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Edison International To Sell Its Share Of Four Corners Plant

DOW JONES NEWSWIRES Edison International (EIX) said Tuesday its utility plans to sell its share in the Four Corners coal-fired power plant in New Mexico to Pinnacle West Capital Corp. (PNW) unit Arizona Public Service Co. for $294 million. Edison will sell APS its 48% stake in Units 4 and 5 of the plant, subject to approval from federal and state regulators in Arizona and California, Edison spokesman Gil Alexander said. Edison had been planning to sell its stake in the plant to comply with a California law that requires utilities to phase out their coal-fired power purchases. The law prohibits California utilities from signing new contracts for coal-fired power or renewing existing contracts for coal-fired power. APS said it plans to shut down Units 1, 2 and 3 of the plant, which are older and less efficient, and install emission-control equipment on Units 4 and 5. APS, which operates the plant, owns 100% of the older units and co-owns Units 4 and 5 with Edison, PNM Resources Inc. (PNM), Salt River Project, El Paso Electric Co. (EE) and Tuscon Electric Power. The U.S. Environmental Protection Agency in October proposed that APS install equipment on the oldest three units of the plant to cut emissions of nitrogen oxides by 80%. Pollution from the 2,250-megawatt plant contributes to haze that obscures visibility in Mesa Verde and several other national parks and wilderness areas. The EPA estimated that the new equipment would cost about $717 million. But APS has estimated that the EPA's plan would cost $875 million, and is proposing an alternative that would cost about $95 million. Edison will purchase power from the market to replace the power it now receives from Four Corners, Alexander said. Shares of Edison were recently trading 9 cents lower at $37.47; shares of Pinnacle were trading 1 cent higher at $41.75. -By Cassandra Sweet, Dow Jones Newswires; 415-439-6468

Stock News for El Paso Electric (EE)
DateTimeHeadline
05/28/201517:33:00El Paso Electric Announces an Increase in the Quarterly Dividend
05/28/201517:05:49Current Report Filing (8-k)
05/11/201522:00:00El Paso Electric Files 2015 New Mexico Rate Case
05/11/201510:58:00El Paso Electric New Mexico Rate Case Conference Call for Investors...
05/06/201508:30:00El Paso Electric Announces First Quarter Financial Results
05/06/201508:16:00Current Report Filing (8-k)
05/01/201516:49:33Zacks Downgrades El Paso Electric Company to Sell (EE)
04/22/201508:00:00El Paso Electric First Quarter Earnings Release Date and Conference...
04/17/201516:08:27Proxy Statement (definitive) (def 14a)
04/01/201512:14:47Statement of Changes in Beneficial Ownership (4)
04/01/201512:08:53Statement of Changes in Beneficial Ownership (4)
04/01/201512:02:10Statement of Changes in Beneficial Ownership (4)
04/01/201511:54:34Statement of Changes in Beneficial Ownership (4)
04/01/201511:47:45Statement of Changes in Beneficial Ownership (4)
03/30/201519:15:03Statement of Changes in Beneficial Ownership (4)
03/20/201519:29:00El Paso Electric Announces Commercial Operation of Montana Power...
03/06/201516:27:45Statement of Changes in Beneficial Ownership (4)
02/26/201512:53:58Amended Statement of Changes in Beneficial Ownership (4/a)
02/25/201508:20:00El Paso Electric Announces Fourth Quarter and Annual Financial...
02/25/201507:59:17Current Report Filing (8-k)

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