Official: Commission should reject New Mexico utility merger
SANTA FE, N.M. (AP) — A state hearing examiner is recommending that a New Mexico regulatory commission reject a proposed merger involving the state’s largest utility, Public Service Co. of New New Mexico.
Public Regulation Commission hearing examiner Ashley Schannauer's report and recommendation said potential downsides of the merger outweigh the benefits. Under the merger, Connecticut-based Avangrid and its parent firm, Iberdrola of Spain, would acquire PNM Resources. and its PNM and Texas New Mexico Power subsidiaries.
If approved, Avangrid would acquire PNMR in an all-cash transaction valued at $4.3 billion and affecting about 800,000 homes and businesses, including some 530,000 customers of PNM.