NMDOJ expresses concern over proposed sale of New Mexico Gas Company

SANTA FE, N.M. — New Mexico Attorney General Raúl Torrez voiced concerns to the Public Regulation Commission over the proposed sale of New Mexico Gas Company.

Torrez’s New Mexico Department of Justice filed a brief highlighting concerns over the sale to Saturn Utilities Holdco and Bernhard Capital Partners, which would affect over 1.3 million people in New Mexico.

“The proposed acquisition raises real risks of higher rates, reduced transparency and long-term financial instability for customers across the state. We are urging regulators to deny this application unless there are significant changes made to safeguard ratepayers from unnecessary costs and hidden liabilities,” Torrez said.

The NMDOJ’s brief details affordability risks, noting BCP’s reliance on private debt could lead to rate hikes. It also cites transparency issues due to BCP’s corporate structure and reduced accountability from complex fund arrangements.

The NMDOJ suggests imposing strict protections if the sale proceeds. That includes rate credits for low-income customers and restrictions on selling utility assets without PRC approval.

The PRC will review all filings before making a decision.