[Lwvcnmtopics] Update on Avangrid/PNM merger

[George Richmond]

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 at comcast.net



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