New Mexico surpasses renewable energy goals
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In New Mexico, investor-owned utilities have already reached 50% renewable energy portfolios, exceeding the 2030 target set by the 2019 Energy Transition Act and are on track for 80% by 2040.
The state’s largest utility, Public Service Company of New Mexico (PNM), generated 80% carbon-free electricity last year and is proposing a new mix of wind, solar, and battery projects to further reduce reliance on fossil fuels.
Representative Nathan Small sponsored the legislation, aiming to create economic opportunities and protect the environment. While New Mexico is successfully expanding clean energy sources to meet a projected 40% increase in energy consumption by 2032, challenges remain. Some environmental groups oppose the inclusion of a new gas plant in PNM’s proposal, citing a commitment to phasing out fossil fuels. Customers also express concern about a potential takeover of PNM by Blackstone, a private equity firm.
The transition away from coal has been particularly difficult for workers. Although the Energy Transition Act established a fund to support those impacted by plant closures, legal challenges and delayed legislative action hindered the timely distribution of aid. Many workers had already left the area before assistance became available, despite efforts to offer retraining programs and direct payments.
However, the state has also created a Renewable Energy Transmission Authority to streamline infrastructure development and a sovereign wealth fund to invest in emerging clean energy technologies.
