Florida-based Teco facing opposition to buy New Mexico Gas Co. in multimillion-dollar deal

A Florida company making a bid to buy New Mexico Gas Co. will address concerns about layoffs and costs to consumers at a public hearing next week. The state attorney general and other New Mexico stakeholders have expressed worries about Teco Energy Inc. purchasing the utility, the Albuquerque Journal reported Saturday . Teco reached an agreement last May with Continental Energy Systems LLC, the parent company of New Mexico Gas, worth about $950 million, including the assumption of $200 million in debt. The company in September filed for regulatory approval from the state's Public Regulation Commission, which will hold a series of hearings starting March 22. Company officials previously offered to share up to half of a projected $7.9 million in annual savings from the workforce cuts with customers by issuing unilateral rate cuts that would stay in effect from 2015 to 2017. The company also said it would retain New Mexico Gas President Annette Gardiner...more