ALBUQUERQUE, N.M.,
June 20,
2023 /PRNewswire/ -- PNM Resources (NYSE: PNM)
and Avangrid have mutually agreed to an amendment and extension of
their merger agreement through December 31,
2023. The agreement can be further extended by three months
upon mutual agreement from the companies.
The companies' merger agreement was announced in October 2020 and has approval from five federal
agencies and the Public Utility Commission of Texas. A stipulated agreement providing more
than $300 million in benefits to
New Mexico customers and
communities was rejected by the NMPRC in December 2021 and has been under appeal with the
New Mexico Supreme Court.
"Our merger with Avangrid remains the right path for the future
of our customers, communities, employees, shareholders and the
environment," said Pat
Vincent-Collawn, PNM Resources Chairman and CEO. "Throughout
the process to amend and extend the merger, we continued to
prioritize the financial strength of our standalone business,
ensuring we provide reliable and affordable service and delivering
results.
The New Mexico Supreme Court has scheduled oral arguments in the
case to be held on September 12,
2023. The Court does not have a statutory deadline for a
decision on the appeal. Filings pertaining to the Court
appeal, along with the NMPRC application, 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 2022 consolidated operating revenues of $2.2 billion. Through its regulated
utilities, PNM and TNMP, PNM
Resources provides electricity to more than 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 2.7 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:
|
|
|
|
Analysts
|
Media
|
|
Lisa Goodman
|
Ray Sandoval
|
|
(505) 241-2160
|
(505)
241-2782
|
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, including the unaudited
financial results and earnings guidance, 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 and apply only as of the date of
this report. 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 the
Company by Avangrid, Inc. (the "Merger") which may adversely
affect the Company's 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 remaining required
governmental and regulatory approvals of the pending Merger that
could reduce anticipated benefits or cause the parties to abandon
the transaction, (ii) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Merger
Agreement, (iii) 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 (iv) the risk that the proposed transaction and its
announcement could have an adverse effect on the ability of the
Company 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pnm-resources-and-avangrid-agree-to-merger-extension-301854986.html
SOURCE PNM Resources, Inc.