New Mexico Attorney General Raúl Torrez is once again flexing government power to interfere with private-sector investment—this time targeting the proposed sale of New Mexico Gas Company (NMGCO) to Bernhard Capital Partners, a private-equity firm seeking to purchase the utility for nearly $1.3 billion. Instead of welcoming capital that could modernize the state’s aging energy infrastructure, Torrez is urging the Public Regulation Commission (PRC) to either reject the sale outright or saddle it with a long list of regulatory conditions that would make any future investor think twice before doing business in New Mexico.
In a post-hearing brief filed this week, Torrez insisted the deal poses “real risks of higher rates, reduced transparency, and long-term financial instability,” claiming that regulators must deny the transaction unless it adopts sweeping state-directed mandates. His position mirrors a broader trend within New Mexico’s political leadership—treating private investment as suspect while expanding government control over utilities.
Torrez is calling for expansive new requirements: mandated low-income rate credits, PRC approval for utility asset sales, strict government oversight over internal IT and administrative systems, and the creation of a state-managed “severe weather reliability fund.” He frames these as consumer protections, though New Mexico’s heavily regulated utility environment has already produced high energy costs and slow modernization—problems unlikely to be solved by more bureaucracy.
Meanwhile, Bernhard Capital Partners has pledged more than $87 million in benefits for customers and communities, including $22 million in customer credits, millions in charitable investments, and funding for economic development and workforce initiatives. Rather than acknowledge these commitments, Torrez continues to portray the firm as a threat based largely on ideological opposition to private ownership.
Torrez’s intervention follows a familiar pattern. For years, progressive officials and advocacy groups have opposed private-sector involvement in New Mexico’s energy landscape, insisting that government supervision—despite its failures—is the only acceptable model. His latest filing shows no willingness to consider that private capital could improve service quality, infrastructure reliability, or economic development.
The PRC will now review filings from all parties before issuing a final decision. At stake is whether New Mexico moves toward modernization through private investment or remains locked in a stagnant, government-dominated system that has struggled to keep pace with regional energy needs. Torrez’s aggressive posture suggests he is more interested in expanding regulatory power than improving outcomes for the 549,000 customers who rely on the state’s largest natural gas provider.
More Fire, Ready, Aim. Looks like stuides on different options and how well they have worked for other stated, cities and counties would be a good starting point. Let the data speak for what might be good or bad for NM.
Our communists in power in Santa Fe are just bent on destroying private enterprise. And because we are overloaded with people who live off government assistance this won’t change anytime soon if ever. Seems most of our states population likes over regulation and is unable to process that actions have consequences.
Well, in the last year my electric bill is up about 50% give or take a little. It’s ridiculous!! This is what I have seen in this old world. What ever the Government gives you it can also take away!! Also price of propane is ungodly high. These utility companies need to start working together to our taxes down and get N.M. out of their business. Sell your product at reasonable price. We know you have to make a profit, but when I can go to Texas and fill my pickup and save .40 cents a gallon what’s wrong with this picture???
If the sale goes through the corrupt in NM Gov’t won’t be able to skim monies and intimidate. Add to that Torrez and Loserjan won’t be in charge..
Unfortunately who do we trust, corporations whose only motivation is increased profit or corrupt government politicians?? When the PRC was elected by the people they could be held accountable and rate hikes could be addressed by average taxpayers. Now neither option will be available as the PRC are Governor appointments. The board of directors of corporations will not even acknowledge we exist except to pay the higher rates that will be inevitable! Rock and the hard place!!
All Politicans Are Lying Scum
Every Single One of Them
I agree with Norteno. Look at El Paso Electric and their continual rate increases. Who do feel is the Lesser of EVIL??
While I don’t believe Torres is trustworthy, I also don’t trust these monopolistic private investment groups and large corporations. I lean more toward government, voted in by the people to control costs for the consumer on issues like electricity and heating. The problem lies in the fact that the people of this state can’t detach their lips from the posterior of the rear ends of communist democrats. We are between a rock and a hard place. Local control of our utilities is the only way to keep costs down. I remember living on the west side before ABCWUA bought the west sides water company, my water bill was reasonable. Once ABCWUA bought it, the rates increased exponentially.
This treasonous P O S should be in prison!
You are correct Norteno…I could not believe the people of New Mexico voted to give the governor control of the PRC. Thought it was a no brainer vote but I reckon no brains wins.
Amazing that anyone would believe that the state can run anything better than private sector companies. Read a history book sometime AG Torrez, central planning and socialism never works.
During the 12 out of the last 16 years that democrats have ruled they become more and more drunk with corruption and power. They are squeezing NM into a large skid row. Already uneducated unemployed and dependent. My gasoline is 2.19 a gallon in TX
Electricity is supposed to supreme but so expensive they trying to convince us not to use air-conditioning. The cartel money is drying up so looking to keep their corrupt funds flowing. Corruption is a way of life in NM and by these socialists that claim to Democrats.
NM government SUCKS AND ARE ABUNCH OF POS
You ever notice that the midgets in power are the most corrupt.
this about the only positive thing he has done since taking office. if you disagree, you should understand how private equity works and stop being ignorant and party affiliated. the private equity in question is affiliated with black rock and israel. but i guess that is who most support these days.
The government does not earn its money, it confiscates money from people or corporations and spends it on government first and then uses people or corporations to do the work none of them can do and then takes a cut of the profits through more tax laws when its in progress and completed. They have built windmills and solar farms and shuttered coal and gas power in the name of saving the planet meanwhile bambi and woody are loosing half their open space to accomodate this crap. We are idiots , sighhhh.