The Federal Energy Regulatory Commission approved July 2 Pinnacle West Capital Corp.'s sale of a 7% interest in the Four Corners power plant in New Mexico to Navajo Transitional Energy Co.
Navajo Transitional Energy owns the former BHP Navajo Mine, which supplies coal to Four Corners. As previously reported, Navajo Transitional Energy will pay approximately $70 million for the ownership interest, which equates to 108 MW.
The 1,450-MW Four Corners plant is in San Juan County. Ownership interests in the facility are held at 70% by Pinnacle West subsidiary Arizona Public Service Co., 13% by PNM Resources Inc. subsidiary Public Service Co. of New Mexico, 10% by Salt River Project and 7% by Fortis Inc. subsidiary Tucson Electric Power Co., according to S&P Global Market Intelligence data. (FERC docket EC15-159-001)