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New Mexico PRC Denies Proposed Utility Merger

Cynthia Mitchell's picture
Principal Energy Economics, Inc

Cynthia Mitchell is a 40-year veteran in energy policy and utility regulation, an expert on utility integrated resource planning, focused on sustainability through distributed energy resources...

  • Member since 2021
  • 16 items added with 3,860 views
  • Dec 10, 2021

The Santa Fe New Mexican Sunday published my editorial on the proposed merger of the state’s electric utility -- Public Service New Mexico (PNM) -- with a complex holding company structure, Avangrid, an US utility located in Maine, and its parent company Iberdrola, in Spain. 
It’s been a very controversial yearlong proceeding before the New Mexico Public Regulatory Commission (PRC), with Avangrid and Iberdrola caught up in several scandals with their regulators and governments over numerous operational and environmental violations. 
Last month the PRC hearing examiner issued an extensive report recommending that the PRC commissioners reject the merger proposal because the proposed transaction itself was not designed to benefit PNM customers and did not serve the public interest in general. 
This week the five PRC commissioners unanimously voted to deny the merger. 
All but one of the 24 parties in the proceeding, including several environmental groups, support the merger because Avangrid has stated that it will develop significant solar generation in New Mexico for in- and out-of-state consumption. 
See what I had to say.
#solar #environmental

Jim Stack's picture
Jim Stack on Dec 13, 2021

So would you trust what they have said and promised about more Solar?

QUOTE=with Avangrid and Iberdrola caught up in several scandals with their regulators and governments over numerous operational and environmental violations.

Cynthia Mitchell's picture
Thank Cynthia for the Post!
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