Rarely does a business have the responsibility to provide an essential service that is fundamental to our lives and at the same time a game-changing opportunity to combat climate change.
So, when the opportunity came to merge with one of the nation’s preeminent energy and renewable companies – Avangrid, PNM said yes. New Mexico should also.
This merger brings to New Mexico not only a world leader in renewable energy, and one that will transform New Mexico’s renewable potential, but also a company that reflects the values of our state. Avangrid is a three-time honoree as one of the world’s most ethical companies. Avangrid was recognized on the annual Forbes JUST 100, a list of America’s best corporate citizens, and ranked No. 1 within the utility industry for its commitment to the environment and the communities it serves. This merger means that more than $270 million will go directly to the pockets of our customers and to the programs that benefit our state.
Avangrid has a culture of accountability, and its commitments to New Mexico in this merger illustrate this:
Customer rate benefits
Approximately $73 million in customer benefits:
• $50 million in customer bill discounts over three years;
⋄ $6 million for customers behind on their bill due to COVID-19;
• $15 million for low-income energy efficiency assistance;
• $2 million to improve access to electricity for low-income rural New Mexicans.
Economic development benefits
Smart economic development effort with nearly $200 million in benefits to the state:
• $7.5 million in economic development funding;
• $12.5 million to the Four Corners region affected by coal plant closures;
• 150 new full-time jobs added to New Mexico over three years, valued conservatively between $150 million and $200 million in economic benefits.
Enhanced environmental benefits
Strengthens our commitment of providing customers with 100 percent carbon-free electricity:
• Creates a Carbon Reduction Task Force so PNM will not only meet but exceed its zero-carbon goals;
• Enhances energy efficiency and solar programs;
• Establishes a chief environmental officer, who will be responsible for meeting our carbon-reduction goals.
Current jobs, low-income programs and charitable leadership
PNM cares about its employees. Through the benefits of this merger we ensure this corporate value continues:
• Maintains PNM jobs, with no reduction of wages or benefits to employees, for a minimum of three years;
• Honors collective bargaining agreement;
• Ensures low-income programs, charitable donations and foundation grants will not be reduced;
• Initiates a program designed to increase PNM contract opportunities for minority- and women-owned local businesses.
• PNM will continue to be managed locally;
• PNM will be governed by a board of directors, majority will be local New Mexico leaders.
No merger costs passed on to customers
• Avangrid will pay all costs associated with the merger, which means no costs will be passed on to customers.
PNM cares about our employees, our customers and our communities. We believe Avangrid shares and upholds our values and can make possible our shared vision for a brighter future, all while bringing with it the respect and care that you as New Mexicans deserve. Let’s not miss our day in the sun.