The New Mexico Public Regulation Commission (PRC) decided unanimously that TECO Energy's pending stock acquisition of New Mexico Gas Intermediate (NMGI), the parent company of New Mexico Gas Co. (NMGC), is in the public interest and can proceed. The parties in the case reached a settlement on the acquisition, and the PRC staff did not oppose it. NMGC serves more than 513,000 gas customers throughout New Mexico.
New Mexico Public Regulation Commission
TECO Energy filed its application with the New Mexico Public Regulation Commission (PRC) for approval of its acquisition of New Mexico Gas. The application was filed jointly with New Mexico Gas Co. and its parent company, Continental Energy Systems. A decision by the PRC is expected by early 2014. In May, TECO Energy entered into a definitive stock purchase agreement with Continental Energy Systems to acquire New Mexico Gas Co. for a purchase price of $950 million, subject to customary closing adjustments.