New Mexico Supreme Court

AVANGRID: New Mexico Supreme Court Denies Motion to Dismiss and Remand Merger Appeal, Schedules Oral Argument

Retrieved on: 
Monday, May 15, 2023
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Today Avangrid, Inc. (NYSE: AGR) announced that the New Mexico Supreme Court issued a decision today to deny a joint motion filed by PNM Resources (NYSE: PNM), AVANGRID and the New Mexico Public Regulation Commission (NMPRC) to dismiss the appeal of NMPRC’s denial of the proposed Avangrid - PNM merger and remand the case back to the NMPRC.

Key Points: 
  • Today Avangrid, Inc. (NYSE: AGR) announced that the New Mexico Supreme Court issued a decision today to deny a joint motion filed by PNM Resources (NYSE: PNM), AVANGRID and the New Mexico Public Regulation Commission (NMPRC) to dismiss the appeal of NMPRC’s denial of the proposed Avangrid - PNM merger and remand the case back to the NMPRC.
  • The court also denied the other motions by intervening parties.
  • The Court has scheduled oral arguments on the appeal for September 12, 2023.

AVANGRID, PNM Resources Merger Agreement Extended

Retrieved on: 
Wednesday, April 12, 2023
Alternative Energy, Energy, Other Energy, PNM Resources, AGR, Public Utilities Commission of Ohio, PNM, Public utilities commission, NYSE, New Mexico Supreme Court, Economic development, New Mexico Public Regulation Commission

AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that it has agreed to extend the merger agreement with PNM Resources (NYSE: PNM) through July 20, 2023.

Key Points: 
  • AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that it has agreed to extend the merger agreement with PNM Resources (NYSE: PNM) through July 20, 2023.
  • The extension will allow the companies time to continue to work together through the regulatory review process in New Mexico.
  • “We remain committed to the merger of AVANGRID and PNM Resources, which will bring more than $300 million in benefits to the customers and communities of New Mexico and more than $16 million in rate relief to Texas customers,” said Pedro Azagra, AVANGRID CEO.
  • Through this merger, we will contribute to the economic development of the regions and support their continued vibrancy and prosperity.”
    The merger has received approval from five federal agencies and the Public Utility Commission of Texas.

PNM Resources agrees to merger extension with AVANGRID and schedules Q1 earnings call for May 5

Retrieved on: 
Wednesday, April 12, 2023
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ALBUQUERQUE, N.M., April 12, 2023 /PRNewswire/ -- PNM Resources (NYSE: PNM) Board of Directors affirmed its commitment to the merger with Avangrid, Inc. and has agreed to exercise the three-month extension of the merger agreement through July 20, 2023.

Key Points: 
  • ALBUQUERQUE, N.M., April 12, 2023 /PRNewswire/ -- PNM Resources (NYSE: PNM) Board of Directors affirmed its commitment to the merger with Avangrid, Inc. and has agreed to exercise the three-month extension of the merger agreement through July 20, 2023.
  • "Our merger with Avangrid remains the right path to achieve a clean energy future and deliver additional benefits to our customers and communities," said Pat Vincent-Collawn, PNM Resources Chairman and CEO.
  • PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2022 consolidated operating revenues of $2.2 billion.
  • 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 Resources and AVANGRID file joint motion with New Mexico Public Regulation Commission to dismiss merger appeal, resolve through rehearing and reconsideration

Retrieved on: 
Wednesday, March 8, 2023
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The NMPRC acknowledges that the Joint Applicants are seeking a resolution by no later than April 12, 2023.

Key Points: 
  • The NMPRC acknowledges that the Joint Applicants are seeking a resolution by no later than April 12, 2023.
  • PNM Resources and Avangrid, Inc. previously entered into an amendment of their merger agreement extending the end date to April 20, 2023.
  • PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2022 consolidated operating revenues of $2.2 billion.
  • Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to more than 800,000 homes and businesses in New Mexico and Texas.

New Mexico Commission's Recommended Decision Disregards State Energy Transition Act, Penalizes PNM for Exiting Coal

Retrieved on: 
Monday, June 20, 2022
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This recommendation would arbitrarily penalize the utility for exiting coal and putting customer interests first in our decision-making."

Key Points: 
  • This recommendation would arbitrarily penalize the utility for exiting coal and putting customer interests first in our decision-making."
  • The reduction to customer rates in the Recommended Decision is cited as necessary to prevent double recovery.
  • PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2021 consolidated operating revenues of $1.8 billion.
  • Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas.

Iniciativa Innovacion Mexico and implementation partner SeguriData sign a partnership agreement with Sertainty for Central American markets and Mexico

Retrieved on: 
Thursday, March 10, 2022
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With support from Sertainty, Initiativa-SeguriData recently finished a successful demonstration for the Supreme Court of Mexico pertaining to the Sertainty UXP Technology and its self-protecting data.

