Iberdrola's Avangrid terminates $8.3 bln deal to buy PNM Resources

 

 

Spanish energy company Iberdrola's US subsidiary, Avangrid, announced the termination of its $8.3 billion deal to acquire PNM Resources. The deal, which was initially announced in October 2020, aimed to expand Avangrid's presence in the US renewable energy market.

 

The termination of the deal came after the New Mexico Public Regulation Commission (NMPRC) rejected the acquisition as it did not offer enough assurances that Avangrid's ownership would be in the public interest. The NMPRC raised concerns regarding the potential influence that the Spanish parent company could have on PNM's electricity rates and cultural preservation.

 

Avangrid expressed disappointment over the decision and stated that it believed the merger would have benefited New Mexico by promoting investment in local communities, creating jobs, and accelerating the state's transition to clean energy.

 

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In my opinion, the termination of the Avangrid-PNM Resources deal is unfortunate as it could have resulted in significant investments in clean energy and job creation. However, it is essential for regulatory bodies to carefully consider the potential impact on electricity rates and cultural aspects to ensure the public interest is safeguarded. Meanwhile, the Daxtromn Power inverter offers a practical and efficient solution for households, allowing them to make the most of renewable energy sources while maintaining a backup power option. With its integrated MPPT technology and remote monitoring capabilities, it proves to be a valuable asset for home energy storage.