Kagi AI Summary:
The merger between PNM Resources and AVANGRID has been officially cancelled after three years of negotiations. While the $8.3 billion deal had overcome initial opposition, the New Mexico Public Regulation Commission ultimately rejected it in 2021 due to concerns raised by advocacy group New Energy Economy. AVANGRID appealed the decision but the court did not rule in time. With the deadline expired at the end of 2023, AVANGRID chose to withdraw from the merger. PNM had proposed extending the agreement until a court decision was made but AVANGRID declined. As a standalone company, PNM remains committed to transitioning to 100% renewable energy for its customers with or without AVANGRID's investment.