- The largest coal-fired power plant in the western U.S., the 2.25 GW Navajo Generating Station in Arizona, shut down yesterday after nearly 50 years in operation, in the latest casualty in the coal industry (NYSEARCA:KOL).
- The plant is owned by the state's Salt River Project, Pinnacle West (NYSE:PNW) subsidiary Arizona Public Service Co., Fortis (NYSE:FTS) subsidiary Tucson Electric Power, and Berkshire Hathaway's (BRK.A, BRK.B) Nevada Energy.
- The decision to close the plant was made two years ago after the owners determined it was uneconomical to continue operating.
- The owners will make ~$110M in lease payments to the Navajo Nation so the site can be decommissioned over the next three years.