ALBUQUERQUE, N.M., May 6, 2021 /PRNewswire/ -- Today, the Public
Utility Commission of Texas (PUCT)
voted to approve the unanimous stipulation and agreement among
parties for the merger of PNM Resources, Inc. (NYSE: PNM),
including its Texas utility
subsidiary, Texas-New Mexico Power Company (TNMP), with AVANGRID
(NYSE: AGR).
In the now-approved unanimous settlement, which was filed on
March 30, the Staff of the PUCT and
all other parties to the proceeding agreed the proposed merger is
in the public interest.
"Today's approval in Texas is
an exciting milestone and confirms that our merger is in the public
interest," said Pat Vincent-Collawn,
PNM Resources' chairman, president and CEO. "PNM Resources and
Avangrid are eager to carry forward the commitments and future
possibilities to our TNMP and PNM employees, customers and
communities with the support of a stronger, combined
organization."
The merger has received federal regulatory approvals from the
Federal Energy Regulatory Commission (FERC) and the Federal
Communications Commission (FCC), along with 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. PNM
Resources shareholders overwhelmingly approved the merger in
February. The merger also requires federal approval from the
Nuclear Regulatory Commission and state approval from the New
Mexico Public Regulation Commission (NMPRC) as it relates to Public
Service Company of New Mexico
(PNM), the New Mexico utility
subsidiary of PNM Resources.
In New Mexico, an initial
stipulation among parties was reached in April increasing and
expanding commitments related to the net public benefit of the
merger to over $272 million in PNM
customer rate benefits and economic development contributions for
the state, alongside enhanced environmental benefits, commitments
to maintain local jobs, programs and charitable leadership and a
number of additional commitments. The Hearing Examiner set forth
May 7 for parties to file a revised
stipulation with the NMPRC, with consideration for the remaining
procedural schedule to follow.
Additional materials pertaining to the regulatory approvals of
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.
CONTACTS:
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Analysts
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Media
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Lisa
Goodman
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Ray
Sandoval
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(505)
241-2160
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(505)
241-2782
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Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release for
PNM Resources, Inc. ("PNMR"), Public Service Company of
New Mexico ("PNM"), or Texas-New
Mexico Power Company ("TNMP") (collectively, the "Company") that
relate to future events or expectations, projections, estimates,
intentions, goals, targets, and strategies are made pursuant to the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that all forward-looking statements are based upon
current expectations and estimates. PNMR, PNM, and TNMP assume no
obligation to update this information. Because actual results may
differ materially from those expressed or implied by these
forward-looking statements, PNMR, PNM, and TNMP caution readers not
to place undue reliance on these statements. PNMR's, PNM's, and
TNMP's business, financial condition, cash flow, and operating
results are influenced by many factors, which are often beyond
their control, that can cause actual results to differ from those
expressed or implied by the forward-looking statements.
Additionally, there are risks and uncertainties in connection with
the proposed acquisition of us by AVANGRID which may adversely
affect our business, future opportunities, employees and common
stock, including without limitation, (i) the expected timing and
likelihood of completion of the pending Merger, including the
timing, receipt and terms and conditions of any required
governmental and regulatory approvals of the pending Merger that
could reduce anticipated benefits or cause the parties to abandon
the transaction, (ii) the failure by AVANGRID to obtain the
necessary financing arrangement set forth in commitment letter
received in connection with the Merger, (iii) the occurrence of any
event, change or other circumstances that could give rise to the
termination of the Merger Agreement, (iv) the risk that the parties
may not be able to satisfy the conditions to the proposed Merger in
a timely manner or at all, , and (v) the risk that the proposed
transaction could have an adverse effect on the ability of PNMR to
retain and hire key personnel and maintain relationships with its
customers and suppliers, and on its operating results and
businesses generally. For a discussion of risk factors and other
important factors affecting forward-looking statements, please see
the Company's Form 10-K, Form 10-Q filings and the information
included in the Company's Forms 8-K with the Securities and
Exchange Commission, which factors are specifically incorporated by
reference herein.
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SOURCE PNM Resources, Inc.