Proposed Sale of NMGC to Bernhard Capital Partners

On May 20, 2026, the New Mexico Public Regulation Commission Hearing Examiners recommended approval of the proposed sale of New Mexico Gas Company to Bernhard Capital Partners. The Recommended Decision, which can be found here, is a key milestone in the regulatory approval process. The proposed sale still requires final approval by NMPRC Commissioners, who will discuss the Recommended Decision and issue a final order at a future open meeting of the Commission. 

 

What does this mean for customers? 

The recommended decision is milestone in the regulatory process, and the sale is not yet final. NMPRC Commissioners must review the recommendation and make a final decision, which will occur in the coming weeks. The services you receive, and the NMGC team that serves you, will not change as a result of the regulatory process - or even the completion of the sale. You can expect proactive communications as we move forward, please check here for updates. Learn more about the benefits of the transaction at nmgcnext.com.

 

Does anything change for customers? 

No. For our customers, nothing is changing. The sale has yet to receive final approval and if it is approved, nothing will change from a customer's perspective. 

The same dedicated New Mexicans who have served you for years will remain on the job, in the same roles and working from the same offices across our state. Our passion for safety and customer service is unchanged.

 

Is this sale good for customers and our communities? 

In its request for approval of the sale, Bernhard is committing nearly $87 million to deliver meaningful benefits for customers and the communities NMGC serves, including:

  • Money back to customers: $22.4 million in rate credits will be applied to customer accounts, which equals more than $40 for a typical household.
  • No changes to rates: Base rates will not increase for at least 12 months following close, so customers can count on predictable bills.
  • Up to $40 million in customer savings: With no changes to your rates, customers are expected to see up to $40 million in total savings on energy costs.
  • Financial relief for low-income households: $7 million dedicated to bill assistance programs like HEAT NM, helping customers manage their energy costs.
  • Investing in New Mexico: $15 million dedicated to economic development initiatives, workforce programs, and other community priorities across New Mexico.
  • Supporting local causes: $2.5 million in charitable giving to local nonprofits.

 

What's next? 

The NMPRC commissioners will consider the recommended decision at a future open meeting and issue a final decision on the case. Customers can expect proactive communication from NMGC and Bernhard as we continue in the regulatory process.

 

BACKGROUND

In August 2024, Louisiana-based Bernhard Capital Partners announced that it would purchase New Mexico Gas Company from Emera Inc. In October 2024, Bernhard, Emera and New Mexico Gas Company filed an application with the New Mexico Public Regulation Commission (NMPRC) seeking approval for the acquisition. A public hearing was held in November 2025. On May 20, 2026, NMPRC Hearing Examiners recommended that the Commission approve the sale. Links to the regulatory filings in the approval case can be found here.