Common Questions
For Customers & Communities
Will my rates increase because of this sale?
No. BCP has committed to a rate “stay out,” which guarantees rate consistency for customers until at least 2028 and $22.4 million in direct bill credits paid to NMGC customers. The rate stay out is valued at about $40 million.
Will the proposed sale negatively impact our environment?
No. Transferring ownership of the utility will not have any impact on NMGC’s commitments to environmental stewardship and responsible natural gas operations.
Natural gas is an important part of our country’s energy future and transition to renewable energy, and as such, NMGC will continue to invest in reducing emissions from natural gas delivery and other day-to-day operations.
Are investments in economic development an important part of the acquisition?
Yes. Economic development commitments were an important part of NMGC’s previous changes in ownership and remain important today. BCP believes utilities have an important role to play in economic development and the communities they serve, which can include anything from infrastructure investments to projects that improve quality of life for residents. BCP is committed to advancing economic development and other community priorities, totaling almost $87 million.
Will NMGC continue to support local community initiatives and nonprofits?
Yes. BCP will maintain existing programs, such as low-income bill assistance, and evaluate methods to improve them, in addition to committing $2.5 million in charitable donations for NMGC to provide to local nonprofit organizations.
What happens with the commitments in the application if NMGC is not sold?
The benefits and commitments of this transaction would not happen if the utility were not sold to BCP — that means customers and communities would not benefit from planned investments in customer rate credits, financial assistance for low-income households, economic development priorities, and local nonprofit organizations.
Do other private equity firms own utilities?
Yes. There are private equity-owned utilities in states across the country, including New Mexico, and several local utilities are private-equity backed. Infrastructure investment firms, like BCP, focus on acquiring and holding assets for long periods to benefit customers by providing access to capital for investments, relieving financial pressures, enabling more direct accountability for utility leaders, and providing strategic support from experienced industry professionals.
It’s important to know that BCP’s investors are large institutional funds such as public and private pension funds, college endowments, insurance companies, and labor union funds that entrust our team to make smart, stable investments with their dollars. Investing in utilities represents a win-win opportunity to do just that: invest in strong assets with stable financial outputs and support growth with readily available capital. In fact, the New Mexico Educational Retirement Board has invested $30 million into one of BCP's funds.
When is the timeline for the acquisition?
Emera announced its intent to sell NMGC to BCP on August 5, 2024. Shortly after, on October 28, 2024, a joint application was filed with the New Mexico Public Regulation Commission (NMPRC) for approval of the sale. The NMPRC is currently reviewing the application and must approve the sale before it can be complete.
Operations at NMGC
Will it cost more to operate NMGC under BCP’s ownership?
No. BCP expects to save $1.2 million per year in ongoing operational expenses compared to current costs.
Will jobs be lost due to the acquisition?
No. BCP has guaranteed all NMGC employees the opportunity to continue their jobs at NMGC after the sale is complete. Employees are guaranteed the same or better pay and benefits, as well as job protection. BCP has no intention of reducing jobs or headcount at NMGC and plans to add 20 new jobs to support shared services being brought in-house, rather than delivered out-of-state by employees of Emera-affiliated companies.
Will NMGC remain transparent to customers, stakeholders, and regulatory bodies under BCP’s ownership?
Yes. NMGC will maintain its current reporting practices with the NMPRC and other regulatory agencies and key stakeholders. This includes submitting customer service data, annual reports, and all filings required under standard reporting obligations.
The transaction does not alter NMGC’s regulatory oversight — it will remain fully regulated by the NMPRC.
What will change about operations at NMGC?
BCP’s application gives local employees at NMGC greater decision-making power and autonomy. Today, certain business functions are performed in Canada and Florida. BCP’s application and transition will bring these services back in-house, creating new jobs in New Mexico and transferring NMGC to U.S.-based ownership.
About BCP
Does BCP have any experience running natural gas utilities?
Yes. The BCP team has decades of experience operating regulated utilities across the U.S. We currently own five natural gas local distribution companies that serve about the same number of customers as NMGC and have been in operation for decades prior to the acquisitions.
Why is BCP interested in investing in New Mexico?
BCP is a long-time investor in utility and infrastructure services companies across states leading the nation’s energy sector, including New Mexico. Albuquerque-based Strategic Management Solutions Inc. (SMSI) has been a BCP portfolio company since 2024. BCP already recognizes New Mexico’s immense potential and views this acquisition as a meaningful opportunity to help drive and sustain that growth.
Will BCP sell NMGC soon after it is bought?
No. BCP has committed to owning NMGC for at least 10 years, demonstrating its commitment to New Mexico, customers, and employees.
Has BCP been able to improve operational and financial performance at other portfolio companies?
Yes. BCP’s utilities and other portfolio companies have improved performance after each acquisition. Under BCP’s ownership, companies in the utility portfolio have consistently delivered better customer service and stronger, safer operational performance, largely driven by investments in infrastructure and technology.
Visit our benefits page to explore how this acquisition benefits New Mexico, customers, and employees.