New Mexico Public Regulation Commission Discusses PNM / AVANGRID Merger
The New Mexico Public Regulation Commission (NMPRC) has commenced discussions on the merger application between PNM Resources (NYSE: PNM) and AVANGRID, Inc. During the meeting, a Hearing Examiner's recommendation was presented, but criticisms arose regarding the incomplete representation of merger benefits. Pat Vincent-Collawn, PNM's CEO, expressed disappointment and emphasized the importance of a balanced review. The Commission intends to address additional filings related to the merger in future meetings, aiming to ensure the transaction's potential benefits for New Mexicans are duly considered.
- 23 intervenors have indicated support for the merger, suggesting potential wide-ranging benefits.
- PNM aims for 100% emissions-free energy by 2040, signaling a commitment to sustainability.
- Recent discussions did not fully capture the benefits of the proposed merger.
- Concerns exist regarding the timing and certainty of required regulatory approvals, which may hinder merger completion.
ALBUQUERQUE, N.M., Dec. 2, 2021 /PRNewswire/ -- Yesterday, the New Mexico Public Regulation Commission (NMPRC) began its consideration of the merger application involving PNM Resources, Inc. (NYSE: PNM), its wholly-owned subsidiary Public Service Company of New Mexico (PNM) and AVANGRID, Inc. during its regular open meeting.
During the meeting, the Hearing Examiner presented his recommendation, or Certification for Stipulation, and Commissioners had the opportunity to ask questions.
"We are disappointed that yesterday's discussion did not provide a more balanced view of the proposed transaction, instead providing an incomplete picture of the issues rather than the concrete benefits that were recommended by 23 intervenors representing the broadest range of customer and stakeholder interest," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We look forward to having both sides of the merger discussed as the Commission continues its deliberations. We respect our regulatory system, and we are hopeful that when all the facts are considered, the merger benefits and opportunities will be realized for all New Mexicans. In the meantime, we remain confident in our progress in 2021 and ability to deliver results, while continuing to focus on serving our customers."
Yesterday's discussion did not include filings made by parties following the November 1, 2021 Certification for Stipulation, in which the joint applicants agreed to the commitments recommended by the Hearing Examiner to support approval of the merger and the other signatories to the Stipulation indicated their support for the merger that included all of those commitments. The Commission communicated its intent to review in its next open meeting the subsequent exception and response filings prior to the consideration of a vote on the transaction.
Additional materials pertaining to the NMPRC approval of the merger 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 occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) 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 (iv) 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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