The New Mexico regulator grave the great operation of IBERDROLA to grow in the US

The regulator of the State of New Mexico has lying the purchase by IBERDROLA, through its subsidiary Avangrid, PNM Resources, the great operation of Spanish ene

The New Mexico regulator grave the great operation of IBERDROLA to grow in the US

The regulator of the State of New Mexico has lying the purchase by IBERDROLA, through its subsidiary Avangrid, PNM Resources, the great operation of Spanish energy to accelerate its growth in the United States market.

No to the operation has been unanimous by the five members of the Commission, which have considered that the risks of the Agreement exceed the benefits promised to state taxpayers.

In this way, the group chaired by Ignacio Sánchez Galán suffers a setback in its great operation in a market like that of the United States, which involved an implicit company value of approximately 8,300 million dollars (about 7,007 million euros), considering a Net debt plus adjustments of approximately $ 4 billion (about 3,377 million euros).

The acquisition supposed the creation of one of the largest companies in the American sector, with ten electric regulated in six states (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas) and the third renewable operator in the country, with a total presence in 24 states.

Sources of IBERDROLA showed Europe Press its "disappointment" by this "unfair" decision and indicated their intention to resort to the Supreme Court.

In this sense, they recalled that the operation had already counted with the approval in all the previous permits of different agencies and with the support of the interest groups. "We look forward to welcoming New Mexico to the Advangrid family," they added.

For its part, the President and CEO of PNM Resources, Pat Vincent-Collawn, showed his disappointment for the regulator's decision and considered that they had not taken into account "the merits of the agreements reached by the parties and the Request to listen to oral arguments ".

"We present an agreement that would strengthen the future of New Mexico by associating ourselves with a global company to face the climate change challenges while guaranteeing an affordable and reliable service for NMP customers in the coming years," he lamented in a statement.

A total five federal agencies and the Texas Public Services Commission had already completed its reviews and approved the merger, thus remaining the New Mexico Public Regulation Commission as the only remaining approval needed for operation.

Before this final vote of the State Commission of New Mexico, the members of the Agency had already shown their doubts in supporting the operation due to their concern about the history in advanced public services in Maine and research in Spain to IBERDROLA for the Villarejo case.

The combination of advanceRID and PNM, with approximately 4.1 million supply points, regulated asset base (RAB) of approximately 14,400 million dollars (about 12,157 million euros), more than 168,000 kilometers of distribution and transport networks and Approximately 10.9 gigawatts (GW) installed capacity, was going to suppose an accelerator in the growth of the IBERDROLA group in the United States.

Date Of Update: 09 December 2021, 07:59

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