Closing a coal plant means higher costs for New Mexico utility

 

Higher fuel costs and delays in the construction of new solar plants are hitting Public Service Company of New Mexico after it closed its coal-powered plant near Farmington.

As a result, the company turned toward wholesale markets where natural gas prices are at 15-year highs. The Albuquerque Journal reported PNM also finds itself in competition with other utilities for the same source of power.

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