PNM Resources, Avangrid extend their merger agreement to the end of the year
PNM Resources and Avangrid have mutually agreed to extend their merger agreement through Dec. 31, 2023.
The merger was originally announced in October 2020, and it received the necessary approvals from the five federal agencies as well as the Public Utility Commission of Texas. However, the deal was rejected by the New Mexico Public Regulation Commission (NMPRC) in December 2021. The ruling has been under appeal with the New Mexico Supreme Court since them.
“Our merger with Avangrid remains the right path for the future of our customers, communities, employees, shareholders and the environment,” Pat Vincent-Collawn, PNM Resources chairman and CEO, said. “Throughout the process to amend and extend the merger, we continued to prioritize the financial strength of our standalone business, ensuring we provide reliable and affordable service and delivering results.
The New Mexico Supreme Court has scheduled oral arguments in the case to be held on Sept. 12. The court does not have a statutory deadline for a decision on the appeal. The agreement can be extended by another three months beyond Dec. 31 upon mutual agreement from the companies.
PNM Resources is an energy holding company based in Albuquerque. It provides electricity to more than 800,000 homes and businesses in New Mexico and Texas.
