As a former executive at PNM and current President and CEO of the Albuquerque Hispano Chamber of Commerce, I am a staunch supporter of the PNM merger with AVANGRID. At the Hispano Chamber, we focus on Community, Culture and Commerce. This merger enhances each of those meaningful words.
This merger brings to the communities it serves, $6 million for customers behind on their bill due to COVID-19, $15 million for low-income energy efficiency assistance and $50 million in customer bill discounts over three years. It also recognizes our cultures by providing $12.5 million to the Four Corners region affected by coal plant closures which helps many displaced Navajo workers find good jobs and $2 million to improve access to electricity for low-income rural New Mexicans, the majority of which are Hispanic. Finally, it supports commerce with $7.5 million in economic development funding and 150 new full-time jobs added to New Mexico over three years, valued conservatively between $150 million and $200 million in economic benefits.
This merger brings a world leader in renewable energy—one that will transform New Mexico’s renewable potential—and a company that reflects New Mexico values. 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 first within the utility industry for its commitment to the environment and the communities it serves.
Let’s welcome them and show them the New Mexico hospitality we’re known for.