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Arizona utility increases its share of nuclear power plant

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Posted at 4:53 PM, Dec 09, 2020
and last updated 2020-12-09 18:53:02-05

PHOENIX (AP) — An Arizona public utility is increasing its ownership share in the Palo Verde Nuclear Generating Station located west of Phoenix.

The Salt River Project announced that its board has approved the purchase of part of Public Service Co. of New Mexico’s ownership along with some transmission assets for about $70 million plus the cost of the plant’s associated nuclear fuel inventory.

When the deal is completed, SRP says its ownership share will be about 20% of the plant’s total capacity.

SRP says its purchase of 114 megawatts of Palo Verde’s output from PNM will provide additional energy needed to serve increasing customer demand.