Sign the Petition to Block the BCP Buyout
Our Petition
We, the undersigned residents of New Mexico, urge the Public Regulation Commission (PRC) to reject the proposed acquisition of New Mexico Gas Company by Bernhard Capital Partners (BCP).
At a time when families and small businesses are already struggling under the burden of rising energy costs, tariffs, unemployment and inflation, handing control of our gas utility to a private equity firm would put an essential public service into the hands of investors whose only mandate is profit. The likely outcome is higher rates, diminished service quality, weakened regulatory oversight, and increased economic hardship for the New Mexicans who can least afford it.
We oppose this acquisition because:
- BCP’s record demonstrates disregard for the public interest.
- BCP spent more than $200,000 on campaign contributions to improperly influence utility regulators and grease the wheels for their 2024 utility takeover in Louisiana, despite having no prior experience running utilities of this scale.
- BCP’s initial application showed its disregard for the public interest. It included no customer benefits and didn’t even consider how the acquisition would benefit New Mexicans when the acquisition decision was made.
- Ultimately their “concessions” to ratepayers—like BCP’s one-year $2.27/month credit and one year rate freeze—are token gestures that do nothing to protect New Mexicans in the long run. Especially because the regulatory asset they requested would render any rate credits pointless.
- BCP spent more than $200,000 on campaign contributions to improperly influence utility regulators and grease the wheels for their 2024 utility takeover in Louisiana, despite having no prior experience running utilities of this scale.
- Private equity business models are incompatible with the public interest.
Firms like BCP pursue relentless investor returns through ruthless cost-cutting, asset-stripping, and rate hikes. Private equity’s record in other sectors—housing, healthcare, and worker protections—shows a pattern of increased costs, reduced quality, and disregard for human well-being. There is no reason to believe utility ownership will be any different. Our gas service could become less safe and less reliable. - Regulatory oversight will be weakened.
Private equity firms are not required to disclose their financials, operational details, or investor structures. This secrecy makes it nearly impossible for regulators to hold them accountable, especially in cases involving affiliate transactions across their sprawling corporate portfolios.
The stakes for New Mexico are too high.
Our state already suffers from the highest child poverty rate in the nation and one of the lowest median household incomes. Rising utility rates would push thousands into impossible choices between food, medicine, and heat.
Therefore, we call on the PRC to:
Affirm the principle that essential services like gas and electricity must be managed in the public interest, not for private enrichment.
Deny the proposed acquisition of New Mexico Gas Company by Bernhard Capital Partners.
Reject any future attempts by private equity firms such as Blackstone to acquire or control New Mexico’s energy utilities.