Why NM Legislators Should Vote for HB99/HM9
Summary: Sponsored by Reps. Sanchez, Caballero, and Barrone, HM 9 and HB 99 are companion bills with HB 99 allocating $50,000 to fund the development of a renewable energy strategic plan. The overall goal is to make the state of New Mexico an investor in its own renewable energy market, so the state makes enormous amounts of money on renewables. HM 9 directs the State Investment Office (SIO) to develop a strategic plan/study for investing in New Mexico renewable energy projects. This includes renewable generation (e.g. Solar, wind) and storage/transmission primarily used for renewables. The plan may be recommended for adoption by the State Investment Council if it yields positive results. The study/plan will examine the following topics:
- Accelerate and guide diversification of NM reliance on oil and gas revenues;
- Define how funds managed by the SIC can be invested and in what type of renewable investment vehicles;
- Explore financing large loans to utility scale renewable projects.
Why it is important to NM?
New Mexico renewable investments are good investments because NM has an "unfair competitive advantage" over other investments:
- NM has the 2nd best solar in the US, and likely the best when considering land prices and availability.
- Adopting the plan would SIGNIFICANTLY promote renewables in New Mexico by:
- Providing more capital for New Mexico renewable projects.
- Demonstrating to industry that New Mexico is committed to the Renewable market by investing in it.
- Adopting the plan could generate significant revenue for New Mexico to supplement Oil and Gas revenue:
- Native American / State Land Leases generate money for New Mexico schools and residents, so we are less reliant on O&G revenue.
- The plan could be used to provide funding for emerging technologies/startups to prototype and commercialize their products in New Mexico.
- New Mexico NEEDS to create a renewable energy critical mass to become an energy exporter:
- If we install enough solar and wind, New Mexico will be competitive in accessing upcoming inter-continental transmission lines to export solar to the East Coast when HVDC lines get built.
- If we are slow in installing renewables, lines/transmission contracts will go to other states.
- New Mexico needs to be first in installing renewables. Utah is already planning to pull ahead of us in storage.
350 NM, New Energy Economy, and Sierra Club