PNM’s forthcoming merger with energy giant Avangrid is nearly completed. On Tuesday The New Mexico Public Regulation Commission will hold a “status conference” with all 22 parties involved with the merger to determine the path forward. Since the merger has been approved by nearly all federal agencies except the Nuclear Regulator Commission, final PRC approval is one of the few remaining road blocks for the transition in leadership. If approved by the PRC, Avangrid will acquire PNMR and both of it’s subsidiaries – Public Service Company of New Mexico, and Texas New Mexico Power for $4.3 billion.
Some details from the settlement include promises from Avangrid to create at least 150 new jobs in NM, $270 million in spending on rate relief for customers, and economic development plans. But it’s not a done deal yet, many of the parties involved with the settlement have differing goals. Some of the parties involved want to see more public benefits like rate freezes for customers and more of an effort to move away from coal fired generation plants like the Four Corners Generating Station. the merger is close but there is still plenty of details to be hashed out, and from passed experience the PRC will surely take it’s time in deliberating. Click HERE for more.