NEW MEXICO (KRQE) – PNM is working to distance itself from coal, by pulling out of the Four Corners power plant. The utility is in final talks with the Navajo Transitional Energy Company to hand over its 13% stake in the plant. The San Juan County Facility is one of the last coal-fired power plants in the southwest.

Since PNM would be breaking its contract early with Four Corners, it could end up paying up to $75 million to the tribal company to make the deal happen. Under New Mexico’s Energy and Transition Act, PNM has to replace its coal and natural gas plants with renewables by 2045. This move would help it get closer to being carbon-free within the next two decades.

Related Coverage: