Officials say investor wants coal plant to stay open
FARMINGTON, N.M. (AP) — Farmington officials say they have found an investor that could prevent a coal-fired power plant in northwestern New Mexico from closing.
New York-based Acme Equities LLC signed a letter of intent Saturday with the city to negotiate buying the San Juan Generating Station.
Farmington Mayor Nate Duckett says the energy investment firm believes it can sell the power, and the city will negotiate with other plant owners to transfer interests to Acme.
Farmington is a part owner of the power plant, but the majority owner is the Public Service Co. of New Mexico.
The utility plans to close the plant by 2022.
Utility spokesman Ray Sandoval says in a statement the investor came as a surprise.
He says the current contract calls for an orderly shutdown of the plant.