Blackstone Makes $5.7 Billion Bet on Power With TXNM Deal (1)

Blackstone Infrastructure agreed to acquire New Mexico utility owner TXNM Energy Inc. for about $5.7 billion, the latest in a flurry of power deals as US electricity consumption grows.

After two decades of little change, power demand in the US is expanding on the back of the construction of new data centers and factories, along with the overall electrification of the economy. That surge in consumption has given dealmaking in the electricity sector a boost, with a string of independent power producers loading up on more generation assets.

Though the TXNM deal differs from other recent pacts in that it’s ...