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LADWP divests Navajo coal stake earlier than planned

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LADWP divests Navajo coal stake earlier than planned

TheLos Angeles Department of Waterand Power has off-loaded its 21% stake in the 2,250-MW coal-fired facility earlierthan planned.

The LADWP stopped receiving 477 MW of power from theCoconino County, Ariz.-based facility in exchange for $15 million from theSalt River Projectand 158 MW of transmission rights on the Eldorado transmission system to importenergy from renewable sources.

The original plan was to off-load the stake by the end of2019. The LADWP plansto make up for lost capacity with the help of geothermal energy.

Its board agreed in January to seek a $720 million rate increaseover the next five years to meet state requirements to increase renewableenergy.

LADWP must target to expand renewable energy supply to 33%of power sales by 2020 and increase energy efficiency to reduce electricity useby 15%. The LADWP board in August 2014 agreed to double energy efficiency spending to meet the15%-by-2020 goal.