ALBUQUERQUE, N.M. (AP) — Consumer advocacy groups, environmentalists and the New Mexico attorney general's office are raising concerns about a proposed multibillion-dollar merger of the state's largest electric utility with a U.S. subsidiary of global energy giant Iberdrola.
The groups have filed testimony with state regulators ahead of hearings that begin next month. It will be up to the Public Regulation Commission to determine if the merger provides meaningful benefits to Public Service Co. of New Mexico customers and if it would be in the public interest.
Some groups say PNM shareholders will benefit from the proposed transaction and that it could end up stifling competition for renewable energy development in New Mexico.