Arizona utility finalizes deal with Calif. power company
FARMINGTON, N.M. -- An Arizona utility has completed its purchase of a California utility's ownership shares of two units of a power plant that gets its fuel from the mine.
Arizona Public Service Co. completed its purchase of Southern California Edison's ownership of Units 4 and 5 at the Four Corners Power Plant for approximately $182 million.
As another part of a previously announced plan to bring the plant into compliance with federal clean-air standards, APS permanently closed units 1, 2 and 3 on Monday.
In a related transaction, a company owned by the Navajo Nation now owns a northwestern New Mexico coal mine.
BHP Billiton completed the sale of the Navajo Mine near Farmington to the Navajo Transitional Energy Co. on Monday.