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The New Mexico Public Utility Commission has authorized, subject to a series of conditions, the proposed merger of Southwestern Public Service Co. with Public Service Company of Colorado, and their reorganization and formation of a public utility holding company, New Century Energies Inc.
Both companies had argued that the merger would allow them to "efficiently and effectively function in a competitive electric utility industry marketplace." Southwestern estimated the merger will cost approximately $43 million, but will produce $770 million in expense savings for both companies in the first 10 years.
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