LA looks at sale in coal plant and invest proceeds into geothermal power
Los Angeles in a good light (Source: Flickr, CC, By: Ron Reiring)
Francisco Rojas
24 Jun 2015
Los Angeles Department of Water and Power will also force one of the 3 units of the coal plant to close by 2019
Great news for California, where the Los Angeles Department of Water and Power (LADWP) has vowed to sell a significant stake (21%) and use the proceeds to acquire renewable energy stock instead. This is partly motivated to provide cleaner air for LA and to encourage green energy.
According to local news “the LADWP spent three years negotiating the sale of the shares, with the resulting agreement calling for the city to purchase renewable geothermal power instead.”
Apart from the sale, there is also a provision that states that one of the three units where they had a stake on, the Navajo Generating Plant must be closed down by 2019.
Source: Los Angeles Daily News
