Best answer: Did JP Morgan buy 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.

Who owns El Paso Electric Company?

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.

Is El Paso Electric private?

“The sale of El Paso Electric to IIF will make it a private company and consumers will no longer have access to information about the utility’s holding company finances,” the letter said. “El Paso’s customers deserve to know who is purchasing their utility.”

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.

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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.

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.

How do I cancel El Paso Water?

Please call customer service at 915-594-5500 between 7 a.m. and 6 p.m. Mountain Time or click here to email our Customer Service Department. (Please allow 24 hours for email confirmation.) Please be prepared to provide: Service address.