New Mexico Supreme Court says $10,000 fine against PNM ‘unlawful’
SANTA FE, N.M. (KRQE) – New Mexico’s highest court says the Public Service Company of New Mexico (PNM) will not have to pay a $10,000 fine. The electricity company was facing a fine for allegations that they were part of a group that did not completely disclose information during a proposed merger.
The Public Regulation Commission (PRC) tried to levy a regulatory fine against PNM during their attempt to merge with Avangrid, the U.S. subsidiary of Spanish energy company Iberdrola, S.A. The regulators levied the fine on allegations that several parties in the proposed merger, including PNM, failed to obey court orders related to providing information.
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PNM then pushed back, arguing that there was no evidence PNM failed to comply with court orders. Now, the New Mexico Supreme Court has weighed in on the debate.
The supreme court justices say the PRC didn’t provide reasoning as to why all parties to the merger were liable as a group. The supreme court justices also say the PRC didn’t explain what exact orders PNM violated. So, they are cancelling the fine.
The proposed merger was canceled in January 2024. You can learn more at this link.
