New Study Evaluates New Mexico's Progress Toward 100% Clean Energy Goals

FOR IMMEDIATE RELEASE: Monday, November 11, 2024

SANTA FE, N.M. — A new analysis of New Mexico's Energy Transition Act (ETA) reveals that while utilities are on track to meet interim clean energy targets, significant technological and infrastructure challenges lie ahead for achieving 100% zero-emission electricity by 2045.

Powering New Mexico’s Future commissioned the study to help connect the dots on these challenges facing lawmakers, resource planners, and policymakers to ensure New Mexico is able to tackle its energy future head on.

The comprehensive study found that investor-owned utilities and rural electric distribution cooperatives are successfully advancing toward the state's renewable portfolio standard (RPS) interim goals. However, reaching complete decarbonization will require substantial investments in emerging technologies and infrastructure upgrades.

"New Mexico has positioned itself as a national leader in clean energy legislation through the ETA," said Dr. Harrison Fell of North Carolina State University’s Center for Environmental and Resource Economic Policy and the study’s author. "But achieving our 2045 goals while maintaining reliability and affordability will require strategic planning and investment in new technologies."

Key findings include:

●       The need to deploy advanced technologies like long-duration energy storage and new forms of dispatchable zero-emissions generation

●       Critical importance of expanding transmission infrastructure both within New Mexico and across regions

●       Necessity of maintaining existing natural gas generation capacity in the near term to ensure reliability

●       Opportunities for innovative rate structures and energy efficiency programs to manage demand

The study recommends several policy actions, including:

●       Providing financial and regulatory support for emerging clean energy technologies

●       Streamlining transmission project permitting

●       Implementing new rate structures to manage energy demand

●       Investing in workforce development programs

●       Exploring the formation of a Regional Transmission Organization (RTO)

"With proper planning and policy support, New Mexico can maintain its momentum toward a clean energy future while ensuring reliable and affordable power for all residents," added Dr. Fell.

Dr. Fell will be presenting his findings at the Economic and Rural Development and Policy Committee on November 13th at 3:30 pm in the House Chambers. The paper can be found here.

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Powering New Mexico’s Future’s mission is to empower policymakers, community leaders, and the general public with fact-based knowledge of the policies, technologies, and essential components that will drive New Mexico toward a more sustainable, reliable, and affordable future. Our vision is to cultivate a landscape where every New Mexican has seamless access to the benefits of a transformed economy and energy sector, fostering new opportunities to grow and thrive.