PNM Resources, Avangrid extend merger agreement

PNM Resources (PNM) and Avangrid (AGR) have mutually agreed to an amendment and extension of their merger agreement through December 31. 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 $300M 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.