TECO Energy closes on acquisition of New Mexico Gas Co.

TE_NMGC_4cTECO Energy Inc. closed Tuesday on its $950 million acquisition of Albuquerque-based New Mexico Gas Intermediate (NMGI), the parent company of New Mexico Gas Co. (NMGC).

With the addition of NMGC ‘s more than 513,000 gas customers, TECO Energy’s utility subsidiaries now serve more than 1.5 million regulated electric and gas customers in Florida and New Mexico. NMGC is the largest utility in that state.

“Today is a special day for TECO Energy and New Mexico Gas Co.,” said John Ramil, president and chief executive officer of TECO Energy. “Our teams have worked tirelessly for more than a year to make this acquisition happen, and we couldn’t be more pleased to welcome New Mexico Gas Co. to the TECO family of companies.”

New Mexico Gas Co. customers will begin seeing savings on their bills within 30 days. NMGC customers will benefit from at least $11 million in anticipated savings through a credit on their bills.

The New Mexico Public Regulation Commission approved the transaction Aug. 13.

This entry was posted in Investors, News and tagged , . Bookmark the permalink.