(PNM Resources, 2.Jan.2024) — PNM Resources (NYSE: PNM) announces the termination of its merger agreement with Avangrid. While the PNM Resources Board of Directors approved an extension, it was not accepted by Avangrid and Avangrid terminated the merger.
“We are greatly disappointed with Avangrid’s decision to terminate the merger agreement and its proposed benefits to our customers, communities and shareholders,” said Pat Vincent-Collawn, PNM Resources Chairman and CEO.
“As we move forward, our strategic plans remain focused on the infrastructure investments necessary to meet the future energy needs of our customers and communities. We look to build upon our strong track record of delivering financial results and continue to target long-term earnings growth of 5%,” Vincent-Collawn said.
The companies’ merger agreement, announced in Oct. 2020, had been extended through 31 Dec. 2023, while awaiting a decision from the New Mexico Supreme Court on the Jan. 2022 appeal of the New Mexico Public Regulation Commission decision denying the transaction. All other federal and state approvals had been received in 2021.
FINANCIAL UPDATE CONFERENCE CALL: 11 A.M. EASTERN TUESDAY, 6 FEB.
On 6 Feb. 2024, PNM Resources will provide a financial update including preliminary 2023 results, 2024 guidance and the continued 5% long-term earnings growth target. A press release will be issued prior to market open and management will host a live conference call at 11 a.m. Eastern to discuss these items along other company updates. The press release and accompanying presentation materials for the conference call will be posted on the company website at www.PNMResources.com.
Investors and analysts can participate in the live conference call by pre-registering using the following link to receive a special dial-in number and PIN: https://dpregister.com/sreg/10185268/fb4a373624.
Telephone participants who are unable to pre-register may participate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and referencing “the PNM Resources financial update.” Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background
PNM Resources is an energy holding company based in Albuquerque, N.M., with 2022 consolidated operating revenues of $2.2bn. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to more than 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 2.7 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company’s website at www.PNMResources.com.
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