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Today AVANGRID and PNM Resources announced additional support for the Stipulation agreement in the New Mexico Public Regulation Commission (NMPRC) proceeding to review the merger between the parent company of the Public Service Company of New Mexico (PNM), PNM Resources and AVANGRID. Almost all of the 24 intervenors in the case have signed on to the Stipulation agreement or confirmed that they either support or do not oppose the merger.

“Our team has listened and worked hard to understand the needs of the local communities and stakeholders in New Mexico,” said Dennis V. Arriola, CEO of AVANGRID. “The progress we have made to gain this nearly unanimous stakeholder support for this merger is not something we take for granted and we look forward to continuing this process toward the successful culmination of this transaction which will bring significant benefits to the people of New Mexico.”

Parties that have signed the Stipulation 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. New Mexico Affordable Reliable Energy Alliance (NM AREA) has also expressed support for the merger and the Albuquerque Bernalillo County Water Utility Authority (ABCWUA) stated its non-opposition to the merger during the evidentiary hearings in exchange for certain regulatory commitments. Earlier this week, NMPRC Staff requested permission from the Hearing Examiner to indicate its non-opposition to the merger in exchange for additional regulatory commitments.

The customer rate benefits now amount to $94 million, including

• $67 million in customer rate credits over three years;
• $10 million in COVID arrearages relief for customers;
• $15 million for low-income customer energy-efficiency assistance; and
• $2 million to bring electricity to low-income, remote customers.

And there are increased economic development benefits for New Mexico, including:

• 150 new full-time jobs over three years that will remain no less than five years thereafter;
• $25 million in economic development funds;
• $12.5 million in economic development contributions to community groups in the Four Corners region over five years ($2.5 million/year);
• $1 million in scholarships for STEM (science, tech, engineering, math)
• $1 million in funding for apprenticeship programs

To date, AVANGRID has received six governmental approvals for the merger. Five federal agencies and the Public Utility Commission of Texas have already completed their reviews and approved the proposed merger, leaving the NMPRC as the only remaining approval necessary for the merger. The original application before the NMPRC was filed in November 2020.