Proposed Multibillion-Dollar Merger Between Connecticut, New Mexico Energy Companies Has Been Scuttled

Officials with New Mexico’s largest electric utility said Tuesday that a proposed multibillion-dollar merger with a U.S. subsidiary of global energy giant Iberdrola has been scuttled.

Under the proposal, Connecticut-based Avangrid would have acquired PNM Resources and its two utilities — Public Service Co. of New Mexico and Texas New Mexico Power.

The all-cash transaction was valued at more than $4.3 billion and would have opened the door for Iberdrola and Avangrid in a state where more wind and solar power could be generated and exported to larger markets.

Read the source article at AP News