UNITED STATES NEWS

Proposed merger of New Mexico, Connecticut energy companies ends; deal valued at more than $4.3B

Jan 2, 2024, 12:48 PM

ALBUQUERQUE, N.M. (AP) — Officials with New Mexico’s largest electric utility said Tuesday that a proposed multibillion-dollar merger with a U.S. subsidiary of global energy giant Iberdrola has ended.

Under the proposal, Connecticut-based Avangrid would have acquired PNM Resources and its two utilities — Public Service Co. of New Mexico and Texas New Mexico Power.

The all-cash transaction was valued at more than $4.3 billion and would have opened the door for Iberdrola and Avangrid in a state where more wind and solar power could be generated and exported to larger markets.

“We are greatly disappointed with Avangrid’s decision to terminate the merger agreement and its proposed benefits to our customers and communities,” PNM president and CEO Pat Vincent-Collawn said in a statement.

PNM officials previously said the proposed multimillion-dollar merger with Avangrid would have helped create jobs, serve utility customers and boost energy efficiency projects in New Mexico.

They said being backed by Avangrid and Iberdrola would provide the New Mexico utility greater purchasing power and help move it closer to its carbon-free goals.

The multimillion merger plan was originally crafted in 2020.

Last January, PNM Resources filed a notice of appeal with the New Mexico Supreme Court after regulators rejected the proposed merger. The court heard oral arguments but have yet to issue a ruling.

Officials with Avangrid, which owns New York State Electric & Gas and other utilities in the Northeast, said Tuesday that there is no clear timing on the resolution of the court battle in New Mexico nor any subsequent regulatory actions.

The Public Regulation Commission had said it was concerned about Avangrid’s reliability and customer service track record in other states where it operates.

The elected commissioners also pointed to the company initially withholding information during the lengthy proceeding, a move that resulted in a $10,000 penalty.

Mariel Nanasi, executive director of New Energy Economy and a critic of the proposed merger, said Tuesday that Avangrid and Iberdrola’s customer service record and attitude toward regulatory oversight caused New Mexico regulators to reject the proposal.

“Their continuing failure to properly serve their customers is proof positive that the PRC made the right call,” she said, adding that New Mexico escaped a multinational corporate takeover of what she described as an essential piece of infrastructure for the rural state.

United States News

Associated Press

A judge temporarily blocks Iowa law that allows authorities to charge people facing deportation

DES MOINES, Iowa (AP) — A federal judge on Monday temporarily blocked an Iowa law that allowed law enforcement in the state to file criminal charges against people with outstanding deportation orders or who previously had been denied entry to the U.S. U.S. District Court Judge Stephen Locher issued a preliminary injunction because he said […]

36 minutes ago

Associated Press

Wisconsin Supreme Court will hear a challenge to governor’s 400-year school funding veto

MADISON, Wis. (AP) — The Wisconsin Supreme Court will hear a challenge to Democratic Gov. Tony Evers’ partial veto that locked in a school funding increase for the next 400 years, the justices announced Monday. The Wisconsin Manufacturers & Commerce Litigation Center filed a lawsuit in April arguing the governor exceeded his authority. The group […]

1 hour ago

Associated Press

Retired AP reporter Hoyt Harwell dies at 93. He covered key events in the American South

HOOVER, Ala. (AP) — Hoyt Garland Harwell, a longtime reporter for The Associated Press who covered key events in the American South and was a mentor to young reporters, has died. He was 93. Harwell died at home June 12 following a brief illness, according to his obituary. Harwell worked for the AP for 42 […]

2 hours ago

Associated Press

Federal appellate panel sends Michigan pipeline challenge to state court

Michigan Attorney General Dana Nessel’s lawsuit seeking to shut down part of a petroleum pipeline that runs beneath the Straits of Mackinac belongs in state court, a federal appellate panel ruled Monday. The pipeline’s operator, Enbridge Inc., moved the case from state court to federal court more than two years past the deadline for changing […]

2 hours ago

Associated Press

Small plane with 1 aboard crashes into a Massachusetts river

LAWRENCE, Massachusetts (AP) — A small plane with one pilot aboard crashed into a Massachusetts river on Monday, according to authorities. It wasn’t immediately clear if the pilot survived the crash or was injured. The Federal Aviation Administration said the single-engine Van’s Aircraft RV-6A crashed into the Merrimack River in the town of Lawrence at […]

2 hours ago

Associated Press

No lie: Perfectly preserved centuries-old cherries unearthed at George Washington’s Mount Vernon

MOUNT VERNON, Va. (AP) — George Washington never did cut down the cherry tree, despite the famous story to the contrary, but he did pack away quite a few bottles of the fruit at his Mount Vernon home. Dozens of bottles of cherries and berries — impossibly preserved in storage pits uncovered from the cellar […]

2 hours ago

Sponsored Articles

...

Day & Night Air Conditioning, Heating and Plumbing

Beat the heat, ensure your AC unit is summer-ready

With temperatures starting to rise across the Valley, now is a great time to be sure your AC unit is ready to withstand the sweltering summer heat.

...

COLLINS COMFORT MASTERS

Here are 5 things Arizona residents need to know about their HVAC system

It's warming back up in the Valley, which means it's time to think about your air conditioning system's preparedness for summer.

...

Collins Comfort Masters

Here’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

Proposed merger of New Mexico, Connecticut energy companies ends; deal valued at more than $4.3B