Hannah Grover-Farmington Daily Times-October 21, 2020.
AZTEC — A sale of Public Service Company of New Mexico’s parent company, PNM Resources, to a subsidiary of a Spanish firm will not have significant impacts on Enchant Energy’s proposal to retrofit the San Juan Generating Station with carbon capture technology, according to a joint statement Farmington and Enchant Energy released.
PNM, the state’s largest utility and the majority owner of the San Juan Generating Station, received approval earlier this year to end its operations of the power plant in 2022. PNM Resources and Spanish-based utility Iberdrola’s subsidiary Avangrid announced the pending sale on Oct. 21.
However, an ownership agreement between the various San Juan Generating Station owners allows Farmington to acquire the power plant and transfer the asset to Enchant Energy.
This option remains intact even with the announced sale, which is still pending regulatory approval.
“We look forward to working with PNM/AVANGRID and the other San Juan owners to finalize our transfer agreement in order to fully participate in the changing energy market and the affordable, reliable and low-carbon electric power, jobs and tax revenues that will result from carbon capture at San Juan Generating Station,” said Farmington Mayor Nate Duckett in the statement.
The transfer of the power plant relies on successful negotiations between Enchant Energy and the current power plant’s owners, including PNM, Tucson Electric Power, Los Alamos County and Utah AMPS.
“The announcement by AVANGRID and PNM underscores the extremely dynamic nature of the electric energy and utility industries,” said Enchant Energy CEO Cindy Crane in the joint statement.