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AVANGRID (NYSE:AGR) and PNM Resources (NYSE:PNM) reported strong support for their merger, with nearly all 24 intervenors in the NMPRC proceedings either endorsing or not opposing the agreement. The merger promises customer benefits totaling $94 million, including $67 million in rate credits and $10 million for COVID-related relief. Economic development is projected to include 150 new jobs and $25 million in funding for local initiatives. Six governmental approvals have been secured, with NMPRC as the final step needed for completion.
Positive
Nearly unanimous support from intervenors for the merger.
Projected customer benefits totaling $94 million, including $67 million in rate credits.
Creation of 150 new full-time jobs over three years.
$25 million in economic development funds for New Mexico.
Negative
None.
Almost all intervenors in the proceeding either support or do not oppose the Stipulation
ORANGE, Conn.--(BUSINESS WIRE)--
Today AVANGRID, Inc. (NYSE: AGR) and PNM Resources, Inc. (NYSE: PNM) announced additional support for the Stipulation agreement in the New Mexico Public Regulation Commission (NMPRC) proceeding to review the merger between the parent company of the Public Service Company of New Mexico (PNM), PNM Resources and AVANGRID. Almost all of the 24 intervenors in the case have signed on to the Stipulation agreement or confirmed that they either support or do not oppose the merger.
“Our team has listened and worked hard to understand the needs of the local communities and stakeholders in New Mexico,” said Dennis V. Arriola, CEO of AVANGRID. “The progress we have made to gain this nearly unanimous stakeholder support for this merger is not something we take for granted and we look forward to continuing this process toward the successful culmination of this transaction which will bring significant benefits to the people of New Mexico.”
Parties that have signed the Stipulation agreement include: the 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, Interwest Energy Alliance, Walmart, Inc., Onward Energy Holdings, LLC, M-S-R Power and Los Alamos County. New Mexico Affordable Reliable Energy Alliance (NM AREA) has also expressed support for the merger and the Albuquerque Bernalillo County Water Utility Authority (ABCWUA) stated its non-opposition to the merger during the evidentiary hearings in exchange for certain regulatory commitments. Earlier this week, NMPRC Staff requested permission from the Hearing Examiner to indicate its non-opposition to the merger in exchange for additional regulatory commitments.
The customer rate benefits now amount to $94 million, including
$67 million in customer rate credits over three years;
$10 million in COVID arrearages relief for customers;
$15 million for low-income customer energy-efficiency assistance; and
$2 million to bring electricity to low-income, remote customers.
And there are increased economic development benefits for New Mexico, including:
150 new full-time jobs over three years that will remain no less than five years thereafter;
$25 million in economic development funds;
$12.5 million in economic development contributions to community groups in the Four Corners region over five years ($2.5 million/year);
$1 million in scholarships for STEM (science, tech, engineering, math)
$1 million in funding for apprenticeship programs
To date, AVANGRID has received six governmental approvals for the merger. Five federal agencies and the Public Utility Commission of Texas have already completed their reviews and approved the proposed merger, leaving the NMPRC as the only remaining approval necessary for the merger. The original application before the NMPRC was filed in November 2020.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Forward-Looking Statements
Certain statements made in this press release for AVANGRID that relate to future events or expectations, developments, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. All statements contained in this Press Release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as “may,” “will,” “would,” “can,” “expect(s),” “intend(s),” “anticipate(s),” “estimate(s),” “believe(s),” “future,” “could,” “should,” “plan(s),” “aim(s),” “assume(s)”, “project(s)”, “target(s)”), “forecast(s)”, “seek(s)” and or the negative of such terms or other variations on such terms, comparable terminology or similar expressions. These forward-looking statements generally include statements regarding the potential transaction between AVANGRID and PNM Resources, including any statements regarding the expected timetable for completing the potential merger, the ability to complete the potential merger, the expected benefits of the potential merger, projected financial information, future opportunities, and any other statements regarding AVANGRID’s and PNM Resources’ future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current reasonable beliefs, expectations and assumptions. AVANGRID assumes any obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, AVANGRID cautions readers not to place undue reliance on these statements.
AVANGRID’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see AVANGRID’s Form 10-K and Form 10-Q filings and the information filed on Avangrid’s Forms 8-K with the Securities and Exchange Commission (the “SEC”) as well as its subsequent SEC filings, and the risks and uncertainties related to the proposed merger with PNM Resources, including, but not limited to: the expected timing and likelihood of completion of the pending merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending merger that could reduce anticipated benefits or cause the parties to abandon the transaction, the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed Merger, and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of PNM Resources to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
