Hearings Scheduled on Amended Stipulation for PNM Resources' Merger with AVANGRID
The New Mexico Public Regulation Commission (NMPRC) has set a procedural schedule for the merger application between Public Service Company of New Mexico (PNM) and AVANGRID (AGR). This follows AVANGRID's resolution of regulatory issues and reflects its commitment to transparency. An evidentiary hearing is slated for August 11-20, 2021, with the merger expected to bring over $270 million in benefits to New Mexico. The merger has received approvals from federal agencies and the Texas Public Utility Commission, with NMPRC approval as the final requirement.
- Merger expected to generate over $270 million in benefits for New Mexico.
- Five federal agencies and Texas Public Utility Commission have approved the merger.
- Only NMPRC approval remains; risks associated with potential delays.
- Concerns about retention of key personnel during the merger.
ALBUQUERQUE, N.M., June 1, 2021 /PRNewswire/ -- On Friday, the Hearing Examiner for the New Mexico Public Regulation Commission (NMPRC) set the remaining procedural schedule for the amended stipulation in the merger application of Public Service Company of New Mexico (PNM) and its parent company, PNM Resources, Inc. (NYSE: PNM), with AVANGRID (NYSE: AGR). This schedule comes after AVANGRID addressed regulatory issues for its northeastern regional utility subsidiaries on service quality standards, including details on routine reviews management audits that are typical for investor-owned utilities in those jurisdictions. The filing reflected AVANGRID's policy on open disclosure of its utility practices with customers, employees, regulators, investors, key stakeholders, and the communities in which AVANGRID operates.
"We are pleased that the Hearing Examiner has chosen to move forward towards an evidentiary hearing on the amended stipulation which includes 13 parties on our merger application," said Pat Vincent-Collawn chairman president and CEO PNM Resources. "This merger has already received approvals from federal agencies and the Texas Public Utility Commission, and we look forward to making the case for moving PNM and New Mexico forward with AVANGRID's expertise and financial backing along with their commitments to customers and communities."
The procedural schedule sets August 11 – 20, 2021 as the dates for evidentiary hearings on the amended stipulation reached with 13 other parties to combine their diverse interests and bring over
Five federal agencies and the Public Utilities Commission of Texas have already completed their reviews and approved the proposed merger, leaving the New Mexico Public Regulation Commission as the only remaining approval necessary for the merger. The original application before the NMPRC was filed in November 2020.
Parties supporting the amended stipulated 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.
Additional materials pertaining to the NMPRC application for approval of the merger and amended stipulation are available at https://www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2020 consolidated operating revenues of
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. ("PNMR"), Public Service Company of New Mexico ("PNM"), or Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) 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, (ii) the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (v) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
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