The New Mexico Public Regulation Commission (PRC) today decided unanimously that TECO Energy’s pending stock acquisition of New Mexico Gas Intermediate Inc. (NMGI), the parent company of New Mexico Gas Co. (NMGC), is in the public interest and can proceed. The vote allows TECO Energy to close the purchase of the Albuquerque-based companies within about a month, unless one of the parties requests a rehearing. The parties in the case reached a settlement on the acquisition, and the PRC staff did not oppose it. “We are pleased the Public Regulation Commission has approved this transaction,” said John Ramil, president and chief executive officer of TECO Energy. “We look forward to our significant investment in New Mexico and to providing reliable service at competitive prices to help the state grow. We are pleased we will immediately deliver benefits to our customers and will expand TECO Energy’s utility portfolio.” Key benefits of this transaction include:
- NMGC customer rates will be frozen until the end of 2017.
- NMGC customers will benefit from more than $11 million in anticipated savings early through a credit on their bills.
- TECO will cap NMGC position losses at 99 over three years. Many of those reductions will be through attrition.
- NMGC will retain its name, and its headquarters will remain in Albuquerque.
- TECO will maintain or increase NMGC’s current level of community involvement and support.
- TECO has agreed to own NMGC for at least 10 years.