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New Mexico utility appeals decision on coal power plant

Four Corners Power Plant
AP Photo/Susan Montoya Bryan, File
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This April, 2006, file photo shows the Four Corners Power Plant in Waterflow, N.M., near the San Juan River in northwestern New Mexico.

New Mexico's largest electric provider is appealing a recent decision by state regulators to reject a proposal to transfer its shares in a coal-fired power plant to a Navajo energy company.

The Public Regulation Commission voted unanimously against the proposal earlier this month, saying Public Service Co. of New Mexico didn’t specify how the lost power would be replaced.

Commissioners also had concerns about investments that the utility sought to recover through bonds that would be paid back by customers.

PNM filed its notice of appeal with the New Mexico Supreme Court on Wednesday. The utility argues the plan would protect customers.