Navajo Nation company buys partial ownership in power plant

FARMINGTON, N.M. (AP) — Navajo Transitional Energy Company has acquired a 7 percent ownership interest in units 4 and 5 of the Four Corners Power Plant.
NTEC purchased the partial ownership from an affiliate of Arizona Public Service, which operates the coal-fired power plant.
The energy company is owned by the Navajo Nation.
NTEC owns the Navajo Mine south of Fruitland, New Mexico.
Tribal officials say ownership of a power plant is a first for a Navajo Nation enterprise.
APS also entered into an amended and restated coal supply agreement that will govern the power plant's fuel purchases from NTEC.
The deal gives NTEC more flexibility in the sale and purchase of coal from the Navajo Mine.