During a July 28 Public Regulation Commission hearing regarding Blackstone’s acquisition of PNM, New Mexico residents filled the UNM Student Union Building ballroom and staged a “mic check” protest, calling the 6-hour hearing a “mockery of the democratic process.”
Attendees repeated the words of Youth United for Climate Crisis Action member Zephyr Jaramillo, who led the mic check, and questioned the PRC on why the hearing was taking place in the first place while the acquisition is on pause due to Blackstone and TXNM — PNM’s parent company — having violated state law.
The PRC determined in June that TXNM and the private equity firm Blackstone violated state law in 2025 when they conducted a $400 million stock sale connected to the acquisition, according to Source NM…