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CITY OF FARMINGTON ADVANCES TO THE NEXT CONTRACTUAL STEP TO KEEP SAN JUAN GENERATING STATION OPEN PAST 2022
Previously the City of Farmington entered into a "Letter of Intent" with Acme Equities LLC to negotiate a purchase agreement for the acquisition of San Juan Generating Station. Pursuant to that agreement both parties are advancing to the next contractual step by entering into an “Agency Agreement" whereby Acme Equities LLC obtains the authority to begin discussions on behalf of the City of Farmington with the exiting owners for their interest in SJGS and to begin discussions with Westmoreland Coal Company for a new coal supply agreement. According to the owners agreement, all exiting owners have an obligation to negotiate in good faith and convey their interest in the plant at no cost. Farmington Mayor Nate Duckett stated, "We are very pleased to see this process formally advancing and gaining significant momentum.” City Manager Rob Mayes added, "We have an incredible opportunity to save 1,600 jobs and reduce CO2 emissions at SJGS by 90 percent through the proposed installation of proven carbon capture technology. This would make SJGS cleaner than wind generation that requires natural gas backup.” For more information on the transaction and status, please read the COF’s FAQs at http://bit.ly/sjgsQandA