Sale of New Mexico Gas Co. approved

Published on NewsOK Modified: August 13, 2014 at 3:30 pm •  Published: August 13, 2014
Advertisement
;

SANTA FE, N.M. (AP) — New Mexico regulators have unanimously approved the sale of New Mexico Gas Co.

After months of contested hearings and negotiations, the New Mexico Public Regulation Commission Wednesday voted unanimously to let TECO Energy of Florida close on its $950 million acquisition of the utility.

The vote comes after the company and the New Mexico Attorney General's office reached a settlement in May to freeze customer rates through the end of 2017 and also limit job cuts.

Opponents of the deal had argued the sale price was too high, and the cost would ultimately be borne by consumers.

TECO President and CEO John Ramil says the company looks forward "to providing reliable service at competitive prices to help the state grow."

TECO expects the deal to close in about a month.