A near miss or a missed opportunity?

they made it clear this was the best option for the company’s long-term health. What now? Does PNM, still smarting from its Avangrid experience, look for a new suitor? Is there another energy company out there that can or would take the plunge, knowing New Mexico’s regulatory environment is anything but easy to navigate? Would a hedge fund get interested? Somebody knows. Nobody’s saying.

The prologue only exacerbates PNM’s longstanding problem. The company has a unique way of enraging some of the people who hold its welfare in their hands. Exhibit A was its willingness to get involved in elections, via contributions, when the PRC was an elected panel. Terrible move, and one I believe proved pivotal in the Avangrid debate.

For all the other snags the merger encountered, the poison pill in the whole thing was the PRC’s original denial of the move in 2021. I can’t believe the company’s difficult relationship with that set of commissioners, based at least in part on politics, didn’t set into motion a marathon process that eventually led Avangrid to depart.

It’s early, but from the initial look at things, the “new” PRC — only three members, none elected, all appointed by the governor — doesn’t appear much warmer to what the company needs than its predecessor. For proof, just see its decision on last week’s rate case. Residential customers will see a decrease in rates. PNM sought a 9.7% increase.

Which brings us back, as ever, to the money. In a publicly held company, that’s game, set, match.

In the not-too-distant future, there may come a day when another deep-pocketed firm decides a utility in New Mexico is worth the trouble. That may coincide with a day when PNM has no choice but to find a partner. When that intersection happens is anyone’s guess.

If the company bearing chocolates, flowers and a ring is better than Avangrid, great. But if it’s not, people may wonder if this was the missed opportunity of a lifetime. I do.