New Mexico Public Regulation Commission Approves Sale Of New Mexico Gas Company To Bernhard Capital Partners

Submitted by Carol A. Clark
on July 31, 2026
- 6:41 am

NMGC News:

ALBUQUERQUE — The New Mexico Public Regulation Commission approved the sale Thursday of New Mexico Gas Company to Bernhard Capital Partners. The application for the acquisition includes nearly $87 million in benefits earmarked for the customers, employees and communities that NMGC serves.

“We are grateful for Bernhard Capital Partners’ commitment to our Company, our customers and the state of New Mexico,” NMGC President Ryan Shell said. “Bernhard’s ownership ensures we have access to the needed capital for investments in our system. Our team at New Mexico Gas Company remains committed to providing safe, reliable, affordable service to our fellow New Mexicans.”

“Today’s approval reflects a shared confidence in New Mexico Gas Company’s future and brings us one step closer to officially welcoming NMGC into the Bernhard portfolio,” said Jeff Baudier, Senior Managing Director at Bernhard. “From the beginning, we’ve believed this is an investment in exceptional people, a strong utility and the communities it serves. We look forward to closing the transaction, delivering on our commitments, and partnering with NMGC’s employees, leadership and Board of Directors to build on the company’s legacy of safe, reliable natural gas service.”

As a part of the sale, Bernhard has committed to investing nearly $87 million into the State of New Mexico. Key commitments include:

$22.4 million in rate credits for NMGC customers, which will be paid monthly over a 12-month period, starting within three months of the sale closing. The average customer will receive more than $40 in credits, which equates to an average customer’s monthly bill.

Base rates will not increase or change as a result of the sale. Rates will continue to be set by the NMPRC—just as they always have been.

$15 million invested into economic development and workforce training initiatives.
$7 million toward NMGC’s existing customer bill assistance program, HEAT New Mexico.
Existing NMGC employees continue to serve customers, and all existing offices across the state remain in place.

This approval does not impact customer rates, bills or any operations at NMGC, and customers do not need to take any action to continue their natural gas service.

“This approval marks an important milestone for Emera and supports our long-term growth objectives,” said Scott Balfour, President and Chief Executive Officer of Emera Inc. “We appreciate the NMPRC’s thorough review and decision and thank the New Mexico Gas team for their unwavering focus on customers. We are confident Bernhard is committed to building on that strong foundation and supporting the continued success of New Mexico Gas for customers, employees and communities across the state.”

For more information, visit nmgco.com.