05/02/2026
An excellent overview of the foundational rationale for Blackstone to pay a present premium price to acquire and privatize Public Service Company of NM. It is not primarily about gouging ratepayers or even directing cheaper electricity to data centers. It is about setting the stage for Blackstone to repeat the process by which it has grown from a $450 million investment fund in 1985 to a $1.3 trillion asset portfolio in 2026 and a $48 billion personal fortune for its CEO Stephen Schwarzman……..mainly by “seeing” the future enterprise potential that others could not and acquiring and privatizing those businesses, so it could harvest the growth in value by going public again after the rest of the world woke up. Another fantastic "opportunity" for New Mexico to export the proceeds of its produced wealth out of the state.
Our grid is too old and our supply of electricity too small. If we don’t meet this moment, we will face an impoverished future.
