For­mer en­er­gy min­is­ter Stu­art Young is de­fend­ing the PNM’s record on the re­struc­tur­ing of At­lantic LNG, ar­gu­ing that the agree­ment com­plet­ed in De­cem­ber 2023 is re­spon­si­ble for high­er rev­enues now be­ing earned by the Na­tion­al Gas Com­pa­ny (NGC) and the State.

In a Face­book post yes­ter­day, Young said the re­struc­tur­ing was con­ceived as a PNM pol­i­cy in 2018 and in­volved five years of ne­go­ti­a­tions with en­er­gy com­pa­nies bp and Shell.

He de­scribed the re­struc­tur­ing as “un­prece­dent­ed glob­al­ly”, claim­ing it had nev­er pre­vi­ous­ly been done else­where.