{"id":747206,"date":"2023-04-12T16:58:09","date_gmt":"2023-04-12T20:58:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/avangrid-pnm-resources-merger-agreement-extended\/"},"modified":"2023-04-12T16:58:09","modified_gmt":"2023-04-12T20:58:09","slug":"avangrid-pnm-resources-merger-agreement-extended","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/avangrid-pnm-resources-merger-agreement-extended\/","title":{"rendered":"AVANGRID, PNM Resources Merger Agreement Extended"},"content":{"rendered":"

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AVANGRID, PNM Resources Merger Agreement Extended<\/b><\/p>\n

ORANGE, Conn.–(BUSINESS WIRE<\/a>)–
\nAVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that it has agreed to extend the merger agreement with PNM Resources (NYSE: PNM) through July 20, 2023. The extension will allow the companies time to continue to work together through the regulatory review process in New Mexico.<\/p>\n

\n\u201cWe remain committed to the merger of AVANGRID and PNM Resources, which will bring more than $300 million in benefits to the customers and communities of New Mexico and more than $16 million in rate relief to Texas customers,\u201d said Pedro Azagra, AVANGRID CEO. \u201cTogether, we will accelerate Texas and New Mexico\u2019s clean energy futures and increase the focus on reliability and resiliency for customers. We also understand that we are an anchor institution in the communities we serve, beyond just the services we provide. Through this merger, we will contribute to the economic development of the regions and support their continued vibrancy and prosperity.\u201d<\/p>\n

\nThe merger has received approval from five federal agencies and the Public Utility Commission of Texas. AVANGRID and PNM Resources together with the New Mexico Public Regulation Commission (NMPRC) filed a joint motion at the New Mexico Supreme Court in March 2023 to dismiss the companies\u2019 appeal of the December 2021 NMPRC denial and remand the case back to the NMPRC.<\/p>\n

About AVANGRID: <\/b>AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: networks and renewables. Through its networks business, AVANGRID owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, AVANGRID owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies \u2013 a ranking of America\u2019s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.\u2019s Sustainable Development Goals and was named among the World\u2019s Most Ethical Companies in 2023 for the fifth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com<\/a>.<\/p>\n

Forward Looking Statements<\/i><\/b><\/p>\n

Certain statements in this release may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201ccan,\u201d \u201cexpect(s),\u201d \u201cbelieve(s),\u201d \u201canticipate(s),\u201d \u201cintend(s),\u201d \u201cplan(s),\u201d \u201cestimate(s),\u201d \u201cproject(s),\u201d \u201cassume(s),\u201d \u201cguide(s),\u201d \u201ctarget(s),\u201d\u201cforecast(s),\u201d \u201care (is) confident that\u201d and \u201cseek(s)\u201d or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts. Such statements are based upon the current reasonable beliefs, expectations, and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors are discussed and should be reviewed in our Form 10-K and other subsequent filings with the SEC. Specifically, forward-looking statements include, without limitation:<\/i><\/p>\n