New Mexico utility grapples with costs of closing coal plant

ALBUQUERQUE, N.M. (AP) — New Mexico's largest electric provider plans to get out of the coal business sooner rather than later and is proposing legislation that could ease the sting of closing a coal-fired power plant that has served customers around the Southwest for decades.

Public Service Co. of New Mexico wants legislative approval for a mechanism that would address how the utility recovers millions of dollars of remaining investment in the coal-fired San Juan Generating Station.

By financing undepreciated capital through the highest rated bonds possible, utility officials say they'll be a...