Environmental advocacy group says PNM’s merger with AVANGRID will advance clear vitality in New Mexico
Western Resource Advocates today commented on the $ 8.3 billion merger of AVANGRID and New Mexico Public Service Company (PNM):
“PNM is committed to leading the field of clean energy, and this merger with AVANGRID is a positive move that should accelerate PNM’s achievement of its carbon reduction goals,” said Pat O’Connell, senior clean energy analyst for Western Resource Advocates in New Mexico. “PNM will soon be an industry leader in integrating battery storage with renewable energies and AVANGRID is a national leader in wind energy. The combination improves PNM’s know-how and capacity to make the strategic decisions needed to meet its goal of being zero emissions by 2040. To achieve this goal, investments must be made in renewable or emission-free energy that goes hand in hand with energy efficiency, storage capacity and network modernization, investments such as smart meters. It’s exciting to have this happen now, and we look forward to working with the newly merged utility company to meet the decarbonization goals that are vital to tackling climate change and investing in New Mexico’s future. “
PNM aims to meet the requirements of the Energy Transition Act (ETA) five years earlier. The ETA, passed in 2019, ensures that the state’s power grid will be 100% carbon-free by 2045 and raises the standard for the state’s renewable portfolios to require 80% of New Mexico’s electricity to be generated from renewable sources by 2040. AVANGRID is targeting carbon neutral power generation by 2035. These similar goals suggest an alignment to help the merged company meet or exceed those goals.
Message from Western Resource Advocates