Public Regulation Commission tried to levy a fine against PNM during their attempt to merge with Avangrid, the U.S. subsidiary of Spanish energy company Iberdrola, S.A. The regulators levied the fine on allegations that several parties in the proposed merger failed to obey court orders related to providing information. PNM then pushed back, arguing that there was no evidence PNM failed to comply with court orders. Now, the New Mexico Supreme Court has weighed in on the debate.