The New Mexico Public Regulation Commission (NMPRC) has approved a settlement agreement between Public Service Company of New Mexico (PNM) and the New Mexico Attorney General’s Office. This agreement concerns the abandonment of the Four Corners Power Plant.
The settlement requires PNM to provide $16 million in economic aid to the affected communities, including the Navajo Nation. The funds will be used for economic development and renewable energy projects.
Commissioner Gabriel Aguilera commented on the decision, stating, "This is an important step forward for our state as we transition away from coal-fired power plants." Commissioner Pat O’Connell added, "The agreement provides significant resources to assist with this transition."
Additionally, Commissioner Greg Nibert expressed his support for the settlement: "I believe this agreement is in the best interest of all parties involved."
PNM plans to exit its 13% ownership in the plant by 2024. The NMPRC's approval marks a significant milestone in New Mexico's efforts to shift towards cleaner energy sources.
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