Mexico Rejects Agreement Reached With Parties In PNM / AVANGRID Merger

(RTTNews) - The New Mexico Public Regulation Commission or NMPRC rejected the agreement reached by parties in the merger application involving PNM Resources Inc. (PNM), its wholly-owned subsidiary Public Service Company of New Mexico (PNM) and AVANGRID Inc.(AGR).

The Commission voted 5-0 to reject the parties' agreements reached in the merger proceedings, following a 4-1 vote to deny a request for oral argument seeking to address concerns expressed by the NMPRC.

"I am disappointed the Commission didn't see the merits of the agreements reached by parties and also rejected our request to hear oral arguments....We will review and evaluate the order," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO.

"We are disappointed with the Public Regulation Commission's decision to reject the agreement reached by the parties. We are evaluating the next steps before us," AVANGRID said.

In October 2020, Spanish utility Iberdrola S.A. (IBDSF.PK) said that its U.S. energy operations unit Avangrid agreed to buy PNM Resources in a deal with an enterprise value of about $8.3 billion.