CPUC approval of SCE power plant sale ends regulated utility ownership of coal-fired plants in California

SAN FRANCISCO, March 22, 2012 – The California Public Utilities Commission (CPUC) today approved Southern California Edison’s (SCE) request to sell its interest in Four Corners Generating Station, a coal-fired plant in New Mexico, ending SCE’s coal-fired generation ownership consistent with the CPUC’s requirement that it do so by 2016.

Said CPUC President Michael R. Peevey, “With today’s decision, we close a chapter in California for our regulated utilities and their ownership interest in coal-fired generation facilities. Senate Bill 1368 mandated greenhouse gas emissions performance standards and SCE is furthering those objectives by divesting its ownership share in Four Corners. SCE ratepayers will be the beneficiaries of the gains on the sale of this asset and all Californians will benefit as the state takes one more step closer to reduced greenhouse gases and a cleaner environment.”

SCE owns a 48 percent share in Four Corners Generating Station Units 4 and 5, an operational coal-fired generation plant operated by the Arizona Public Service Company (APS). SCE entered into an agreement to sell its share in Four Corners to APS, and filed an application for CPUC approval of the proposed sale and sale terms.