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Info from Avangrid email yesterday:
AVANGRID, Inc. (NYSE: AGR), a leading clean energy company, confirmed today that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR Act") has expired in relation to the proposed merger combination with PNM Resources (NYSE: PNM).
But there are a few more approvals, not counting the NM Public Regulation Commission.
The company continues to pursue state and
Federal regulatory approvals for the merger, including
approvals from the Federal Energy
Regulatory Commission, the Federal Communications
Commission, the Federal Nuclear Regulatory Commission, the
Committee on Foreign Investment in the US, as
well as the New Mexico Public Regulation Commission and the
Public Utility Commission of Texas. The agreement between
AVANGRID and PNM Resources is also subject to approval by PNM
Resources’ shareholders.
I am highly confident that all these Federal offices/agencies should approve. The shareholders' meeting will be this spring. The NM PRC will start hearings in May or so. I expect many groups to file with the NM PRC to ask for favors for their group. These should be known by April as to which groups and what they want.
While I have been following the NM PRC meetings via Zoom, I had a medical appointment yesterday and had to log off... Yes, they start around 900 and just go on and on.....
The last item yesterday was a review of the dozen or so bills filed, so far, at the NM Legislature, relating to the NM PRC. I will ask the Chair to inform me of bills the Commission favors/opposes and share.
Best regards,
George Richmond, Your Observer.
I can sense that keeping up with the merger will be a major challenge.
Also, this is the last year for the five member elected PRC as current law says that next year the Governor will appoint three members.
Again, understanding Utility Regulation mandates how clean energy develops, that is, with storage and better Transmission or Grid and at some point, the numerous Electric Co-Ops will need some oversight.
As Avangrid is controlled by a Spanish company,
the Committee on Foreign Investment is needed to breathe life
into this transaction.
-- George M. Richmond 152 Juniper Hill Road, NE Albuquerque, NM 87122-1913 C: 505-280-2105 E: geomrich1@comcast.net