Public Utility Commission of Texas Approves AVANGRID Merger With Texas-New Mexico Power Company

AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today that the Public Utility Commission of Texas (PUCT) has voted in its public meeting today to approve the unanimous stipulation and agreement among AVANGRID, Texas-New Mexico Power Company (TNMP), the Staff of the PUCT, and all other parties to the proceeding for the approval of the proposed merger with PNM Resources (NYSE: PNM). TNMP is the PNM Resources Texas utility subsidiary.

In the unanimous settlement, which was filed on March 30, all parties agreed the proposed merger is in the public interest.

“This transaction will bring many benefits to TNMP’s customers, including rate relief of more than $16 million over three years and establishes continued local management of the company,” said Dennis V. Arriola, CEO of AVANGRID. “TNMP has a long history of serving its customers well and shares the same values as AVANGRID. We look forward to working with the team at TNMP as we continue our focus on serving customers and the community and move forward in the clean energy future.”

AVANGRID and PNM Resources recently announced a stipulation agreement for the merger in New Mexico, and the Hearing Examiner has requested that parties work on a revised stipulation that would be filed with the New Mexico Public Regulation Commission by May 7.

Today’s announcement also follows the recent Federal Energy Regulatory Commission (FERC) and Federal Communications Commission (FCC) approvals, the approval of the merger by PNM Resources’ shareholders, the receipt of regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS), and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

In addition, the merger requires approval from the Nuclear Regulatory Commission.

AVANGRID announced the strategic PNM Resources merger combination in October 2020 in an all cash offer for PNM Resources’ shares at $50.30 per share, an $8.3 billion enterprise value transaction. The resulting entity would be one of the major clean energy companies in the US with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.