Santa Fe – Today, the House of Representatives passed landmark legislation to move New Mexico’s electricity supply towards renewable energy and zero-carbon resources. Here is a statement from the New Mexico House Democrats:
Senate Bill 489, the Energy Transition Act, is an historic and transformative measure to reduce electricity costs, diversify the economy, invest in local communities, and protect the environment. Senate Bill 489 is sponsored by Sen. Jacob Candelaria (D-Albuquerque), Rep. Nathan Small (D-Las Cruces), Speaker Brian Egolf (D-Santa Fe), and Sen. Mimi Stewart (D-Albuquerque).
Specifically, the Energy Transition Act calls for:
· 50% renewable energy by 2030, 80% by 2040, and 100% zero-carbon resources by 2045;
· a large renewable energy build-out to create an estimated 8,000 new jobs by 2050;
· financing to transition away from coal and to protect consumers; and
· economic relief for communities impacted by coal plant closures.
“The Energy Transition Act is a generational opportunity to move New Mexico forward to a brighter and cleaner future through ambitious renewable energy standards, community reinvestment, and workforce development. Together with stakeholders and community members, we are working to ensure a smooth transition to clean energy without leaving any New Mexicans behind,” said Rep. Nathan Small. “Most importantly, we are putting money back in the pockets of hardworking New Mexicans through new jobs, consumer protections, and by embracing new technology to keep electricity affordable.”
“This legislation launches New Mexico to the forefront of clean energy in the United States with new renewable energy, making our state completely carbon-free by 2045. My office has spent 14 months working with groups across the state to make sure we are doing this right,” said Speaker Brian Egolf. “While we transition to a new era of clean energy, we are also helping a community transition out of coal – which is the reason I’m so proud of all who worked tirelessly to make this happen.”
New Mexico communities impacted by coal plant closures will receive nearly $70 million in direct community investments. $20 million of these investments will go into three funds overseen by the Departments of Indian Affairs, Economic Development, and Workforce Solutions to assist the Four Corners’ economy to diversify the economy. New Mexico’s economy will be bolstered by a large renewable energy build-out, with a local workforce trained to supply the needed labor. This bill does not require any coal plant to close.
Senate Bill 489 has received bipartisan support and now heads to the Governor.