On Wednesday, after a meeting that lasted several hours, the New Mexico Public Regulation Commission unanimously voted against a proposed merger between utility giants PNM and AVANGRID.
PNM and AVANGRID had requested to present oral testimony to present its case. That request was denied.
PNM issued a statement saying “We are disappointed by the Commission’s decision to reject the agreement reached by the parties. We are examining all of our options and will wait to review the Commission’s final order before taking any next steps. We will continue to evaluate any next steps that could allow us to bring the positive benefits to the people we serve,” said Pat Vincent-Collawn, Chairman, President and CEO of PNM.
All five elected commissioners agreed the deal would not be in the public’s interest. They cited concerns about customer service problems and reliability issues in other states where Iberdrola subsidiary AVANGRID operates. They also pointed to the company initially withholding information during the proceeding, a move that resulted in a $10,000 penalty.