Nuclear Regulatory Commission Approves PNM (PNM) Merger with AVANGRID (AGR)

PNM Resources, Inc. (NYSE: PNM) and AVANGRID (NYSE: AGR) yesterday received approval from the sixth regulatory entity, the Nuclear Regulatory Commission (NRC), for their proposed merger.

With this approval, the only remaining approval is from the New Mexico Public Regulation Commission (NMPRC). PNM, AVANGRID and several parties are hopeful the NMPRC will commence public hearings on the proposed merger stipulation in June.

The other entities that have approved the merger:

• Hart-Scott-Rodino Antitrust Clearance – January 20, 2021
• Committee on Foreign Investment – February 1, 2021
• Federal Communication Commission – March 10, 2021
• Federal Energy Regulatory Commission – April 20, 2021
• Public Utility Commission of Texas – May 13, 2021

"The merger has won these approvals by showing the benefits of our companies joining," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We are also pleased that as these approvals come in, we have also garnered the support of 2 additional parties to our stipulation in the New Mexico Public Regulation Commission case, bringing the total to 13 parties supporting the merger."

The PNM customer benefits in the merger stipulation includes:

• $50 million in customer rate credits over three years;
• $6 million in COVID arrearages relief for residential customers;
• $15 million for low-income customer energy-efficiency assistance; and
• $2 million to bring electricity to low-income, remote customers.

The stipulation agreement includes over $250 million in economic development for New Mexico:

• 150 new full-time jobs over three years that will remain no less than five years after that;
• $7.5 million in additional economic development funds; and,
• $12.5 million in economic development contributions to community groups in the Four Corners region over five years ($2.5 million/year).

Additional materials pertaining to the regulatory applications for the merger are available at https://www.pnmresources.com/investors/rates-and-filings.aspx.

Background:PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2020 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 2.8 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company's website at www.PNMResources.com.

You May Also Be Interested In

• Sony/Apollo bid for Paramount could be worth as much as $29 billion - Source
• Sekisui House Completes Acquisition of M.D.C. Holdings (MDC)
• Arcline Completes Acquisition of Kaman (KAMN)