The New Mexico Public Regulation Commission met in Las Cruces on Wednesday and unanimously approved the acquisition of El Paso Electric by a private equity fund.
The acquisition had been previously approved by Texas regulators.
Commission staff noted the private firm purchasing El Paso Electric, Sun Jupiter, was buying the company at a premium of $1.63 billion more than its value.
However, PRC staff said the purchase agreement states that Sun Jupiter will not try to recoup that premium from rate increases.