PNM Resources and Avangrid, Inc. have entered into an amendment of their merger agreement extending the end date to April 20, 2023. Additionally, the companies have filed a Notice of Appeal with the New Mexico Supreme Court of the December 2021 New Mexico Public Regulation Commission (NMPRC) order to reject a stipulated agreement reached with parties in the companies’ application for approval of the merger.
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The merger received approval in 2021 from five federal agencies and the Public Utility Commission of Texas, leaving only the NMPRC approval remaining. The NMPRC voted in December 2021 to reject a stipulated agreement providing more than $300 million in benefits to New Mexico customer and communities and implementing safeguards to ensure continued local control of utility operations and reliable service to customers. The stipulated agreement was supported by parties including the NM Attorney General, the International Brotherhood of Electrical Workers Local 611, environmental advocates and organizations representing tribal interests. In total, 23 of the 24 intervening parties supported or did not oppose the agreement.
“Our appeal to the New Mexico Supreme Court preserves the benefits to customers and communities negotiated in our stipulated agreement with parties, which are unprecedented for this type of transaction,” said Pat Vincent-Collawn, PNM Resources’ chairman, president and CEO. “We will continue to prioritize our customers, communities and employees and move forward, irrespective of the pending merger, to execute our business plans and invest in infrastructure and systems to meet customers’ needs, support our communities and advance the transition to clean energy in New Mexico.”
Following the Notice of Appeal, the companies will have 30 days to file a Statement of Issues outlining the argument for appeal. There is no statutory time frame for the New Mexico Supreme Court to act on the appeal.
FINANCIAL UPDATE CONFERENCE CALL: 11 A.M. EASTERN THURSDAY, FEBRUARY 3
During 2021 and looking forward, PNM Resources continues to execute its standalone business plan to prioritize the needs of customers, communities and the environment at its regulated utilities, PNM and TNMP, and to deliver results to shareholders.
On February 3, 2022, PNM Resources will provide a financial update incorporating preliminary financial results, ongoing earnings guidance, annual dividend payment and continued growth targets. A press release will be issued prior to market open and management will host a live conference call at 11 a.m. Eastern to discuss these items along other company updates. The press release and accompanying presentation materials for the conference call will be posted on the company, PNM Resources
Investors and analysts can participate in the live conference call by pre-registering using the following link to receive a special dial-in number and PIN: Telephone participants who are unable to pre-register may participate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and referencing “the PNM Resources financial update.” Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software