January 9, 2020 / 9:43 PM / 11 days ago

Tri-State to close coal power plants in Colorado and New Mexico

Jan 9 (Reuters) - Tri-State Generation and Transmission Association on Thursday said it will close its Escalante Station in New Mexico by end of 2020, and Craig Station and Colowyo Mine in northwest Colorado by 2030.

The wholesale power supplier will recognize a one-time impairment loss of about $282 million in the first quarter of 2020 due to early retirement of 253-megawatt, coal-fired Escalante generating station.

“Collectively, the closure of the power plants and mine will impact approximately 600 power plant and mine employees” the non-profit co-operative said in a statement.

Cheap gas from record shale production and rising use of renewable sources of power have kept electric prices low in recent years, making it uneconomic for generators to continue operating older, less efficient coal plants. (Reporting by Nakul Iyer in Bengaluru Editing by Marguerita Choy)

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