Peter Lorenz Chair-Elect Unirac, Inc. | Greater Albuquerque Chamber of Commerce
Public Service Company of New Mexico (PNM) CEO Don Tarry addressed local business leaders at the Greater Albuquerque Chamber of Commerce’s inaugural 2025 Energy Address on August 27. The event marks the start of what will become an annual discussion on the state’s energy future.
Tarry opened his remarks by thanking attendees and speaking about PNM’s approach to evolving energy demands in New Mexico. He emphasized the need for new thinking as both TXNM Energy Inc. and PNM face increasing power requirements.
“We have to think, not what it’s like today or what it’s been in the past, but we have to look forward to what we expect in the future,” Tarry said. “What we really want to happen in the future we have to plan for, which requires us to act differently in how we design systems, act differently in how we spend the money.”
Tarry outlined recent changes within PNM, including a proposed $11.5 billion sale to Blackstone Infrastructure that has been filed with the Public Regulation Commission (PRC). He stated that this acquisition would involve a more transparent process with engagement from both community members and stakeholders.
The CEO identified reliability, affordability, and environmental responsibility as key priorities for PNM moving forward. He likened these focus areas to a “three-legged stool,” noting their interdependence.
“What happens if you take one leg out of a three-legged stool? I fall off,” Tarry said.
He explained that all three aspects are vital and must be considered through their impact on customers.
Tarry also said that financial support from Blackstone would help modernize grid infrastructure and secure investment over several years. He concluded his address by expressing optimism about the company’s future under new ownership.
“Blackstone is patient capital; they’re looking longer term. They have no time period to ever sell the assets in their portfolio. It’s an open-ended portfolio, so it provides lots of benefits. The local presence won’t change. The headquarters won’t change. The corporate giving won’t change. Our commitment to the community won’t change. I will tell you a lot of it’s going to get enhanced as we go forward through the corporate giving from a Blackstone infrastructure as well, too,” he said.
