ALBUQUERQUE, N.M. (KRQE) – PNM plans to merge with an out-of-state company have been denied. Connecticut-based Avangrid wants to acquire PNM.

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The $4.3 billion deal would have given Avengrid more than 500,000 New Mexico customers as well as access to transmission lines and other infrastructure. On Wednesday, the Public Regulation Commission denied the merger. PNM says they are looking into their options and will wait to review the commission’s final order before taking any further steps.