Signed by Governor Michelle Lujan Grisham

Vote Smart's Synopsis:

Vote to pass a bill that limits carbon emissions and authorizes state investment in renewable energy sources.

Highlights:

• Requires public utilities meet renewable standard requirements and specifies that these requirements include, but are not limited to (Sec. 29):

• Renewable energy shall comprise of no less than 50 percent of each public utility retail sales of electricity no later than January 1, 2025;

• Renewable energy resources shall supply no less than 80 percent of all electricity sales no later than January 2, 2040; and

• Zero carbon resources shall supply 100 percent of all electricity sales no later than January 1, 2045. Reasonable and consistent progress must be made over time toward this goal.

• Requires the public regulation commission consider and approve applications for financing orders to qualifying utility companies (Sec. 5).

• Requires the public regulation commission prevent unreasonable impacts to customer electricity bills, such as economic and environmental costs, while utility companies work to comply with these renewable requirements (Sec. 29).

• Requires public utilities file an annual budget report to the public regulation commission regarding the utility’s procurement and generation of renewable energy since the last report was filed, beginning July 1, 2020 (Sec. 29).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that limits carbon emissions and authorizes state investment in renewable energy sources.

Highlights:

• Requires public utilities meet renewable standard requirements and specifies that these requirements include, but are not limited to (Sec. 29):

• Renewable energy shall comprise of no less than 50 percent of each public utility retail sales of electricity no later than January 1, 2025;

• Renewable energy resources shall supply no less than 80 percent of all electricity sales no later than January 2, 2040; and

• Zero carbon resources shall supply 100 percent of all electricity sales no later than January 1, 2045. Reasonable and consistent progress must be made over time toward this goal.

• Requires the public regulation commission consider and approve applications for financing orders to qualifying utility companies (Sec. 5).

• Requires the public regulation commission prevent unreasonable impacts to customer electricity bills, such as economic and environmental costs, while utility companies work to comply with these renewable requirements (Sec. 29).

• Requires public utilities file an annual budget report to the public regulation commission regarding the utility’s procurement and generation of renewable energy since the last report was filed, beginning July 1, 2020 (Sec. 29).

Full Bill Text