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Thursday, August 21, 2008

Settlement Reached Over PNM Sale of Gas Business


Associated Press
      A settlement has been reached by Attorney General Gary King, Public Service Company of New Mexico and union workers over the company's pending sale of its natural gas utility.
    The agreement was filed Wednesday with the state Public Regulation Commission, which will consider it following hearings on the matter next month.
    "The stipulation is fair to everyone involved, most importantly our gas customers," PNM Resources chairman and CEO Jeff Sterba said Wednesday. "It is a major positive development that puts us closer to our goal of closing the sale by the end of the year."
    In January, PNM Resources agreed to sell its New Mexico utility's natural gas operations to a subsidiary of Continental Energy Systems LLC for $620 million.
    Under the agreement filed with state regulators, New Mexico Gas Company will freeze base rates for three years and make average annual capital expenditures of at least $21.6 million for major projects and replacements during the three years.
    The agreement also calls for pension and salary guarantees for employees and for the utility to keep its headquarters in Albuquerque. Other offices and employee numbers will have to be maintained for at least three years.
    The attorney general's office said negotiations leading to the settlement have been ongoing for several weeks. The PRC is expected to rule on the sale by the end of the year.
   

Copyright ©2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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