Western Resource Advocates today commented on the $8.3 billion merger of AVANGRID and Public Service Company of New Mexico (PNM):
“PNM has committed to being a leader in clean energy, and this merger with AVANGRID is a positive step that should accelerate PNM’s realization of its carbon reduction goals,” said Pat O’Connell, Western Resource Advocates’ senior clean energy policy analyst in New Mexico. “PNM will soon be an industry leader in integrating battery storage with renewable energy, and AVANGRID is a national leader in wind energy. The combination improves PNM’s expertise and capacity to make the strategic choices needed to achieve its goal to be emissions-free by 2040. Achieving that goal will require investing in more renewable or zero-emission energy, matched with energy efficiency, storage capacity and grid modernizing investments like smart meters. It is exciting that this is happening now, and we look forward to working with the newly merged utility to realize the decarbonization goals that are so crucial for addressing climate change while investing in New Mexico’s future.”
PNM’s goal is to meet the requirement of the Energy Transition Act (ETA) five years early. The ETA, passed in 2019, ensures the state’s electricity grid will be 100% carbon-free by 2045 and increases the state’s Renewable Portfolio Standard to require that 80% of New Mexico’s electricity will be generated from renewable energy by 2040. AVANGRID has targeted carbon neutral electricity generation by 2035. These similar goals suggest an alignment that should help the merged entity meet or exceed these targets.
News item from Western Resource Advocates