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. The recommendation is an important milestone in the regulatory process, but the final decision still rests with PRC commissioners, who are expected to consider the matter at a future open meeting.
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.
According to information provided by New Mexico Gas Company, the same employees, local offices and customer service operations are expected to remain in place if the sale is approved.
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 company has also outlined several commitments tied to the proposed sale.
According to New Mexico Gas Company, Bernhard has committed nearly $87 million in customer and community benefits. Those include $22.4 million in rate credits for customer accounts, described as more than $40 for a typical household; no base rate increase for at least 12 months after the sale closes; $7 million for bill assistance programs such as HEAT New Mexico; $15 million for economic development, workforce programs and community priorities; and $2.5 million in charitable giving to local nonprofits.
The company also says customers are expected to see up to $40 million in total savings on energy costs because of the rate-related commitments.
In an earlier executive summary, the applicants also described plans to bring some back-office support services to New Mexico from Florida and Canada. That transition was expected to create about 20 New Mexico Gas Company jobs in the state. The filing said those jobs could result in about $9.7 million in annual additional economic activity in New Mexico and about $400,000 annually in new state and local tax revenue.
The proposed sale has drawn public and regulatory review over several months. A public comment hearing was held Oct. 28, 2025, at the NM811 office in Albuquerque. 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.go v.
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.