Business Services Industry
New Mexico utility seeks approval to acquire Texas-based firm.
Knight Ridder/Tribune Business News, September, 2004
Albuquerque Journal, N.M. Knight Ridder/Tribune Business News
Sep. 10--SANTA FE, N.M. -- Public Service Company of New Mexico formally asked state regulators Thursday to approve its proposed acquisition of Texas-based TNP Enterprises, PNM said.
In its request, PNM said it expects to save about $25"million through the deal. The savings will come from streamlining some administrative operations and cutting some jobs that will be duplicated through the acquisition, said PNM spokesman Frederick Bermudez.
PNM said current gas customers will receive a rate reduction of about 90 cents a year when the acquisition is completed. PNM electric customers will receive a rate credit from the savings in January 2008, when PNM's present rate freeze...
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