Merger Reviews in Texas

Bates White was retained by the Public Utility Commission of Texas analyzing two recent proposed electric utility acquisitions.

In 2025, Bates White submitted testimony regarding the proposed acquisition of Texas New Mexico Power by a subsidiary of Blackstone Inc. The testimony recommended several conditions be placed on any approval of the acquisition, including an independent board of directors, strong ring-fencing measures to protect TNMP and its customers, and restrictions on affiliate transactions and Blackstone subsidiary participation in TNMP's footprint. Vincent Musco served as consulting expert and Carolyn Berry was the testifying expert.

A second and earlier case involved the proposed Avangrid acquisition of Texas–New Mexico Power (TNMP), a regulated transmission and distribution company. Vincent Musco served as consulting expert and Carolyn Berry as testifying expert. Bates White's testimony recommended tighter governance and financial commitments to protect Texas consumers from increased risks and new competitive commitments to protect the Texas electric markets from anti-competitive concerns. The testimony also recommended an increase in the credit to customers to better balance customer and shareholder benefits and to reflect the value that TNMP brings to the transaction.