Texas public utility commission approves merger of PNM Resources, Avangrid
The Public Utility Commission of Texas (PUCT) approved the merger of PNM Resources, including its Texas utility subsidiary, Texas-New Mexico Power Company (TNMP), with Avangrid.
The merger has already received many federal regulatory approvals from the Federal Energy Regulatory Commission (FERC) and the Federal Communications Commission (FCC), along with clearance from the Committee on Foreign Investment in the United States (CFIUS). PNM Resources shareholders also approved of the merger. It still requires federal approval from the Nuclear Regulatory Commission and state approval from the New Mexico Public Regulation Commission (NMPRC).
“Today’s approval in Texas is an exciting milestone and confirms that our merger is in the public interest,” PNM Resources Chairman, President, and CEO Pat Vincent-Collawn said. “PNM Resources and Avangrid are eager to carry forward the commitments and future possibilities to our TNMP and PNM employees, customers, and communities with the support of a stronger, combined organization.”
PNM Resources is an energy company based in Albuquerque, N.M. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas. PNM has a diverse mix of generation and purchased power resources totaling 2.8 gigawatts of capacity. The company has a goal to achieve 100 percent emissions-free energy by 2040.
