TECO Energy filed its application with the New Mexico Public Regulation Commission (PRC) for approval of its acquisition of New Mexico Gas. The application was filed jointly with New Mexico Gas Co. and its parent company, Continental Energy Systems. A decision by the PRC is expected by early 2014. In May, TECO Energy entered into a definitive stock purchase agreement with Continental Energy Systems to acquire New Mexico Gas Co. for a purchase price of $950 million, subject to customary closing adjustments. The transaction is expected to close in the first quarter of 2014, pending approval from state and federal regulators.
