Avangrid brings welcome investment to New Mexico

Throughout my career, I have worked with state residents and partners from across the country and around the world to support broad-based economic development to benefit all New Mexicans and allow our state to continue to thrive in in an increasingly complex global economy. As the current honorary consul from Spain, I have had the opportunity to work to help foster stronger economic and cultural ties between that country and our state.

Now, Avangrid, the American subsidiary of Iberdrola — the Spanish company that is a world leader in power generation and renewable energy, and provides solar and wind power to millions — is poised to merge with the Public Service Company of New Mexico.

The PNM/Avangrid merger will help New Mexico meet our energy needs today and in the coming years, keeping electricity affordable for ratepayers, supporting essential investments in New Mexico’s power grid and facilitating the transition to renewables in accordance with the state’s historic 2019 Energy Transition Act.

The merger is being scrutinized by state authorities, as it should be. Many questions have been asked and the company has agreed to many conditions to gain to approval of the deal, including providing tens of millions of dollars for a range of benefits for ratepayers and to support economic development around the state.

It is disappointing and disheartening that some of the testimony in this case has implied that Spanish members of the executive team would somehow compromise our power grid and not guarantee the needs of New Mexicans for secure, safe and renewable energy. These goals are imbedded in the Iberdrola and Avangrid corporate culture that has made the companies world leaders in power generation and distribution. Avangrid has already invested scores of millions of dollars in New Mexico green energy generation facilities and provided hundreds of high-paying new jobs, land lease payments and property and gross receipt taxes to New Mexico rural counties and school districts. Avangrid has the resources to achieve, indeed accelerate, New Mexico’s goal of achieving carbon-free energy by 2045.

In addition, Iberdrola/Avangrid have considerably improved the economic development and community contributions commitments, as well as pledged to expand on the outstanding record of PNM in supporting community charitable and educational contributions. On the governance and management side, most current senior-level positions will be sustained, and board membership will include New Mexico citizens.

Let’s not forget that many New Mexicans trace our roots back to Spain and other parts of Europe. I am offended by any implication that someone who had resided elsewhere would be less worthy to serve than those who have lived in New Mexico their entire lives.

New Mexico has a rich and diverse history influenced by many cultures. I know my fellow New Mexicans share the pride I take in our heritage and how it has shaped us. We welcome those who want to invest in our state and be part of our future.