Groups Reach Deal to Keep New Mexico Coal Plant Open
A private New York-based real estate investment company that focuses on North American energy projects has reached an agreement with officials in Farmington, New Mexico, to keep the coal-fired San Juan Generating Station open beyond 2022.
The city is part-owner of the 847-MW plant, and the other owners—which include Tucson Electric Power, Los Alamos County, and Utah Associated Municipal Power Systems, along with majority owner Public Service Company of New Mexico (PNM)—have said they do not plan to receive power from the SJGS after 2022. The agreement with Acme Equities LLC, a hedge fund founded by Jason Selch in 2012, was reached late February 23, according to a news release from the city.
Farmington officials have worked to find a new operator for the plant after PNM in 2017 said it would close the plant’s two remaining units in 2022, 30 years ahead of schedule. According to a plant fact sheet, PNM owns 46% of the SJGS.
Several California-owned utilities formerly owned some of the plant’s generation, but they ended their ownership agreements in 2017 after 2015 legislation in California required them to divest from coal-fired generation.…