Energy Enchantment

Final approval received in sale of New Mexico Gas Co.

Emera Inc., the Canadian-based energy company, announced July 30 it has received final approval from the New Mexico Public Regulation Commission (NMPRC) for the sale of New Mexico Gas Company (NMGC) to Bernhard Capital Partners.

“This approval marks an important milestone for Emera and supports our long-term growth objectives,” said Scott Balfour, President and Chief Executive Officer, Emera Inc. “We appreciate the NMPRC’s thorough review and decision and thank the New Mexico Gas team for their unwavering focus on customers. We are confident Bernhard is committed to building on that strong foundation and supporting the continued success of New Mexico Gas for customers, employees and communities across the state.”

The sale, with an estimated aggregate transaction value of approximately $1.25 billion USD, was first announced in August 2024. The sale will result in after-tax net proceeds of between $650-$700 million USD, which will be used to support investment opportunities including across Emera's regulated utility businesses and repaying company debt.

Headquartered in Halifax, Nova Scotia, Emera is a diverse energy and services company serving approximately 2.6 million utility customers in Canada, the U.S. and the Caribbean.

Emera acquired NMGC as part of its acquisition of the TECO Energy group of companies in 2016. Under Emera’s stewardship, as the largest natural gas utility in New Mexico, NMGC maintains more than 19,300 km (12,000 miles) of pipeline serving more than 553,000 customers across the state.

The transaction is expected to be completed in August 2026.