SANTA FE, N.M. (AP) - Two large energy corporations in New Mexico that hope to merge have offered concessions to try to make the merger more palatable to those who questioned whether it was in the state’s public interest.
Public Service Co. of New Mexico and energy giant Avangrid will more than double the amount of rate relief they plan to offer utility customers in addition to other benefits, the Albuquerque Journal reported Wednesday.
The companies filed an “initial stipulation” agreement on Wednesday that outlined the concessions for the merger, which is scheduled for public hearings in May.
The merger would now includes a $50 million rate benefit for customers, up from the original $24.6 million. The partnership has also agreed to create 150 jobs, up from 100.
The New Mexico Public Regulation Commission is expected to determine whether the merger should continue.
Some critics had called the merger’s initial proposal lacking in customer benefits.
The merger would place Public Service Co., the largest energy company in the state, under the umbrella of Avangrid and Iberdrola, a Spanish company that owns a large share of Avangrid.
Mariel Nanasi of New Energy Economy of Santa Fe, a critic of the merger, said the deal would still not be beneficial for rate payers.
Dennis V. Arriola, the chief executive of Avangrid, said in a statement that “we listened to local leaders, customers and other stakeholders to learn more about the unique circumstances in New Mexico.”
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