AVANGRID and PNM Resources Merger Agreement Extended

Source: www.gulfoilandgas.com 1/3/2022, Location: North America

AVANGRID, Inc., a leading sustainable energy company, announced it has entered into an amendment of the merger agreement with PNM Resources extending the end date to April 20, 2023. The companies have also filed a Notice of Appeal with the New Mexico Supreme Court of the December 2021 New Mexico Public Regulation Commission’s (NMPRC) order that rejected a stipulated agreement for approval of the merger.

“We remain committed to the merger between AVANGRID and PNM Resources, two companies that share a passion for our customers, employees and the communities we serve,” said AVANGRID CEO, Dennis V. Arriola. “Uniting our resources would accelerate New Mexico’s clean energy future with a dedicated focus on reliability and resilience. We look forward to one day welcoming PNM into the AVANGRID family, where we would be steadfastly committed to providing economic, social and environmental value to the communities we serve, just as we do in communities across the country today.”

In 2021, the merger received approval from five federal agencies and the Public Utility Commission of Texas. Additional community supporters voiced their opinions at a December 3, 2021, press conference, including the New Mexico Office of the Attorney General, the All-Pueblo Council of Governors (APCG), the New Mexico Chamber of Commerce, the Greater Albuquerque Chamber of Commerce, the Albuquerque Hispano Chamber of Commerce, and Western Resource Advocates (WRA).

The stipulated agreement would have provided more than $300 million in benefits to New Mexico customers and communities, while implementing safeguards to ensure continued local control of utility operations and reliable service to customers. The extension filed today will allow the companies time to continue to work together through the appeal process. As amended, the Merger Agreement may be terminated by both AVANGRID and PNMR under certain circumstances, including if the Merger is not consummated by April 20, 2023, subject to a three-month extension by AVANGRID and PNMR by mutual consent subject to various closing conditions.


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