Updated: October 21, 2020 05:31 PM
Created: October 21, 2020 07:58 AM
ALBUQUERQUE, N.M. —AVANGRID will acquire the Public Service Company of New Mexico's (PNM) parent company, PNM Resources, officials announced Wednesday. The merger intends to create a large, diversified national regulated utility and renewable energy platform.
“We are excited to be part of this transaction that provides so many benefits to our customers, communities, employees and shareholders,” said Pat Vincent-Collawn, chairman, president and CEO of PNM Resources. “Our combined companies provide greater opportunities to invest in the infrastructure and new technologies that will help us navigate our transition to clean energy while maintaining our commitments to our local teams and communities.”
PNM, the state's largest utility company, said customers will be able to continue to count on the company for safe and reliable electric services. The merger will allow PNM to tap into AVANGRID's technology and infrastructure to make improvements.
AVANGRID is the third largest wind operator in the U.S. and is a leading sustainable energy company.
The merger will also push forward a "continued commitment" to abandon the San Juan Generating Station near Farmington by 2022 and the nearby Four Corners coal plant before 2031.
Officials said PNM has no intent to reduce their employee headcount and their management will stay in the state. The company intends to provide rate benefits to customers if approved by regulators.
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