IIF US Holdings 2 LP, a fund advised by J.P. Morgan Investment Management Inc., has completed the acquisition of El Paso Electric Co., the utility announced July 29. El Paso Electric shareholders will receive $68.25 in cash for each common share they hold.
Who acquired El Paso Electric?
EL PASO, Texas – The $4.3 billion sale of El Paso Electric Company to an investment fund controlled by global financial giant JP Morgan officially closed Wednesday as the new ownership immediately named an incoming CEO for the utility firm.
Was El Paso Electric sold?
The deal is finally done. El Paso Electric is no longer a publicly traded electric utility. It’s now owned by the JPMorgan Chase-tied Infrastructure Investments Fund, or IIF, which on June 1, 2019, agreed to buy the 117-year-old electric utility for $4.3 billion, including assuming $1.5 billion of the utility’s debt.
What happened to El Paso Electric?
In 2020, El Paso Electric was sold to the Infrastructure Investments Fund (IIF), a fund associated with investment bank, J.P. Morgan. Previously, the company was publicly traded on the New York Stock Exchange as EE.
Where does El Paso Texas get its electricity?
El Paso Electric now gets 66 percent of its power from natural-gas fired power plants located in El Paso County; 30 percent from the Palo Verde nuclear power plant in Arizona; and 4 percent from several solar power plants, most of those in New Mexico, according to company officials.
What grid is El Paso Electric?
El Paso Electric is part of the Western power grid overseen by the Western Electricity Coordinating Council.
How many customers does El Paso Electric have in New Mexico?
Today, El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 444,300 retail and wholesale customers in a 10,000 square mile area of the Rio Grande valley in west Texas and southern New Mexico.
How many employees does El Paso Electric have?
The Customer Charge is a fixed monthly charge of $7.00 and is applied regardless of the amount of electric power consumed.
Is El Paso Electric a monopoly?
Unlike most other Texas utilities, El Paso Electric operates as a monopoly, so its 420,000 customers in West Texas and New Mexico don’t have the opportunity to choose among competing providers.
Who owns the Texas power grid?
ERCOT is overseen by the Public Utility Commission of Texas and the state Legislature. The organization has a board of directors with 16 members on it.
Has El Paso lost power?
Currently, there are no reported outages.
Does El Paso have water?
For over a century, El Paso has relied on both river water and groundwater for municipal water supply and now proudly supplies 97 percent of all municipal water in El Paso County. … Sources: River water is supplied from the Rio Grande and makes up nearly half of El Paso’s potable water supply.