Navajo company looks to buy stake in Farmington power plant

Posted at 10:39 AM, Feb 22, 2017
and last updated 2017-02-22 12:43:08-05
A Navajo energy company is in talks with the Arizona Public Service Co. to acquire a stake in the Four Corners Power Plant near Farmington.
The Daily Times reports that Navajo Transitional Energy Co. is negotiating with the Arizona utility company to acquire a 7 percent interest in the power plant.
NTEC is an enterprise owned by the Navajo tribe. It owns the Navajo Mine, which is the sole supplier of coal to the power plant.
APS acquired the 7 percent stake through an affiliate, 4C Acquisition LLC, a subsidiary of Pinnacle West Capital Corp. and the parent company of APS, after El Paso Electric sold the share last July.