Senate Memorial 9 requests the Legislative Finance Committee to conduct a study on the potential public benefits of state investment funds acquiring equity interests in the New Mexico gas company and TXNM energy, inc., the parent company of the public service company of New Mexico. The study aims to evaluate the public, ratepayer, environmental, and economic costs and benefits of such acquisitions, as well as the necessary procedures and disclosures for a state investment fund to proceed. The committee is expected to report its findings and recommendations by December 1, 2026.

Additionally, the memorial urges the public regulation commission to delay any approvals for private equity acquisitions of the mentioned utilities until the study is completed and presented to the Legislative Finance Committee, ensuring that no decisions are made before the conclusion of the first session of the fifty-eighth legislature. This initiative highlights concerns over the impact of private equity ownership on essential utility services and the potential for state investment to provide a more stable revenue source for New Mexico.