The energy industry is at a historic point. Thanks to the New Mexico Legislature’s passage of the Energy Transition Act, our state has the unique opportunity to lead the way in green energy and long-term sustainable solutions like wind, solar, and cleaner, flexible natural gas.
With Governor Lujan-Grisham’s signature making the Energy Transition Act the law of the land, PNM is ready to work with our partners to make New Mexico a national leader in clean and renewable energy.
We have worked diligently to achieve the best possible balance between embracing this new path forward and recognizing the needs of our PNM family as we work to ensure that both our workers and our state are not left behind during this time of change.
“PNM recognizes the hard work and dedication of all New Mexicans, especially our Governor, legislators, environmental activists, business groups and those who made this legislation happen, and we know that by working together, we can make New Mexico’s future energy economy work for all New Mexicans,” said Patricia K. Vincent-Collawn, President and CEO of PNM Resources.
“PNM is fully aware of the challenges this legislation places squarely on our company, but we know there is no better place than New Mexico to grow the renewable energy economy, and we will take this challenge head on by working together to power our economy, protect our environment, and produce clean, affordable, and reliable energy for all New Mexicans,” said Vincent-Collawn.
This new legislation proves that we do not have to choose between environmental protection and economic prosperity. PNM is already a national leader in investing in renewable energy production and began the path to transition New Mexico from coal to clean energy in 2017.
With the increase in Renewable Portfolio Standard or RPS and zero-carbon energy standards, New Mexico moves to the forefront as we safeguard our environment by working towards 100% emissions-free energy by 2045.
The Energy Transition Act gives PNM a key first step––a new financing tool called securitization––that allows for an economically sensitive closure of the San Juan Generating Station, delivers long-term savings to customers, and provides for reinvestment in infrastructure and cutting-edge technology.
PNM has a strong foundation to build upon, and the Energy Transition Act reinforces this foundation with new tools and benchmarks. With over one million solar panels (and counting), PNM is on its way to becoming the largest provider of renewable energy for New Mexicans.
Our wind, solar and geothermal resources annually generate enough energy to power more than 154,000 average homes. PNM has already invested over $270 million in solar panels, making New Mexico one of the top ten U.S. states for solar panel installation.
With the Energy Transition Act, New Mexico can seize the top spot as the nation’s leader in clean, renewable energy production. PNM was the first utility to fully integrate energy storage into the electric grid via the Prosperity Energy Storage Project, the first of many such initiatives to come.
With enactment of the Energy Transition Act, PNM will continue to build on the work we have already done to create a responsible path forward for our customers, our environment, and our workers.
New Mexicans will reap the benefits of this cleaner energy economy, realizing savings in their bills, sharing the opportunity to profit from our state’s ability to produce renewable energy, and gaining sustainable jobs in a vibrant new energy sector.