — plan or pipe dream?
Two New York investors propose a $1 billion carbon capture project for the San Juan coal plant in New Mexico to keep it operating beyond 2022. While attracting attention from the city of Farmington and hopes of saving jobs, the plan faces significant skepticism from critics who call it unrealistic and economically unviable due to financing uncertainty and legal challenges related to New Mexico's Energy Transition Act. The investors, operating as Enchant Energy, are banking on federal tax credits and a merchant power plant model to make the project a "showcase asset."
PNM proposes plan to move toward renewable energy sources, close SJGS
PNM has filed a plan to replace the electricity from the coal-fired San Juan Generating Station with renewable energy sources and natural gas. The proposal includes 370 megawatts of solar power and 280 megawatts of natural gas generation, with an emphasis on minimizing economic impact on San Juan County and assisting power plant and mine workers. The New Mexico Public Regulation Commission will make the final decision on PNM's replacement power sources, considering various scenarios.
PNM's CEO on how she balances customers and shareholders
PNM's CEO discusses how she balances the interests of both customers and shareholders. This comes as PNM reported $7.7 million in net earnings for the first quarter, representing an $8.8 million decrease from the previous year. The financial results were detailed in its recent SEC filing.
PNM taps Comverge to manage 60 MW smart thermostat demand response program
PNM has selected Comverge to manage a 60 MW demand response program for commercial and residential customers, pending regulatory approval. This program, set to begin in 2018, will utilize smart thermostats to help manage peak demand and contribute to a cleaner generation mix, especially as PNM considers retiring units at its San Juan Generating Station. The agreement is a pay-for-performance contract, incentivizing Comverge to achieve specific results.
Bill Gates’ Optim Energy goes bankrupt
Optim Energy, a Texas generator partly owned by a Bill Gates investment fund, has filed for bankruptcy. The company, which owns three power plants totaling 1,200 MW, was losing money and may sell its 305-MW Twin Oaks coal-fired plant. Despite its connection to the billionaire, Optim Energy struggled since the 2008 recession and its plans for expansion never materialized.
