New Mexico Gas Co. has submitted an application to the New Mexico Public Regulation Commission (PRC) to transfer ownership of the company. The proposed transfer would involve NMGC becoming a subsidiary of Energy Capital Partners, a private equity firm based in New Jersey.
The application has raised concerns among some consumer advocates and environmental groups who worry about the implications of the ownership change. They argue that private equity ownership could prioritize profits over the needs of consumers and the environment. Additionally, there are concerns about potential job losses and changes to employee benefits.
NMGC has assured that the transfer will not result in any rate increases for customers and that the company will continue to operate in the best interests of consumers. The company has also emphasized that the transfer will bring stability and financial resources that will allow NMGC to invest in infrastructure and upgrade its systems.
The PRC will hold public hearings to evaluate the application and determine whether the ownership transfer is in the best interests of the public. The hearings will provide an opportunity for stakeholders to voice their concerns and opinions on the proposed transfer.
NMGC is committed to keeping customers informed throughout the process and ensuring that their needs are prioritized. The company has a long history of providing reliable service to customers in New Mexico and is dedicated to upholding high standards of safety and environmental responsibility.
Overall, the application to transfer ownership of NM Gas Co. is a significant development that will impact consumers, employees, and the energy sector in New Mexico. The PRC’s decision on the application will have far-reaching implications for the future of the company and its operations.
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