Commentary: A Wednesday decision by New Mexico Public Regulation Commissioners means New Mexico will get new investment, jobs and some of the lowest-cost renewable energy in the world with solar at 1.5 cents per kwh.
The commission approved two renewable projects to serve El Paso Electric’s New Mexico and Texas customers. The 100-MW solar Hecate project will be built in Santa Teresa, N.M., and the Buena Vista hybrid project, which has 100 MW of solar plus 50 MW of battery, will be built in Otero County.
Both will start service in the summer of 2022.
“The low prices are noteworthy, particularly $14.99 per megawatt-hour for the Hecate project. El Paso Electric selected these renewable resources to provide system peaking capacity, but will apply the New Mexico portion of renewable-energy certificates to meet New Mexico’s renewable energy requirements at no extra cost to ratepayers," said Coalition for Clean Affordable Energy attorney Stephanie Dzur.