The Public Regulation Commission of New Mexico (United States) has rejected Avangrid's proposed US$8.3bn acquisition of PNM Resources. PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas with 3 GW of installed capacity. Avangrid, an affiliate of the Spanish energy group Iberdrola, and PNM Resources approved the transaction in October 2020. The combined company would have created one of the largest power utilities in the United States, with 10 regulated electricity companies in 6 states (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas) and the 3rd largest renewable operator in the country, with a total presence in 24 states. It would have managed more than 4.1 million supply points, more than 168,000 km of networks and almost 11 GW of installed capacity.
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