- Business
- Public Service Company of New Mexico (PNM) operates as New Mexico's largest electric utility, engaging in the generation, transmission, distribution, and sale of electricity to approximately 550,000 residential, commercial, industrial, and tribal customers across the state, including greater Albuquerque, Rio Rancho, Santa Fe, Las Vegas, Alamogordo, Ruidoso, Silver City, Deming, and Lordsburg areas; it generates power from diverse sources encompassing solar via 18 centers and 1 million panels powering 60,000 homes, wind supporting 73,000 homes, geothermal, natural gas, oil, nuclear, and coal facilities such as Four Corners and San Juan stations, while providing wholesale transmission services to third parties and energy efficiency programs that have conserved energy equivalent to 1,037,000 homes annually. Founded in 1917 as Albuquerque Gas and Electric Company (with roots to 1882) and headquartered in Albuquerque, New Mexico, PNM functions as a subsidiary of TXNM Energy, Inc., following the divestiture of its natural gas operations in 2009; the company employs over 1,600 people and emphasizes environmental initiatives, including water savings of 400 million gallons yearly and emissions reductions equivalent to 201,000 vehicles. In a major development, PNM's parent TXNM Energy pursues regulatory approval for its $11.5 billion acquisition by Blackstone Infrastructure Partners, announced in 2025, which promises grid transformation, a 10-year ownership hold, $105 million in customer rate credits, low-income support funding, clean energy investments, and preservation of union contracts.