HomeMay 29, 2013
TECO to Acquire Utility with Customer Choice Program
Copyright 2013 EnergyChoiceMatters.com.
TECO Energy, Inc. announced that it has entered into a definitive stock purchase agreement to acquire New Mexico Gas Intermediate, Inc., the owner of New Mexico Gas Company.
New Mexico Gas Company, which serves 509,000 natural gas customers, offers a customer choice program for all customer classes, including residential customers, though the residential market has seen scant activity.
TECO Energy's Peoples Gas System, Florida's largest natural gas distributor serving more than 345,000 customers, also offers a customer choice program open to all customer classes (residential customers must use 2,000 therms or more annually).
Specifically, TECO Energy entered into an agreement with Continental Energy Systems LLC, and its subsidiary New Mexico Gas Intermediate, Inc., to acquire New Mexico Gas Company for an aggregate value of $950 million, including the assumption of $200 million of New Mexico Gas Co. debt, subject to customary closing adjustments.
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