Overview

• The proposed merger between New Mexico's largest electric utility, PNM Resources, and Connecticut-based Avangrid, a subsidiary of global energy giant Iberdrola, has been terminated.
• The all-cash transaction was valued at more than $4.3 billion and would have allowed Iberdrola and Avangrid to generate and export more wind and solar power in New Mexico.
• PNM officials previously stated that the merger would have created jobs, served utility customers, and boosted energy efficiency projects in New Mexico.
• The Public Regulation Commission had expressed concerns about Avangrid’s reliability and customer service track record in other states where it operates.
• Mariel Nanasi, executive director of New Energy Economy and a critic of the proposed merger, said that Avangrid and Iberdrola’s customer service record and attitude toward regulatory oversight led New Mexico regulators to reject the proposal.