October 27, 2020 Read More →

Public Service Co. of New Mexico could exit Farmington station in December

Albuquerque Journal:

Public Service Company of New Mexico could exit the coal-fired Four Corners Generating Station near Farmington in December 2024 under a potential deal with the Navajo Transitional Energy Co. to acquire PNM’s 13% stake in the plant.

Negotiations began a few months ago and could conclude in early November, said Tom Fallgren, PNM’s vice president for generation. If a final deal is reached, PNM would exit Four Corners six years ahead of its scheduled departure in 2031, when the plant’s current coal contract and co-ownership agreements expire.

The state Public Regulation Commission would need to approve any final deal.

The Institute for Energy Economics and Financial Analysis, a think tank that promotes clean energy, said NTEC is pursuing a bad investment in exchange for a “short-term windfall” of $75 million and the hope of keeping the Four Corners plant open as long as possible. But in the long term, it could cost the Navajo Nation a lot more because of the plant’s high operating cost, IEEFA said in a report published on Oct. 23. 

[Kevin Robinson-Avila]

More: Navajo Nation may acquire stake in Four Corners power plant

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