PNM Acquisition Case: Hearing Scheduled for Show Cause Order

NM PRC News

Published March 19th, 2026

Detected March 20th, 2026

Summary

The New Mexico Public Regulation Commission has scheduled an evidentiary hearing for April 30, 2026, regarding a Show Cause order issued to the joint applicants in the PNM and TXNM Energy acquisition case. The main acquisition proceedings have been paused pending the outcome of this hearing.

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What changed

The New Mexico Public Regulation Commission (PRC) has scheduled an evidentiary hearing for April 30, 2026, to address an Order to Show Cause issued to the joint applicants in the pending acquisition of Public Service Company of New Mexico (PNM) and TXNM Energy, Inc. by Troy ParentCo LLC. The Commission has also paused the main acquisition proceedings, agreeing with parties that the outcome of the show cause order, related to a stock transaction, must be resolved before continuing with the broader acquisition timeline. A prehearing conference is set for April 28, 2026, and a scheduling conference for May 6, 2026.

Regulated entities involved in the PNM/TXNM acquisition, specifically the joint applicants and their affiliates, must prepare for the evidentiary hearing on April 30, 2026, and the prehearing conference on April 28, 2026. The outcome of the show cause proceeding is expected to significantly influence the development of expert testimony and the overall acquisition timeline. The PRC anticipates issuing a revised procedural schedule for the main acquisition by May 8, 2026, following the show cause hearing.

What to do next

Prepare for evidentiary hearing on April 30, 2026, concerning the Show Cause order.
Participate in prehearing conference on April 28, 2026.
Await revised procedural schedule by May 8, 2026.

Source document (simplified)

PNM acquisition case update on Show Cause order and Evidentiary Hearing schedule

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PNM acquisition case update on Show Cause order and Evidentiary Hearing schedule Back to All Posts The New Mexico Public Regulation Commission has scheduled an evidentiary hearing for April 30, 2026, to address an Order to Show Cause issued to the Joint Applicants in the pending acquisition of Public Service Company of New Mexico (PNM) and TXNM Energy, Inc. to Troy ParentCo LLC, an affiliate of Blackstone Infrastructure.

At the same time as the Hearing Examiners announced the hearing date for the Show Cause proceeding, they issued an order pausing the main acquisition proceedings. Parties argued, and the Hearing Examiners agreed, that further investigation into what the legal and practical implication of the stock transaction at issue may be on the potential acquisition is required — making it necessary to resolve these matters before further time is spent on the broader acquisition schedule.

Key Upcoming Dates:

April 28, 2026: Prehearing conference to address procedural matters.
April 30, 2026: Evidentiary Hearing concerning the show cause order.
May 6, 2026: Scheduling conference to determine the next steps for the overall acquisition timeline. The April 30 evidentiary hearing will be conducted via Zoom for party-participants and will be livestreamed to the public via the Commission’s YouTube channel. A link to the stream will be available on the Commission’s website. While only legal counsel and witnesses may participate in the Zoom session, the general public is encouraged to watch the live broadcast on YouTube.

The decision to pause the main acquisition case was prompted by a “Joint Position” filing from a group that represents the majority of stakeholders in the case. These parties successfully argued that the outcome of the show cause proceeding will likely influence their ability to develop expert testimony, and judicial economy requires waiting until the outcome is known before resuming the development of this testimony.

The Commission expects to issue a revised procedural schedule for the main acquisition proceeding no later than May 8, 2026, following the results of the show cause hearing.