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Tuesday, Sep 16, 2014
Business News

TECO reaches settlement in New Mexico Gas acquisition


Published:

TECO Energy said Wednesday it had reached a settlement in its acquisition of New Mexico Gas Co. that would freeze customer rates through the end of 2017 and limit job reductions.

The Tampa-based parent company of Tampa Electric Co. said the settlement was with the New Mexico Attorney General’s Office and a group representing large consumers.

The acquisition of the Albuquerque-based company is subject to state regulators’ approval.

According to TECO, the settlement would freeze customer rates for an additional six months and limit job reductions in the first three years to 99 positions.

TECO reached an agreement last year with Continental Energy Systems LLC, the parent company of New Mexico Gas.

New Mexico Gas serves nearly 510,000 customers, most of them residential.

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