Proposed $4.3B Merger Between PNM Resources and Avangrid Terminated

The termination follows concerns over Avangrid's reliability and customer service track record, thwarting potential benefits such as job creation and energy efficiency projects in New Mexico.

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.