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Arizona’s largest utility company says it has agreed to purchase shares of two units at a coal- fired power plant it operates in New Mexico and would shut down three older, less efficient units.
Arizona Public Service Co. said Monday it will pay Southern California Edison $294 million for its 48 percent share of units four and five at the Four Corners Power Plant on the Navajo Nation.
Southern California Edison said earlier this year it would terminate its interest in the plant by 2016 to comply with California laws.
