January 21, 2022 5:03 pm

The purchase of the American PNM by Iberdrola for 7,000 million euros is in danger




Iberdrola announced in October last year an agreement to buy, through its US subsidiary Avangrid, PNM Resources, the electricity company of New Mexico and Texas, for which it will disburse about 3.7 billion euros. Including the company’s debt, the operation will amount to 7,000 million euros.

However, this acquisition is in serious danger, since the New Mexico regulators will express, by majority, their opposition to the offer.

Three of the five members of the New Mexico Public Regulation Commission said they agreed with a previous examiner’s conclusion that had recommended that the agency reject the settlement because the potential damages from the transaction would outweigh the benefits.

PNM’s integration into Avangrid

would give rise to one of the largest companies in the North American sector, having ten regulated electricity companies in six states (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas), and the third largest renewables operator in the United States, with a presence in 24 states.

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