New Mexico § 62-16-2 - Findings and purposes

§ 62-16-2. Findings and purposes

A. The legislature finds that: (1) the generation of electricity through the use of renewable energy presents opportunities

to promote energy self-sufficiency, preserve the state's natural resources and pursue

an improved environment in New Mexico; (2) the use of renewable energy by public utilities subject to commission oversight

in accordance with the Renewable Energy Act can bring significant economic benefits

to New Mexico; (3) public utilities should be required to include prescribed amounts of renewable

energy in their electric energy supply portfolios for sales to retail customers in

New Mexico by prescribed dates; (4) public utilities should be able to recover their reasonable costs incurred to

procure or generate energy from renewable energy resources used to meet the requirements

of the Renewable Energy Act; (5) a public utility should have incentives to go beyond the minimum requirements

of the renewable portfolio standard; (6) public utilities should not be required to acquire energy generated from renewable

energy resources that could result in costs above a reasonable cost threshold; and (7) it may serve the public interest for public utilities to participate in national

or regional renewable energy trading. B. The purposes of the Renewable Energy Act are to: (1) prescribe the amounts of renewable energy resources that public utilities shall

include in their electric energy supply portfolios for sales to retail customers in

New Mexico by prescribed dates; (2) allow public utilities to recover costs through the rate-making process incurred

for procuring or generating renewable energy used to comply with the prescribed amount;

and (3) protect public utilities and their ratepayers from renewable energy costs that

are above a reasonable cost threshold.