New Mexico regulators reject proposed utility merger
ALBUQUERQUE, N.M. (AP) — A panel of New Mexico regulators on Wednesday rejected global energy giant Iberdrola’s proposed multibillion-dollar acquisition of the state's largest electric provider, saying the deal did not offer adequate protections for customers and the risks outweighed the promised benefits.
The Public Regulation Commission voted unanimously to accept the recommendation of a hearing examiner to deny the merger.
All five elected commissioners agreed the deal would not be in the public’s interest. They cited concerns about customer service problems and reliability issues in other states where Iberdrola subsidiary Avangrid operates. They also pointed to the company initially withholding information during the proceeding, a move that resulted in a $10,000 penalty.
Commission Chairman Stephen Fischmann said New Mexico and many other states are going through an incredibly important stage with respect to navigating the shift toward more renewable energy production. He acknowledged that utilities and regulators are facing more demands as the transformation results in changes across the supply chain and how customers are affected.
Read more: https://theeagle.com/news/national/new-mexico-regulators-reject-proposed-utility-merger/article_2a265815-236a-599e-b78c-0e762afa1509.html
(Bryan-College Station Eagle)