New Mexico Gas Co. Sale Opposed

Mar 15, 2014

  Opposition against a Florida company's bid to buy New Mexico Gas Co. is growing amid concerns about layoffs and costs to consumers.

The state attorney general and other New Mexico stakeholders have expressed concern about Teco Energy Inc. gaining approval to purchase the utility.

Teco reached an agreement last May to buy the utility in a deal worth about $950 million.

The company needs approval from the Public Regulation Commission.

Opponents say Teco is paying too much for the deal and has plans to cut 100 jobs in New Mexico.

Teco President and CEO John Ramil says the positions being cut are "back-office" jobs that won't affect the quality of service.

New Mexico Gas serves about 509,000, mainly residential, customers.


Information from: Albuquerque Journal,

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.