TECO Energy (TECO) to Acquire New Mexico Gas Company: TECO, a 115-year old Tampa-based company, has agreed to purchase New Mexico Gas Co. (NMGC). TECO will bring a proven track record of excellent customer service, reliability and reasonable rates to New Mexico customers.
In addition, TECO’s Florida Natural Gas Vehicle (NGV) business is benefiting from an NGV market resurgence. This resurgence, combined with New Mexico’s abundant energy portfolio, creates the perfect opportunity for TECO to replicate its compressed NGV business in New Mexico. NGV-related jobs have been created and economic development has resulted from this growing market. The only downside to this acquisition is the possible 136 combined job losses in NM and FL. Losses will occur over three years with many coming from voluntary severance, attrition or retirement. Departing employees will receive fair severance packages with out-placement services.
Because NMGC is owned by an investment company that has divested itself of other gas company holdings, it is clear that Continental will sell NMGC. New Mexico would benefit from this sale to TECO because it is interested in partnering with our state. The potential for an NGV-related business is an added bonus that could provide new jobs and market potential for our natural gas reserves. Read more about this issue HERE.
The hearing for this case begins March 24, 2014. There are some who are opposed to the potential job loss and are trying to stop the acquisition. We encourage you to get educated by reading the TECO talking points and Op Ed by Carla Sonntag published throughout the state. Please write to the PRC Commissioners who will decide the fate of this transaction. Your support of this acquisition is critical to its success! Please make sure the case number and title are on all correspondence.
Call To Action: Click here for a simple way to send an email to the Commissioners. Please adjust the text and add comments as you see fit.
A Bad Idea for Albuquerque’s Economy Needs Your Attention: The Albuquerque-Bernalillo County Air Quality Control Board will be reviewing a petition that will be harmful to businesses on Wednesday, March 12th at 5:30 pm. The petition, filed by the Southwest Organizing Project (SWOP), would require 12 consecutive months of air quality monitoring paid for by each business before a permit is considered. Read more from the Albuquerque Journal HERE.
The hearing is TOMORROW, March 12, in the City Council Chambers in the basement of City Hall. It is open to the public and the NMBC encourages you to make your voice heard. Here are some options: 1. Email a letter to Margaret Nieto, Air Quality Board Control Strategies Supervisor – Nieto, Margaret E. mnieto@cabq.gov; or 2. Attend the meeting on March 12th to submit your letter and speak.