Press Releases
04/12/2023
AVANGRID, PNM Resources Merger Agreement Extended
AVANGRID, PNM Resources Merger Agreement Extended
ORANGE, Conn. — April 12, 2023 — AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that it has agreed to extend the merger agreement with PNM Resources (NYSE: PNM) through July 20, 2023. The extension will allow the companies time to continue to work together through the regulatory review process in New Mexico.
“We remain committed to the merger of AVANGRID and PNM Resources, which will bring more than $300 million in benefits to the customers and communities of New Mexico and more than $16 million in rate relief to Texas customers,” said Pedro Azagra, AVANGRID CEO. “Together, we will accelerate Texas and New Mexico’s clean energy futures and increase the focus on reliability and resiliency for customers. We also understand that we are an anchor institution in the communities we serve, beyond just the services we provide. Through this merger, we will contribute to the economic development of the regions and support their continued vibrancy and prosperity.”
The merger has received approval from five federal agencies and the Public Utility Commission of Texas. AVANGRID and PNM Resources together with the New Mexico Public Regulation Commission (NMPRC) filed a joint motion at the New Mexico Supreme Court in March 2023 to dismiss the companies’ appeal of the December 2021 NMPRC denial and remand the case back to the NMPRC.
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
