US energy company Avangrid has amended its merger agreement with PNM Resources extending the end date to 20 April 2023.
The companies have also filed a Notice of Appeal with the New Mexico Supreme Court of the December 2021 New Mexico Public Regulation Commission’s (NMPRC) order that rejected a stipulated agreement for approval of the merger.
Avangrid stated the merger will “accelerate New Mexico’s clean energy future”.
In 2021, the merger received approval from five federal agencies and the Public Utility Commission of Texas.
Additional community supporters voiced their opinions at a press conference on 3 December 2021, including the New Mexico Office of the Attorney General, the All-Pueblo Council of Governors (APCG), the New Mexico Chamber of Commerce, the Greater Albuquerque Chamber of Commerce, the Albuquerque Hispano Chamber of Commerce, and Western Resource Advocates (WRA).
The stipulated agreement would have provided more than $300m in benefits to New Mexico customers and communities, while implementing safeguards to ensure continued local control of utility operations and reliable service to customers, stated Avangrid.
The extension filed on 3 January 2022 will allow the companies time to continue to work together through the appeal process.
As amended, the merger agreement may be terminated by both parties under certain circumstances, including if the merger is not consummated by 20 April 2023, subject to a three-month extension by Avangrid and PNMR by mutual consent subject to various closing conditions.
Avangrid CEO Dennis Arriola said: “We remain committed to the merger between Avangrid and PNM Resources, two companies that share a passion for our customers, employees and the communities we serve.
“Uniting our resources would accelerate New Mexico’s clean energy future with a dedicated focus on reliability and resilience.”