Bernhard Capital Partners to Purchase New Mexico Gas Company

In October 2024, Louisiana-based Bernhard Capital Partners, Emera Inc. and New Mexico Gas Company applied to the New Mexico Public Regulation Commission for permission to have BCP purchase NMGC.

 

What does the proposed sale mean for our customers? Business as usual. Your natural gas service remains our top priority. Our team will continue to provide safe, reliable natural gas service to our 550,000 New Mexico homes and businesses. That’s why we’re here.

BCP has committed to the following as part of the transaction.

For customers

  • $15M in customer rate credits (over 12-month period)
  • No change in customer base rates for 2 years post-close, or longer; NMGC will not file an application for new base rates before September 30, 2026, and those rates will not take effect until late 2027 or early 2028. This delivers more than 24 months of rate consistency and savings to customers after closing.
  • Up to $40M in estimated savings to customers from the extended period of rate stability
  • Commitment of $15M in customer rate credits results in an additional $12.7M in economic output to benefit New Mexico
  • Creating over 20 new, direct jobs as a result of the transaction to support some shared service functions
  • Generating 44 total new jobs within NMGC’s operating footprint, including direct, indirect, and induced employment
  • Maintain NMGC’s existing low-income assistance programs and evaluate opportunities to invest and improve such programs

For communities

  • Expand current investments in economic development and community organizations to accelerate job creation, support business growth, and build stronger communities throughout New Mexico
    • $5M to economic development projects or programs within NMGC’s territory designed to attract new business and to retain and grow existing businesses
    • $5M to advance or develop renewable energy projects designed to align with the environmental goals of New Mexico
    • $2.5M in charitable contributions to organizations that are engaged in the development and improvement of communities and citizens in NMGC’s service territory
  • More than $3.6M in annual labor income, $6M in value-added production resulting in approximately $9.7M in economic output from new job creation, and $1.2M in tax revenues

For employees

  • All NMGC employees and leadership team remain in place
  • Employee compensations and benefits remain the same or better
  • Maintain New Mexico Gas Company’s current office locations across the state
  • Keep the name New Mexico Gas Company
  • NMGC Board of Directors’ composition remains locally focused

This sale requires regulatory approval by the New Mexico Public Regulation Commission. The New Mexico Public Regulation Commission's public hearing regarding the application is scheduled to begin on June 23, 2025.  

The NMPRC's Notice to Customers regarding the application and approval process can be found here.

The October 28 news release about the application to the NMPRC can be found here. The independent economic study regarding the benefits of new jobs that will be created as a result of the sale can be found here.

The application to the NMPRC can be found here.