PNM/AVANGRID work to address issues heading into a public hearing on Merger Application  

(ALBUQUERQUE, N.M.) – Parties in the merger application of PNM Resources, Inc. (NYSE: PNM), the parent company of Public Service Company of New Mexico (PNM), and AVANGRID, Inc. (NYSE: AGR) before the New Mexico Public Regulation Commission (NMPRC) filed testimony on Friday.  

Five parties filed responses on July 16, 2021, to a merger agreement previously entered into by thirteen parties. Those reaching agreement on terms that bring major benefits to the state include Attorney General of the State of New Mexico, Western Resource Advocates, the International Brotherhood of Electrical Workers Local 611, Dine Citizens Against Ruining Our Environment, Nava Education Project, San Juan Citizens Alliance, To Nizhoni Ani, the Coalition for Clean Affordable Energy, InterwestEnergy Alliance, Walmart, Inc., Onward Energy Holdings, LLC., M-S-R Power and Los Alamos County. 

The response testimonies filed with the NMPRC outline a handful of remaining concerns raised by New Mexico AREA, Bernalillo County, and the Albuquerque/Bernalillo County Water Utility Authority that signal progress toward further consensus on the merger's approval. Since the broader group's merger terms were reached, PNM and AVANGRID have continued to work with each of these parties to build a constructive path forward through the regulatory process, with just a few remaining issues.  

"These constructive filings show that PNM, AVANGRID, and the parties share a common vision to move New Mexico forward," said Pat Vincent-Collawn, Chairman, President, and CEO of PNM Resources.  "The merger will achieve this vision by combining the local management and hard work of dedicated New Mexicans with the expertise, experience, and financial resources of AVANGRID."

“Having reviewed the testimonies filed on Friday - particularly the testimonies of NM AREA and Bernalillo County, each of which presented many constructive suggestions- we here at AVANGRID have clearly received the message that maintaining local management control and assuring accountability for a reliable, affordable, and environmentally-friendly PNM electric system is paramount to our shared success,” said Robert Kump, AVANGRID Deputy CEO and President. “These filed testimonies demonstrate a growing consensus around the benefits of the merger to customers, employees, communities and the environment across New Mexico.”

If approved by the NMPRC, the agreement among the parties will bring over $270 million in benefits to New Mexico. The hearing examiner for the case has scheduled a hearing on the merger beginning August 11.