New Mexico Gas Company sale approved by state regulators

State regulators approved the $1.25 billion sale of New Mexico Gas Company, a deal that could shape Santa Fe County gas bills, repair work and outage response under new private-equity ownership.

The New Mexico Public Regulation Commission signed off on the transfer of NMGC’s parent company from Emera Inc. to Saturn Utilities Holdco, LLC, an affiliate of Bernhard Capital Partners, a Louisiana-based private equity firm. NMGC said in the case, 24-00266-UT, that it would keep its New Mexico headquarters, leadership team, workforce and existing regulatory obligations after the sale closes.

For Santa Fe County households and businesses that depend on natural gas for heat, cooking and hot water, the ownership change matters because utility sales can affect how quickly leaks get fixed, how much is spent on pipes and meters, and how tightly regulators keep watch over service quality. The company serves communities across New Mexico, so the commission’s approval reaches far beyond corporate ownership papers.

The transaction had been under review since October 2024, when Emera Inc., NMGC, Saturn Utilities Holdco and their affiliates filed a joint application seeking permission to sell the utility. On May 20, 2026, hearing examiners for the commission issued a Recommended Decision to approve the acquisition with conditions, signaling that regulators wanted safeguards in place before allowing the deal to move ahead.

Those conditions became part of the public debate around the sale. Reported terms included rate credits, retention of NMGC employees and $10 million in methane leak reduction spending, all aimed at limiting the risk that a new owner would squeeze costs at the expense of customers or maintenance. New Mexico Attorney General Raúl Torrez also opposed the proposed merger, adding state-level resistance before the commission ultimately approved the transaction.

The approval gives Bernhard Capital Partners control of a utility with customers in Santa Fe, Albuquerque and other parts of the state, but the practical test comes later. Residents will be watching whether the company keeps service stable through winter demand, follows through on promised infrastructure work and maintains the workforce needed to answer complaints and respond to outages. The commission’s order cleared the sale, but it also put NMGC’s next year of performance under a sharper public spotlight.