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Illustration: Sarah Grillo/Axios

Avangrid, a subsidiary of Spanish energy giant Iberdrola, is buying the big New Mexico-based power company PNM Resources in a $4.3 billion deal.

Why it matters: The companies said the deal, valued at $8.3 billion including debt, will form the third-largest renewable power company in the United States.

  • The merged companies will have a combined market value of roughly $20 billion, per Reuters.

The big picture: The deal "reflects increasing focus on the transition to cleaner energy in the U.S., driven by economics favoring wind and solar farms over coal," Bloomberg notes.

  • PNM is a major power supplier in New Mexico and Texas, giving Avangrid "a route to expand its regulated business beyond the U.S. northeast," Reuters reports.

What's next: The companies hope to complete the transaction in about a year. It still requires approval by PNM shareholders and a suite of state and federal agencies.

Go deeper

Amy Harder, author of Generate
Jul 20, 2020 - Energy & Environment
Column / Harder Line

Biden's climate plan tries to bring unions into clean energy

Photo illustration: Aïda Amer/Axios. Photo: Brendan Smialowski/AFP via Getty Images

Joe Biden’s latest climate change and clean energy plan mentions the word union more than it does the climate itself.

Why it matters: Wind and solar energy have grown immensely across America over the last decade, but associated union jobs have not. The Democrats’ presumptive presidential nominee is trying to change that, which politicians and others say is key to tackling climate change.

Updated 1 hour ago - Sports

MLB headed for first lockout since '95 as deal expires

Baseball Commissioner Rob Manfred (L) and Major League Baseball Players Association executive director Tony Clark. Photo: Matt King/MLB via Getty Images

Major League Baseball's collective bargaining agreement expired at 11:59 p.m. ET Wednesday without a new deal in place.

Why it matters: With no CBA, the MLB is headed for the first management lockout since a 1994-95 strike led to the cancelation of the World Series for the first time in 90 years.

Media giants back Bannon's bid to release Jan. 6 documents

Former Trump adviser Steve Bannon at the FBI Washington Field Office in Washington, DC., in November. Photo: Win McNamee/Getty Images

A coalition of news outlets including the Washington Post is supporting Stephen Bannon's campaign for the release of documents related to his contempt of Congress charges, WashPost confirmed Wednesday.

Why it matters: WashPost, the New York Times, CNN, NBC, the Wall Street Journal's parent company and others filed a motion arguing that a proposed protective order seeking to prevent the documents from being released violates the First Amendment, per the Daily Mail, which first reported on the news.