CIBOLA COUNTY, N.M. – A proposed change in ownership for New Mexico Gas Company has moved one step closer to approval, but the deal is not final yet.
On May 20, hearing examiners for the New Mexico Public Regulation Commission recommended approval of the proposed sale of New Mexico Gas Company to Bernhard Capital Partners.
For New Mexico Gas Company customers, including customers in Cibola County and across western New Mexico, the company says service is not expected to change as a result of the regulatory process or the completion of the sale.
The case is being handled under NMPRC Case No. 24-00266-UT. Bernhard Capital Partners, Emera Inc. and New Mexico Gas Company filed their application with the PRC in 2024. A revised joint application was filed July 3, 2025, and a public hearing on the proposed acquisition began Nov. 3, 2025, before concluding Nov. 14, 2025.
The proposed transaction would move New Mexico Gas Company from Emera Inc. ownership to Saturn Utilities Holdco, LLC, which is affiliated with Bernhard Capital Partners. According to the executive summary included with the filing, the purchase price is listed at approximately $1.252 billion, including about $700 million in cash and the assumption of about $550 million in existing New Mexico Gas Company debt.
While ownership would change, New Mexico Gas Company has stated that the utility would continue operating under the same name and would remain regulated by the PRC. That part matters for customers because the PRC still oversees the company’s rates, tariffs and rules. The proposed sale has drawn public and regulatory review over several months. Written public comments may still be submitted before the commission takes final action, according to the company’s regulatory information page. Comments should reference Case No. 24-00266-UT and may be emailed to PRC.Records@prc.nm.gov.
New Mexico Gas Company says customers should continue to use the same customer service contacts and should not expect changes to gas service, billing or local office operations because of the proposed sale.