NYSEG’s Parent Announces Merger With NM Electric Utility
The Associate Press reports the company that owns New York State Electric and Gas is growing.
The parent company of New Mexico's largest electric utility will become part of energy Giant, Iberdrola's international stable of utilities under a merger worth billions of dollars.
The agreement was announced October 21 in which Avangrid, Iberdrola's majority-owned U.S. subsidiary, is to acquire PNM Resources.
According to industry-watchers, Iberdrola is looking at investing in regions where renewable energy regulations are stable and there are opportunities for expansion.
In 2019, New Mexico set mandates aimed at becoming carbon-free by 2045. Meanwhile, the Public Service Company of New Mexico has one-upped that goal by promising to meet the that standard 5 years earlier through more solar generation and battery storage.
Any merger plan is subject to approval by regulators and share-holders.