[Lwvcnmtopics] PNM Resources to be acquired

[George Richmond]

On October 21, PNM Resources, the parent company of PNM, supplier of 
electric power to many New Mexicans, announced that it would be 
purchased by Avangrid, a utility holding company located in Connecticut.

The transaction is expected to close in late 2021 after approval by many 
regulatory agencies including the New Mexico Public Regulatory Commission.

Here is the link to the full news release:

https://www.pnm.com/documents/396023/19699976/PNM+Local+NEWS+RELEASE.pdf/0edf5d9c-fa65-5055-5ac8-d9a8faf0ac58?t=1603295351337


Here is a link to the slides on the Investor presentation:

https://www.pnmresources.com/~/media/Files/P/PNM-Resources/events-and-presentations/2020/PNM%20AGR%20Strategic%20Merger%20Transaction.pdf

As you may recall, at the LWV CNM annual meeting earlier this month, I 
was designated as the League Observer to the NM PRC.

Their meetings are held electronically so I can attend via their link.  
I will send out reports from time to time.

I have asked both PNM Resources and Avangrid to send me news 
releases/other information.

FYI, Avangrid is a large producer of renewable energy and has operations 
in New Mexico.  As states like California are short of power now, it is 
reasonable to expect an expansion of NM renewable power for sale in 
CA/other states.

Information on Avangrid is at this web link:

https://www.avangrid.com/wps/portal/avangrid/aboutus/companyprofile


While the company is a public company, it is about 80% owned by a very 
large Spanish electric company. Iberdrola,  in 2015.

George Richmond


-- 
George M. Richmond
152 Juniper Hill Road, NE
Albuquerque, NM 87122-1913

C: 505-280-2105
E: geomrich1 at comcast.net


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