New Mexico Approves Emera's $1.25 Billion Gas Company Sale

New Mexico regulators have approved Emera's $1.25 billion sale of New Mexico Gas Company to Bernhard Capital Partners, clearing the way for the transaction to close in August.

(P&GJ) — Emera has received final approval from the New Mexico Public Regulation Commission (NMPRC) to sell New Mexico Gas Company (NMGC) to Bernhard Capital Partners, clearing the way for the $1.25 billion transaction to close in August.

The sale, first announced in August 2024, is expected to generate $650 million to $700 million in after-tax net proceeds for Emera. The company said it plans to use the proceeds to invest in its regulated utility businesses and reduce debt.

"This approval marks an important milestone for Emera and supports our long-term growth objectives," Scott Balfour, Emera's president and CEO, said.

"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."

Emera acquired New Mexico Gas Company through its purchase of TECO Energy in 2016. Today, the utility operates more than 12,000 miles (19,300 kilometers) of natural gas pipeline serving more than 553,000 customers across New Mexico.

The transaction is expected to close in August 2026.