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El Paso Electric sale gets approval of Texas Public Utility Commission

El Paso Electric's Rio Grande power plant on the city's west side.
Google Maps/Will Kuhn
El Paso Electric's Rio Grande power plant on the city's west side.

EL PASO, Texas -- The sale of El Paso Electric to a private investment firm cleared a major hurdle on Thursday.

The Texas Public Utility Commission approved the proposed sale of the electric company as being in the public interest.

Infrastructure Investment Fund, which is a holding group within global financial giant JP Morgan, is the purchaser at a price tag of $4.3 billion.

But the pending acquisition still has to be approved by oversight agencies in New Mexico as well as federal regulators.

El Paso Electric officials said Thursday that they hoped to finalize the deal within the first half of this year.

The regional electric utility provides service to 431,000 customers in west Texas and southern New Mexico.

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