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New Mexico utility files appeal over rejected merger

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ALBUQUERQUE, N.M. (AP) — The state's largest electric utility is appealing a recent decision by regulators to reject a proposed merger with a U.S. subsidiary of global energy giant Iberdrola.

PNM Resources announced that it filed its notice of appeal with the New Mexico Supreme Court on Monday. Company officials reiterated in a statement that they believe the multibillion-dollar merger with Avangrid would be in the best interest of the state.

The Public Regulation Commission in its recent decision pointed to concerns about Avangrid's track record elsewhere when it came to reliability and customer service.