Two buyers considering purchase of Navajo coal plant, but time is running out

By Ryan Randazzo | The Republic

Two investment firms are considering a joint purchase of the Navajo Generating Station coal-fired power plant near Page, but time is running out to strike a deal.

The power plant is scheduled to close in December 2019, which also will prompt the closure of the Kayenta Mine about 80 miles away.

Peabody Energy runs the Kayenta Mine and has hired Lazard, a financial advisory firm, to find a buyer for the power plant to keep the mine in business.

Emails between Lazard and the Central Arizona Project, which currently uses most of the power from the coal plant, were made public recently by a Cleveland research group called the Institute for Energy Economics and Financial Analysis.

It’s unclear how the institute got the emails, but a CAP official confirmed their authenticity.

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April 29, 2018

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