Scrutinize sale of New Mexico Gas Company to private equity

The proposed sale of New Mexico Gas Company to private equity firm Bernhard Capital Partners for $1.25 billion raises significant concerns over the potential negative impacts on the community and customers. Private equity firms are known for their profit-driven motives, often leading to cost-cutting measures that compromise service quality, employee well-being, and long-term sustainability. This transaction threatens to undermine the customer-focused approach and strategic investments made by the current owner, Emera Inc., to expand and maintain a safe, reliable system for New Mexicans. Private equity ownership could prioritize short-term financial gains over the public interest, potentially leading to higher rates, reduced services, and neglected infrastructure maintenance. Furthermore, the opaque nature of private equity firms raises questions about transparency and accountability. Decisions that affect a vital public utility should be subject to rigorous oversight and public scrutiny, which may be compromised under private equity ownership. We urge the Public Regulation Commission to carefully scrutinize this proposed sale and consider the long-term consequences for the community. The preservation of affordable, reliable, and sustainable utility services should take precedence over private financial interests. We request that the Commission reject this sale unless Bernhard Capital Partners can demonstrate a clear and binding commitment to prioritizing the public good over profits.