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New Mexico PRC Denies Proposed Utility Merger
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.
https://lnkd.in/gJGEM3t4
#solar #environmental
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