Salt River Project has approved the purchase of new shares of the Palo Verde Nuclear Generating Station, which will help the utility meet a growing demand for power.
The purchase will give SRP a little more than a 20% share of the largest nuclear power plant in the United States, located about 50 miles west of downtown Phoenix. It will also help the company meet its sustainability goals: SRP is aiming to reduce its carbon emissions by 65% by 2035.
"We have experience with Palo Verde," said Scott Harelson, a spokesman for SRP. "We’re already about a 17% owner of generation at the plant. It's a reliable base load, economical supply of energy for our customers, and it’s also non-carbon emitting."
The deal gives SRP more power during hot summer nights, without the expense of building a new power plant.
