Today, the Public Utility Commission of Texas (PUCT) approved a unanimous settlement filed in the application by Texas-New Mexico Power Company (TNMP) for TXNM Energy (NYSE:TXNM), the parent company of TNMP, to be acquired by Blackstone Infrastructure.

The approval confirms that the acquisition is in the public interest. Terms of the settlement include $45 million in rate credits to customers, strong governance and local oversight, dividend restrictions, financial protections and ring-fencing, local control and workforce protections, customer and regulatory protections, a commitment to fund the company's 5-year capital expenditure plans, and commitments to Texas communities.