CIBOLA COUNTY, N.M. – New Mexico Gas Company has officially changed ownership after Bernhard Capital Partners completed its acquisition of the state’s largest regulated natural gas utility from Emera Inc.
Bernhard announced Aug. 12 that it had closed on the previously announced acquisition following approval from the New Mexico Public Regulation Commission. The closing marks the end of a regulatory review process that had been pending before the PRC under Case No. 24-00266-UT.
For customers, the immediate message from the company is that New Mexico Gas Company will continue operating under its existing name, with its headquarters remaining in Albuquerque and its existing management team staying in place.
New Mexico Gas Company serves more than 550,000 homes and businesses across New Mexico and has more than 750 employees. The company says it operates more than 12,000 miles of pipeline and has 26 offices across the state.
The acquisition was first announced in 2024, when Louisiana-based Bernhard Capital Partners moved to purchase New Mexico Gas Company from Emera. Bernhard describes itself as an infrastructure and services- focused private markets investment firm with more than $6 billion in assets under management.
The deal had been under review by the New Mexico Public Regulation Commission. In May, PRC hearing examiners recommended approval of the proposed sale, but the sale still required final action by commissioners before it could close. At that stage, New Mexico Gas Company emphasized that the recommendation was only a milestone in the regulatory process and that final approval had not yet been granted.
That has now changed. According to Bernhard, the transaction followed PRC approval, meaning ownership of New Mexico Gas Company has now transferred from Emera to Bernhard’s portfolio.
“Essential infrastructure is what enables strong communities and growing economies. That belief has guided Bernhard Capital Partners since our founding, and it is why we invested in New Mexico Gas Company,” Jeff Jenkins, founder and managing partner at Bernhard, said in the company’s announcement.
Jenkins called New Mexico Gas Company a “well-managed utility” with an essential role in New Mexico’s future and said Bernhard looks forward to working with the company’s management, employees, regulators and communities.
From a customer standpoint, the most important question is whether service, billing, local offices or rates will immediately change. Based on the company’s prior regulatory materials, the answer is no.
During the regulatory process, New Mexico Gas Company stated that customers should not see changes to service as a result of the sale. The company said the same New Mexicans serving customers would remain in their roles and offices, and that its focus on safety and customer service would continue.
The company also previously outlined several customer and community commitments connected to the acquisition. Those commitments included $22.4 million in rate credits to customer accounts, no base rate increase for at least 12 months after closing, $7 million for bill assistance programs such as HEAT New Mexico, $15 million for economic development and workforce programs, and $2.5 million in charitable giving to local nonprofits.
New Mexico Gas Company previously said the rate credits would amount to more than $40 for a typical household. The company also said customers were expected to see up to $40 million in total energy cost savings tied to the rate-related commitments.
The ownership change does not remove New Mexico Gas Company from state regulation. As a regulated utility, the company remains under the authority of the New Mexico Public Regulation Commission, which oversees utility rates, tariffs and rules.
That means future major rate cases, service changes and other regulated matters would still go through the PRC process.
Bernhard’s acquisition of New Mexico Gas Company adds the utility to a growing portfolio of regulated utility companies that includes National Water Infrastructure, Clear Current, Delta Gas Company and Magnolia Gas Company. Bernhard has also announced an agreement to acquire Cleco, though that transaction remains subject to approval and closing.
The acquisition places New Mexico’s largest gas utility under the ownership of a private investment firm focused on infrastructure, energy and other regulated markets.
New Mexico Gas Company customers should continue using the same customer service and emergency contacts.
Anyone who smells gas should leave the area immediately and call 911 or New Mexico Gas Company’s emergency line at 1-888664-2726.