EL PASO, Texas (KTSM) — The El Paso Electric Company has announced that it is being sold.
The utility is in an agreement to be purchased by a company called Infrastructure Investment Fund.
“They are a retirement fund that really invests in 40 million families,” said Eddie Gutierrez, spokesman for El Paso Electric.
El Paso Electric says that no jobs should be impacted by this sale, and they have a plan to commit $21 million in customer credits.
“There are real commitments from IIF, and also from El Paso Electric that the retention of our 1,100 jobs or so, both union and non-union, will remain here in El Paso,” Gutierrez said. “That also includes our management team, will still be locally headquartered here. There’s also an economic and sustainability fund that will be offered in the amount of $100 million over a 20-year period for bill credits, and that means for our customers, they’ll get savings in their pocketbook at the end of the process.”
The timeline on the sale is still developing Gutierrez said.
“Certainly this process will take time as we go through both shareholder and regulatory approvals, it will take up to the first half of 2020,” he said. “During that time, there will be a variety of communications. Customers will see mailed, obviously see social media, there will be lots of different ways to communicate this information.”