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New Mexico regulators reject proposed utility merger

ALBUQUERQUE, N.M. (AP) — Global energy giant Iberdrola's proposed multibillion-dollar acquisition of New Mexico's largest electric provider has been unanimously rejected by state regulators.

The Public Regulation Commission voted Wednesday to deny the merger. All five elected commissioners agreed the deal would not be in the public's interest. They cited concerns about customer service and reliability issues in other states where Iberdrola subsidiary Avangrid operates.They also pointed to the company initially withholding information during the proceeding, a move that resulted in a $10,000 penalty.

Supporters had argued that bringing Iberdrola and Avangrid on board would boost the ability of PNM Resources to develop more renewable energy.