NM SM9

Requests the Legislative Finance Committee to study the costs and benefits of state investment funds purchasing equity interests in New Mexico Gas Company and TXNM Energy, Inc. (parent company of Public Service Company of New Mexico)

Private equity firms are currently seeking Public Regulation Commission approval to acquire these utilities, which provide essential services and collect billions in revenue from New Mexico residents

Study would consult with experts from the Public Regulation Commission, New Mexico Finance Authority, Attorney General, State Investment Council, and Economic Development Department

Final report with recommendations due to the Legislative Finance Committee by December 1, 2026

Requests the Public Regulation Commission refrain from approving any private equity acquisition of these utilities until the study is completed and submitted, but no earlier than the conclusion of the first session of the 58th Legislature