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FILE - This Dec. 29, 2012, file photo ,shows the exterior of Spanish energy company Iberdrola is seen, in Madrid, Spain. The parent company of New Mexico’s largest electric utility will become part of energy giant Iberdrola’s global holdings under a multibillion-dollar merger. Under the agreement announced Wednesday, Oct. 21, 2020, Iberdrola's majority-owned U.S. subsidiary Avangrid will acquire PNM Resources and its assets in New Mexico and Texas. The merger will require approval from a number of state and federal regulators in a process that's expected to take the next 12 months. (AP Photo/Andres Kudacki, File)

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