Iberdrola-backed Avangrid terminated the merger with PNM Resources in a $4.3bn deal.

Iberdrola-backed Avangrid, a US based diversified energy and utility company that provides clean energy, terminated the merger with PNM Resources, a company that generates, transmits and distributes electricity, in a $4.3bn deal. "We are greatly disappointed with Avangrid's decision to terminate the merger agreement and its proposed benefits to our customers, communities and shareholders. As we move forward, our strategic plans remain focused on the infrastructure investments necessary to meet the future energy needs of our customers and communities. We look to build upon our strong track record of delivering financial results and continue to target long-term earnings growth of 5%," Pat Vincent-Collawn, PNM Resources Chairman and CEO.