This is an exciting day for TECO Energy.
TECO Energy has reached an agreement to acquire New Mexico Gas Company from Continental Energy Systems. See the news release here.
This transaction is a great opportunity for both TECO Energy and New Mexico Gas Co. We expect this combination to be positive for our shareholders, our employees and our communities. We expect it to provide significant growth opportunities for both organizations.
The approval process is expected to be complete in the first quarter of 2014.
New Mexico is an attractive Sunbelt state in one of the fastest growing parts of the country. New Mexico Gas Co. serves more than half a million customers throughout most of that state. They are a well-run organization with untapped growth potential.
After closing, TECO Energy subsidiaries will serve more than 850,000 regulated gas customers – and combined, more than 1.5 million electric and gas customers in two states.