October 29, 2021 –New Mexicans are facing some potentially big changes when it comes to the state’s electrical utility, thanks to a proposed merger between PNM Resources and Avangrid, the U.S. subsidiary of a Spanish power company, Iberdrola.
If the merger goes through, Avangrid would buy PNM Resources, which includes Public Service Company of New Mexico and Texas-New Mexico Power. According to the Santa Fe New Mexican: “The proposed merger is an $8.3 billion deal with a total of $4.3 billion going to shareholders and Avangrid paying off $4 billion in PNM debt.”
How the merger might play out in New Mexico—and what the consequences might be—remains to be seen. But the company has been operating in Maine for more than a decade, and not without controversy. Environment reporter Laura Paskus talks with Bangor Daily News reporter Caitlin Andrews to learn more about Avangrid and Central Maine Power.
Correspondent: Laura Paskus
Guest: Caitlin Andrews, reporter, Bangor Daily News
For More Information:
Rep. Seth Berry op-ed: Learn from Maine and avoid Avangrid disaster – Santa Fe New Mexican
CMP’s ownership structure contributed to service problems, audit finds – Bangor Daily News
Final Report Central Maine Power’s Management Structure and Affiliate Services (July 2021 audit of Central Maine Power.)
Public Regulation Commission chairman says New Mexico AG not doing job – Santa Fe New Mexican Merger is fastest path to green energy for New Mexico – Santa Fe New Mexican