New Mexico utility regulators rule PNM, private equity firm must undo controversial $400M stock sale

New Mexico's utility regulators have made a significant decision, voting 2-1 that PNM and Blackstone Infrastructure must reverse a controversial $400 million stock sale. This ruling, however, won't affect the larger pending merger between the two entities. The decision underscores regulators' commitment to ensuring fair practices and protecting consumers, sparking debate on the balance between corporate financial maneuvers and public utility interests. The move has significant implications for both the companies involved and the future of utility regulation in the state.