Official: New Mexico regulators should reject utility merger

SANTA FE, N.M. (AP) — A hearing examiner is recommending that New Mexico regulators reject a proposed merger involving the state’s largest utility, Public Service Co. of New Mexico, with Spanish energy giant Iberdrola. The recommendation by Public Regulation Commission hearing examiner Ashley Schannauer says the potential downsides of the merger outweigh the benefits. Under the merger, Connecticut-based Avangrid and parent firm Iberdrola would acquire PNM Resources and its subsidiaries. If approved, the $4.3 billion transaction would affect about 800,000 homes and businesses. Critics have sounded the alarm over the proposal, citing a sordid track record of reliability and customer service by Avangrid.