TXNM Energy and Blackstone Infrastructure Announce Enhanced $300 Million Customer and Community Benefits Package for New Mexico

The draft revised application more than doubles direct customer rate credits, strengthens workforce commitments, and includes a nearly $5 billion commitment to invest in New Mexico's electric grid

ALBUQUERQUE, N.M., Sept. 15, 2026 /PRNewswire/ -- TXNM Energy, the parent company of PNM, and Blackstone Infrastructure today announced they have filed a motion with the NMPRC seeking authorization to file a revised version of their merger application. The motion included a draft of the revised application that would deliver $300 million in customer and community benefits as part of Blackstone Infrastructure's proposed acquisition of TXNM Energy.

The revised application draft includes $220 million in direct customer rate credits, more than doubling the direct rate credit commitment included in the original application, while expanding commitments to workforce development, economic opportunity, and affordability programs across New Mexico.

"Our focus has been and will continue to be on serving our customers with safe, reliable, affordable energy," said Don Tarry, President and CEO of PNM and TXNM Energy. "These enhanced commitments put real dollars back in customers' pockets, protect the people who do this work every day, and keep PNM locally managed and locally rooted – while giving us the capital to build the grid New Mexico needs."

"This enhanced proposal would deliver unprecedented, tangible benefits directly to customers while helping ensure New Mexico has the resources needed to meet growing energy demand and continue building a reliable, modern electric grid," said Sebastien Sherman and Heidi Boyd, Senior Managing Directors at Blackstone Infrastructure.

The draft revised application includes:

• $220 million in direct customer rate credits.
• $40 million for workforce development and economic development initiatives, including job training, scholarships, apprenticeships, and other programs developed in coordination with state and local stakeholders.
• $25 million for virtual power plant technology to create the necessary infrastructure on the utility side of the meter to coordinate customer resources.
• $15 million for PNM's Good Neighbor Fund, quadrupling annual funding for low-income customer assistance.
• Enhanced worker protections, including no involuntary workforce reductions and no cuts to wages or benefits, continued support for existing labor agreements, and commitments to prioritize local hiring and apprenticeship opportunities.
• A commitment to support PNM's nearly $5 billion capital investment plan, helping the utility meet rising demand, improve reliability, and support New Mexico's long-term energy needs and clean energy goals.

The draft revised application also includes commitments to New Mexico including:

• Maintaining PNM and TXNM Energy's headquarters in New Mexico.
• Preserving New Mexico-based leadership and management.
• Establishing local oversight of economic development funds to support long-term investment in New Mexico.

The proposed transaction remains subject to review and approval by the New Mexico Public Regulation Commission and other customary regulatory approvals.

The application can be viewed at https://www.txnmenergy.com/investors/rates-and-filings/pnm-nmprc-filings.aspx.

About TXNM Energy
TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company's website at www.TXNMEnergy.com.

Contacts

Analysts                                                       Media
Lisa Goodman                                              Corporate Communications
(505) 241-2160                                             (505) 241-2743

About Blackstone Infrastructure
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve. 

Contact
Paula Chirhart
[email protected]
347-463-5453

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this press release that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995.  These forward-looking statements generally include statements regarding the potential transaction between TXNM Energy and Blackstone Infrastructure, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction, the expected benefits of the potential transaction, projected financial information, future opportunities, and any other statements regarding TXNM Energy's and Blackstone Infrastructure's future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. Neither Blackstone Infrastructure nor TXNM Energy assumes any obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, TXNM Energy caution readers not to place undue reliance on these statements. TXNM Energy's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see TXNM Energy's Form 10-K and Form 10-Q filings and the information filed on TXNM Energy's Forms 8-K with the Securities and Exchange Commission (the "SEC"), which factors are specifically incorporated by reference herein and the risks and uncertainties related to the proposed transaction with Blackstone Infrastructure, including, but not limited to: the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement, including in circumstances requiring the Company to pay a termination fee, the possibility that TXNM Energy's shareholders may not approve the transaction agreement, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, the outcome of legal proceedings that may be instituted against TXNM Energy, its directors and others related to the proposed transaction, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of TXNM Energy to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally, the amount of costs, fees, charges or expenses resulting from the proposed transaction, and the risk that the price of TXNM Energy's common stock may fluctuate during the pendency of the proposed transaction and may decline significantly if the proposed transaction is not completed. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

SOURCE TXNM Energy, Inc.