Key Points: 
  • With support from Sertainty, Initiativa-SeguriData recently finished a successful demonstration for the Supreme Court of Mexico pertaining to the Sertainty UXP Technology and its self-protecting data.
  • "Sertainty is thrilled about this partnership and that Initiativa-SeguriData believes Sertainty will play an integral role in maximizing success," says Amir Sternhell, CSO of Sertainty.
  • Sertainty has also secured partnerships in India and plans to empower more companies to utilize the Sertainty Data Privacy Platform.
  • Iniciativa Innovacion Mexico is a leading consulting and market maker in the markets of Central America and Mexico.

N.M. Supreme Court Determines Cannabis Purchases Are Not Subject to Tax

Retrieved on: 
Wednesday, February 23, 2022
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ALBUQUERQUE, N.M., Feb. 23, 2022 (GLOBE NEWSWIRE) -- The New Mexico Supreme Court has determined medical cannabis purchases should be treated like any other medication and not have been subject to New Mexico Gross Receipts Tax.

Key Points: 
  • ALBUQUERQUE, N.M., Feb. 23, 2022 (GLOBE NEWSWIRE) -- The New Mexico Supreme Court has determined medical cannabis purchases should be treated like any other medication and not have been subject to New Mexico Gross Receipts Tax.
  • Now, the New Mexico Court of Appeals ruling stands as the determining order that previous cannabis purchases by medical cannabis patients should have never been subject to New Mexico Gross Receipts Tax.
  • In January 2020, the New Mexico Court of Appeals overturned TRDs decision to deny medical cannabis purchases a deduction from New Mexico Gross Receipts Tax.
  • TRD then appealed the Court of Appeals decision, sending the issue to the New Mexico Supreme Court.

AVANGRID and PNM Resources Merger Agreement Extended; Companies File Notice of Appeal With New Mexico Supreme Court

Retrieved on: 
Monday, January 3, 2022
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The companies have also filed a Notice of Appeal with the New Mexico Supreme Court of the December 2021 New Mexico Public Regulation Commissions (NMPRC) order that rejected a stipulated agreement for approval of the merger.

Key Points: 
  • The companies have also filed a Notice of Appeal with the New Mexico Supreme Court of the December 2021 New Mexico Public Regulation Commissions (NMPRC) order that rejected a stipulated agreement for approval of the merger.
  • We remain committed to the merger between AVANGRID and PNM Resources, two companies that share a passion for our customers, employees and the communities we serve, said AVANGRID CEO, Dennis V. Arriola.
  • Uniting our resources would accelerate New Mexicos clean energy future with a dedicated focus on reliability and resilience.
  • The extension filed today will allow the companies time to continue to work together through the appeal process.

PNM Resources Merger Agreement Extended and Appeal Filed, Financial Update with Earnings Guidance Scheduled for February 3

Retrieved on: 
Monday, January 3, 2022
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ALBUQUERQUE, N.M., Jan. 3, 2022 /PRNewswire/ --PNM Resources (NYSE: PNM) and Avangrid, Inc. have entered into an amendment of their merger agreement extending the end date to April 20, 2023.

Key Points: 
  • ALBUQUERQUE, N.M., Jan. 3, 2022 /PRNewswire/ --PNM Resources (NYSE: PNM) and Avangrid, Inc. have entered into an amendment of their merger agreement extending the end date to April 20, 2023.
  • On February 3, 2022, PNM Resources will provide a financial update incorporating preliminary financial results, ongoing earnings guidance, annual dividend payment and continued growth targets.
  • PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2020 consolidated operating revenues of $1.5 billion.
  • Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas.

Xebra Is an Absolute Cannabis First Mover in Mexico With Supreme Court Decision Granting It an Injunction

Retrieved on: 
Thursday, December 2, 2021
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All five Supreme Court justices voted unanimously in favor of the injunction to Xebra Mexico.

Key Points: 
  • All five Supreme Court justices voted unanimously in favor of the injunction to Xebra Mexico.
  • Next the Supreme Court will mandate the Federal Circuit Court that previously heard the case, to enforce the Supreme Court's final decision and direct the Mexican Health Regulatory Agency (COFEPRIS) to grant Xebra all authorizations.
  • As a result of the granting of the injunction and Mexican Law, Xebra Mexico is the only company in Mexico that will be authorized to legally carry-out the following activities: import cannabis seeds, cultivate cannabis, process cannabis, extract cannabinoids, and manufacture cannabis products.
  • Xebra Mexico could also sell cannabis products within Mexico and for export.