The Associate Press reports the company that owns New York State Electric and Gas is growing.

Bob Joseph/WNBF News

The parent company of New Mexico's largest electric utility will become part of energy Giant, Iberdrola's international stable of utilities under a merger worth billions of dollars.

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The agreement was announced October 21 in which Avangrid, Iberdrola's majority-owned U.S. subsidiary, is to acquire PNM Resources.

According to industry-watchers, Iberdrola is looking at investing in regions where renewable energy regulations are stable and there are opportunities for expansion.

In 2019, New Mexico set mandates aimed at becoming carbon-free by 2045. Meanwhile, the Public Service Company of New Mexico has one-upped that goal by promising to meet the that standard 5 years earlier through more solar generation and battery storage.

Any merger plan is subject to approval by regulators and share-holders.