NM HM6

Requests the Legislative Finance Committee conduct a comprehensive study on private equity ownership of essential gas and electric utilities and critical infrastructure in New Mexico, with findings due by December 1, 2026

Study responds to pending acquisitions including Blackstone Infrastructure's proposed purchase of TXNM Energy (parent of Public Service Company of New Mexico) and Bernhard Capital Partners' proposed acquisition of New Mexico Gas Company

Directs examination of outcome differences between publicly owned, cooperatively owned, investor-owned, and private-equity-owned utilities, including impacts on rates, maintenance spending, system reliability, wildfire safety, and workforce levels

Requires analysis of whether the state should limit, condition, or prohibit private equity acquisition of essential services, including development of definitions and thresholds to distinguish acceptable private investment from high-risk ownership structures

Study must also assess impacts of large-scale data centers on electric power demand, water consumption, and grid reliability, and whether costs of serving these facilities are being unfairly shifted to residential and small-business ratepayers