A wholesale power provider has proposed a $500 million deal for a Colorado electric utility to retire some coal assets and shift toward more renewable energy.
The Daily Sentinel reported Wednesday that the proposal from Denver-based Guzman Energy calls for Tri-State Generation and Transmission Association to shut down coal-fired power plants in New Mexico and northwest Colorado by 2025.
Guzman Energy says the deal would provide financial assistance to impacted communities and help the utility comply with new regulations.
Tri-State CEO Duane Highley says in the statement the verbal proposal by Guzman Energy is "imaginative and creative" but lacks detail and terms.
He says the utility welcomes a detailed written explanation from Guzman Energy.