.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... I am not a party in the PNM-Avangrid merger case before the Public Regulation Commission. I have read, however, the testimony submitted by the joint applicants. Based on my past experience working for state utility commissions around the country with 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 most prominent in utility regulation is balancing of shareholder and customer interests. Regulation’s central purpose is to induce high-quality performance from utilities that recognizes the importance of having a financially solvent utility and reliable utility service at affordable rates. Higher performance can lead to lower rates, higher quality of service and avoidance of excessive utility costs. …