By KENNETH W. COSTELLO I am not a party in the PNM-Avangrid (“Joint Applicants”) merger case before the Public Regulation Commission. I have, however, read the testimony submitted by the Joint Applicants. Based on my past experience working for state utility commissions around the country when employed at the National Regulatory Research Institute for almost 30 years, I offer a few observations. In ruling on the proposed merger, by law, the PRC should consider whether it advances the public interest. While there are different interpretations of the public interest, the one that is most prominent in utility regulation is the balancing of shareholder and customer interests.