Don Tarry Member At-Large PNM Resources | Greater Albuquerque Chamber of Commerce
Don Tarry, CEO of the Public Service Company of New Mexico (PNM), addressed the Greater Albuquerque Chamber of Commerce Board of Directors on September 25 regarding PNM's proposed acquisition by Blackstone Infrastructure.
During his presentation, Tarry outlined PNM’s investment plans and described how Blackstone’s involvement could benefit customers and communities in New Mexico. "The amount of capital PNM invests in New Mexico is $3.4 billion over the next five years," Tarry said. He emphasized that Blackstone Infrastructure’s long-term investment approach would equip PNM with resources to continue providing reliable and affordable energy.
Tarry detailed several benefits expected from the acquisition, including a "$105 million customer rate credit, two times larger than any other N.M. utility acquisition." He also mentioned a "$10 million over 10 years for PNM Good Neighbor Fund, triples funding for low-income customer bill assistance," as well as "$35 million economic development and workforce training, workforce and education, impactful community, environmental and major projects." Additionally, he highlighted a commitment to invest "$25 million clean tech with no cost to customers, furthers the transition to 100% carbon-free."
He noted that while there are multiple steps remaining before final approval of the proposal, he is encouraged by progress so far and invited board members to reach out with further questions.
Tarry assured those present that despite Blackstone’s investment, PNM will maintain its current operations: "No changes for employees, company leadership or headquarters. PNM will remain locally managed and independently operated with commitments to retain local workforce and honor labor contracts with the IBEW. Headquarters will remain in New Mexico. Charitable contributions will be maintained to preserve PNM’s local impact and help New Mexico communities thrive, including tribal and pueblo communities. PNM will continue to operate under the jurisdiction and oversight of the NMPRC, with strong ring-fencing and affiliate rules."
