Proposed merger of New Mexico, Connecticut energy companies scuttled; deal valued at more than $4.3B

ALBUQUERQUE, N.M. (AP) — Officials with New Mexico’s largest electric utility say a proposed multibillion-dollar merger with a U.S. subsidiary of global energy giant Iberdrola has been scuttled. Under the proposal, Avangrid would have acquired PNM Resources and its two utilities — Public Service Co. of New Mexico and Texas New Mexico Power. The all-cash transaction was valued at more than $4.3 billion and would have opened the door for Iberdrola and Avangrid in a state where more wind and solar power could be generated and exported to larger markets. PNM officials say they are disappointed with Avangrid’s decision to terminate the merger agreement.