2006 New Mexico Statutes - Section 62-16-2 — Findings and purposes.

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 [ 62-16-1 NMSA 1978] 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 ; and

(5)     public utilities should not be required to acquire energy generated from renewable energy resources that could result in costs above a reasonable cost threshold.

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.