Investing Wisely in New Mexico’s Energy Future
As the leader of the Albuquerque Hispano Chamber of Commerce (Hispano Chamber) representing hundreds of Hispanic-owned and small businesses across New Mexico, I care deeply about the stability, affordability and reliability of the utilities that serve our communities. As a former Public Utility Executive, I understand the need to have a solid balance sheet and income statement to provide the infrastructure for the current and future energy demands and how that impacts economic development in this state.
Energy costs and access to dependable infrastructure are not just technical issues — they directly affect small-business growth, job creation and economic opportunity. New Mexico’s small and Hispanic-owned businesses are key players in building the future of New Mexico’s economy. Affordable and dependable energy helps keep that momentum strong.
Recently, there’s been growing interest in investing in the utilities that serve our communities and businesses—a trend we should all be paying close attention to. Specifically, Bernhard Capital Partners’ (BCP) proposal to acquire New Mexico Gas Company (NMGC) represents a $1.2 billion investment in the utility and in our entire state. NMGC serves approximately 90% of residential and commercial natural gas customers in New Mexico. As such, the owners of one of our state’s largest and most critical assets should be aligned with our vision for economic growth, committed to our communities’ culture and success, and willing to invest in initiatives that further our state’s potential. In getting to know the team over the last several months, the Hispano Chamber believes BCP is the partner well-positioned to do just that.
While approval of the transaction remains under review by the Public Regulation Commission, there are some key commitments BCP has made in its application that we as a state should take full advantage of. Their plans keep NMGC’s operations, employees and headquarters here in New Mexico, and even transition some services currently provided elsewhere back into the state. That means more local jobs and decisions made here, by those who know customers’ needs best. BCP has also indicated that customer rates will remain stable for an extended period of time, and they have committed to investing millions into economic development initiatives, local nonprofits, and relief funding for low-income households, among other priorities.
Our members know firsthand that growth follows reliability. When businesses can count on affordable energy and responsive service, they can grow and hire with confidence. NMGC has been a great partner to the Hispano Chamber and our business community for decades and, by keeping the local leadership team in place, BCP is enhancing the utility’s ability to do even more for its customers.
We encourage continued transparency throughout the regulatory process and thoughtful evaluation of just how this transaction could be for New Mexico’s people and businesses. A strong and locally rooted natural gas utility remains vital to our state’s economic future.
Ernie C’deBac
President & CEO
Albuquerque Hispano Chamber of Commerce