Public Service Company of New Mexico on Monday appealed to the New Mexico Supreme Court the rejection of its proposed merger with two other companies by state regulators.
The two companies, Avangrid of Connecticut and Iberdrola of Spain, signed on to the appeal with PNM. The proposed deal was valued at $8.3 billion and would have put PNM under the Avangrid umbrella. Avangrid's parent company is Iberdrola.
The New Mexico Public Regulation Commission last month rejected the three companies' merger plan. The commission cited numerous reasons, including Avangrid subsidiaries' service record in the Northeastern U.S.
The five-member commission also objected to some of the tactics utilized by the companies in trying to get their plan through the state agency. The commission assessed Avangrid a $10,000 fine for not being completely forthcoming about penalties its subsidiaries had to pay in the Northeast.
A spokesman for PNM, Ray Sandoval, said Monday the applicants will lay out their arguments within the next 30 days.
PNM last month also appealed a PRC decision against its proposal to leave the Four Corners Power Plant by turning its share of the plant over to Navajo Transitional Energy Co.