Avangrid, the US affiliate of the Spanish energy group Iberdrola, and the US energy holding company PNM Resources have amended their merger agreement extending the end date to 20 April 2023. In addition, the two companies have appealed to the New Mexico Supreme Court, asking it to approve their proposed merger.
Avangrid and PNM Resources approved the US$8.3bn merger transaction in October 2020. The merger received approval in 2021 from five federal agencies and the Public Utility Commission of Texas, leaving only the Public Regulation Commission of New Mexico approval remaining. However, the Public Regulation Commission of New Mexico rejected Avangrid's acquisition of PNM Resources in December 2021.
PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas with 3.1 GW of installed capacity. The combined company would create one of the largest power utilities in the United States, with 10 regulated electricity companies in 6 states (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas) and the third-largest renewable operator in the country, with a total presence in 24 states. It would manage more than 4.1 million supply points, more than 168,000 km of networks and almost 11 GW of installed capacity.