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Renewable Energy Act

Article 16 :: Section 2

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.

History: Laws 2004, ch. 65, § 2; 2007, ch. 4, § 6.


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