Deals
When Paying $1 for Coal Power Plant Is Still Paying Too Much
- Acme Equities in talks to buy San Juan plant in New Mexico
- It’s ‘questionable why anyone would buy energy’ from San Juan
The San Juan Generating Station near Farmington, N.M.
Photographer: Susan Montoya Bryan/APThis article is for subscribers only.
One dollar. That’s how much an aging New Mexico coal plant is worth. And by some estimates, even that may be too much.
Acme Equities LLC, a New York-based holding company, is in talks to buy the 847-megawatt San Juan Generating Station for $1, after four of its five owners decided to shut it down. The fifth owner, the nearby city of Farmington, says it’s pursuing the bargain-basement deal with Acme to avoid losing about 1,600 direct and indirect jobs in the area.