New Mexico commission approves sale of New Mexico Gas to private equity firm

New Mexico’s Public Regulation Commission last week approved the sale of New Mexico Gas Company, the state’s largest natural gas utility, to private equity firm Bernhard Capital Partners for $1.25 billion.  Baton Rouge, La.-based Bernhard acquired the company from Canadian energy company Emera despite what the Santa Fe New Mexican called “staunch opposition by environmentalists and consumer advocates, including the state Department of Justice.”  The vote July 30 was 2-1 on the three-member commission appointed by Gov. Michelle Lujan Grisham.

After the decision, NMGC president Ryan Shell told Albuquerque Journal that Bernhard’s ownership “ensures we have access to the needed capital for investments in our system.”