Emera Inc., a Canadian-based energy holding company reported that the Federal Energy Regulatory Commission approved the acquisition of TECO Energy Inc., The acquisition was announced Sept. 4, and TECO shareholders approved the acquisition Dec. 3. The US$10.4 billion acquisition includes assumption of US$3.9 billion of debt. The closing must still be approved by the New Mexico Public Regulation Commission.
TECO Energy is an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico. Tampa Electric serves over 700,000 customers in west central Florida; Peoples Gas System serves over 350,000 customers across Florida; and New Mexico Gas Co. serves over 510,000 customers across New Mexico.