The proposed bill establishes the "Utility Oversight Fund" within the state treasury, which will consist of fees collected from various utility-related sections, as well as appropriations, gifts, grants, and investment earnings. The fund will be administered by the Public Regulation Commission (PRC), and the money will be appropriated by the legislature to support the commission's duties under the Public Utility Act. Additionally, the bill amends existing sections to increase the annual inspection and supervision fees for utilities, which will now be set at five hundred ninety thousandths percent of their gross receipts from business transacted in New Mexico. The commission will have the authority to adjust these fees annually until July 1, 2031, based on the employment cost index.

Furthermore, the bill modifies the collection and distribution of fees and penalties associated with the Public Utility Act. It mandates that all fees collected be credited to the newly created Utility Oversight Fund and allows the commission to bring legal action to collect any unpaid fees, interest, and penalties. The bill also specifies that penalties recovered will be deposited into the current school fund rather than the state general fund. Overall, the legislation aims to enhance the financial resources available for utility oversight and ensure compliance among utilities operating in New Mexico.

Statutes affected:
introduced version: 62-8-8, 62-8-9, 62-13-2, 62-14-8, 63-7-20, 63-7-21, 70-3-2