Revised Stipulation Agreement for AVANGRID/PNM Resources Merger Receives Additional Support From New Mexico Stakeholders
AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, yesterday filed its revised stipulation agreement as part of the company’s planned merger with PNM Resources, Inc. (NYSE: PNMR), adding three new parties as signatories, including Walmart, Inc., the Interwest Energy Alliance and Onward Energy Holdings, Inc. They join eight parties that have already signed on to the agreement, including the Attorney General of the State of New Mexico, Western Resource Advocates, the International Brotherhood of Electrical Workers Local 611, Dine Citizens Against Ruining Our Environment, Nava Education Project, San Juan Citizens Alliance, To Nizhoni Ani and the Coalition for Clean Affordable Energy. The company submitted the revised filing following talks with all parties at the direction of the New Mexico Public Regulation Commission (NMPRC) hearing examiner.
“This merger will bring significant benefits to the people of New Mexico and the diversity of parties who have signed on to this agreement reflects this,” said Dennis V. Arriola, CEO of AVANGRID. “We look forward to continuing to move forward in this process and engaging additional support in New Mexico.”
The customer benefits in the agreement include:
- $50 million in customer rate credits over three years;
- $6 million in COVID arrearages relief for customers;
- $15 million for low-income customer energy-efficiency assistance; and
- $2 million to bring electricity to low-income, remote customers.
The agreement includes additional economic development for New Mexico:
- 150 new full-time jobs over three years that will remain no less than five years thereafter;
- $7.5 million in additional economic development funds;
- $12.5 million in economic development contributions to community groups in the Four Corners region over five years ($2.5 million/year);
- Improvements to the energy transition displaced worker assistance fund relating to the closure of the San Juan Generating Station; and
- Free access to streetlighting poles for local governments for wireless internet access for 3 years.
The NMPRC will commence public hearings on the proposed merger in the coming weeks.
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