One of the world's largest private equity firms has made its opening offer of regulatory commitments to customers of the state's largest electric utility, promising more than $100 million in rate credits as well as funds for economic development.

Executives from Public Service Company of New Mexico and its holding company, TXNM Energy, filed an application with state regulators Monday for a proposed takeover by Blackstone Infrastructure, an arm of the massive private equity firm Blackstone Inc.

The proposed deal for about $11.5 billion is subject to approval by the three-member New Mexico Public Regulation Commission.

Officials from the two companies noted the package of community benefits they are offering exceeds those from any other utility acquisition in state history. They tout the

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