FERC authorizes TXNM Energy acquisition by Blackstone Infrastructure

The Federal Energy Regulatory Commission authorized the application for TXNM Energy (TXNM) to be acquired by Blackstone Infrastructure (BX). The order states FERC finds the transaction consistent with the public interest. FERC concludes there is “no evidence that either state or federal regulation will be impaired by the proposed transaction”, “no evidence that the proposed transaction will have an adverse effect on rates” and the proposed transaction will not have an adverse effect on horizontal or vertical competition. FERC rejected opposition based on data center ownership by Blackstone Infrastructure and affiliates and private equity ownership of public utilities, and relied on the adequacy of existing and committed state ring-fencing protections in New Mexico and Texas.