PNM Resources (NYSE: PNM) and Avangrid have mutually agreed to an amendment and extension of their merger agreement through December 31, 2023. The agreement can be further extended by three months upon mutual agreement from the companies.
The companies' merger agreement was announced in October 2020 and has approval from five federal agencies and the Public Utility Commission of Texas. A stipulated agreement providing more than $300 million in benefits to New Mexico customers and communities was rejected by the NMPRC in December 2021 and has been under appeal with the New Mexico Supreme Court.
"Our merger with Avangrid remains the right path for the future of our customers, communities, employees, shareholders and the environment," said Pat Vincent-Collawn, PNM Resources Chairman and CEO. "Throughout the process to amend and extend the merger, we continued to prioritize the financial strength of our standalone business, ensuring we provide reliable and affordable service and delivering results.
The New Mexico Supreme Court has scheduled oral arguments in the case to be held on September 12, 2023. The Court does not have a statutory deadline for a decision on the appeal.