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...Scrapping the agreement will force a rethink of Iberdrola’s plans in the US, where the transaction would have made Avangrid the third-biggest renewable energy company in the country....
...The New Mexico Power Regulation Commission voted unanimously late on Wednesday against the proposed $8.3bn purchase of PNM Resources, which had been intended to transform Iberdrola’s subsidiary Avangrid...
...PNM, which supplies electricity to homes in New Mexico and Texas, will be merged with Iberdrola’s North American Avangrid arm....
...Ignacio Galan, chairman of Iberdrola, which owns 81.5 per cent of Avangrid, said the company could accelerate its investment plans. “For us it’s a good opportunity,” he said....
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