The Next Chapter for
New Mexico Gas Company

NMGC & Bernhard Capital Partners


In August 2024, Bernhard Capital Partners (BCP) announced its agreement to acquire New Mexico Gas Company (NMGC) from Emera. BCP is an infrastructure investment firm focused on strengthening critical infrastructure across the country and has already invested in several utilities, including natural gas utilities. NMGC is the largest natural gas utility in New Mexico, providing safe, reliable, affordable natural gas service to more than 550,000 homes and businesses across the state.


About BCP’s Application

In October 2024, BCP filed an application to acquire NMGC from Emera for $1.25 billion. BCP also outlined a comprehensive set of commitments to benefit NMGC’s stakeholders and the entire state of New Mexico.

Why is this deal good for New Mexico?


Nearly $87 million committed to benefit customers, communities, and employees
 

People at a community festival

  • Up to $40M

    in customer benefit with no new rates before 2028

  • $5M

    to advance renewable energy projects across New Mexico

  • $22.4M

    in direct bill credits to customers

  • $7M

    in financial relief for low-income households through assistance programs

  • $5M

    to be invested in New Mexico economic development projects

  • $2.5M

    in charitable contributions to local nonprofits

  • $5M

    for workforce and technical skills training for the next-generation workforce

Additional Benefits

 

  • 750+ local employees will keep their jobs at NMGC and 20 new jobs will be created at NMGC

  • NMGC will continue operating with the same name, leadership, and workforce

  • All local offices will remain open, and NMGC’s headquarters will stay in Albuquerque

  • Proactive investment to upgrade NMGC IT systems nearing end of life with a modernized IT system that is designed specifically to serve natural gas utilities

Positive Multiplier Effect


In addition to direct benefits, BCP’s acquisition is projected in an independent study to result in more than 220 new job opportunities in the state, almost $40 million in new economic activity, and $5.3 million in new tax revenue for New Mexico. 

About BCP


BCP is a services and infrastructure-focused private equity management firm established in 2013 with a vision to create more resilient communities by investing in critical infrastructure services and assets. With over 20 portfolio companies spread across the United States, BCP continues to shape the next generation of regulated infrastructure — designed for resilience, grounded in partnership, and built to lead. Learn more by visiting BernhardCapital.com.