Tag: NTEC

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IEEFA U.S.: Decline in coal exports adds to Navajo-owned company’s problems

IEEFA U.S.: Decline in coal exports adds to Navajo-owned company’s problems

Weak demand and low prices are likely creating steep losses for NTEC

U.S. coal exports to Asia—once heralded as the saving grace for struggling coal producers in the western United States—are facing new strains from low prices and weak demand in the wake of the global COVID-19 crisis.  In its third-quarter financial statement released earlier this month, Westshore Terminals in British Columbia, the primary terminal for U.S. thermal coal […]

PNM plans early sale of Four Corners share to NTEC

Power Grid International: Today, PNM Resources, owner of Public Service New Mexico announced that it plans to transfer its 13% stake in the Four Corners Coal-Fired power plant to Navaho Transitional Energy Company (NTEC) in 2024. In addition, the company will give the Navaho Nation $16 million in economic aid through a regulatory statute outlined […]

November 2, 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 […]

October 27, 2020 Read More →
IEEFA U.S.: As utility company exits Four Corners Power Plant, NTEC seeks to keep it open
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IEEFA U.S.: As utility company exits Four Corners Power Plant, NTEC seeks to keep it open

Avangrid acquisition of PNM signals regional market shift to renewables; coal company in maneuver to stay in business, puts more Navajo Nation finances at risk

In announcing its merger yesterday with renewable energy giant Avangrid, PNM Resources reaffirmed its commitment to end its use of coal, stating that it would continue with the abandonment of the San Juan Generating Station in 2022, and that it was actively working to sell its 13% stake in the Four Corners Power Plant. The […]

and October 22, 2020 Read More →
IEEFA U.S: NTEC acquisition of aging Four Corners coal plant would constitute ‘another expensive mistake’
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IEEFA U.S: NTEC acquisition of aging Four Corners coal plant would constitute ‘another expensive mistake’

Report: Throwing good money after bad in New Mexico

July 15, 2020 (IEEFA) — The Navajo Transitional Energy Company (NTEC) would lose at least $350 million over the next 10 years if it proceeds with a proposal to expand its stake in the ailing Four Corners power plant, concludes a report published today by the Institute for Energy Economics and Financial Analysis (IEEFA). NTEC, according […]

IEEFA U.S.: PNM stance on Four Corners spells danger for NTEC

Company’s ill-advised embrace of coal faces growing challenges on all fronts

Given the economic shock enveloping the global economy, financing for coal-related projects will almost certainly become much harder. On top of that, coal use by power plants had already fallen to unprecedented levels in the first three months of 2020, as utilities across the country rushed to take advantage of ultra-low gas prices, now at […]

April 3, 2020 Read More →
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IEEFA U.S.: Navajo-owned energy company is in trouble

NTEC, struggling to make a go of Montana-Wyoming coal venture, is on the ropes back home, too

Navajo Transitional Energy Company (NTEC) appeared to have bought into a house of cards last year when it acquired three struggling coal mines in the Powder River Basin (PRB) of Montana and Wyoming. Now comes word that the very foundation upon which the company was created seven years ago, and which was used as a […]

and January 31, 2020 Read More →
IEEFA update: Navajo Nation’s refusal to support NTEC is an act of sovereign responsibility
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IEEFA update: Navajo Nation’s refusal to support NTEC is an act of sovereign responsibility

Coal company left owners little choice but to distance tribal government from risky financial bet

News this week that Navajo Nation leaders have terminated agreements to indemnify the Navajo Transitional Energy Company (NTEC)’s acquisition of coal mines in Montana and Wyoming may prove costly to the company, which is trying to finalize its controversial purchase of three bankrupt Cloud Peak Energy mines.  NTEC bought the assets in an ill-advised and […]

Navajo Nation president says NTEC is on its own in purchase of Powder River Basin coal mines

The Salt Lake Tribune: The Navajo Nation will not financially back bonds a tribal energy company needs for a trio of newly acquired coal mines off the reservation, the tribal president said Tuesday, explaining that it’s too risky and his administration wants the company to move away from coal. The Navajo Transitional Energy Co. recently […]

November 13, 2019 Read More →

Bankrupt coal giants hand unwanted mines to unknown firms

E&E News: GILLETTE, Wyo. — For years, the coal companies operating on the high plains here were among the best known in the world: Peabody Energy Corp., Rio Tinto, Arch Coal Inc. But as the coal industry contracts, the former giants are being replaced by a different brand of mining firm: virtual unknowns. A pair […]

November 5, 2019 Read More →