The bill amends the New Mexico Finance Authority Act by revising definitions and expanding the permitted uses of the Public Project Revolving Fund. Key changes include clarifying terms such as "emergency public project" and "qualified entity," which broadens the range of entities eligible for funding. The bill specifies that funds can be utilized for interim loans, small loan programs, and to capitalize other financing programs authorized by law. Importantly, it establishes that only public projects explicitly authorized by law will qualify for funding from the Public Project Revolving Fund after June 30, 2028.

Additionally, the bill addresses economic development rates for gas and electric utilities, allowing the commission to approve special rates aimed at preventing customer loss and attracting new customers, with conditions that ensure recovery of at least the incremental cost of service. It outlines the procedures for certifying public utility facilities, particularly energy storage systems, and allows for streamlined approval processes when no protests are filed. The bill emphasizes the importance of energy storage systems in reducing costs for ratepayers, minimizing fossil fuel use, and enhancing grid reliability, while also promoting environmental benefits through reduced greenhouse gas emissions. Definitions for key terms related to energy storage and mutual domestic water consumer associations are included to clarify the legislation.

Statutes affected:
introduced version: 6-21-3, 6-21-6, 62-6-26, 62-9-1
Final Version: 6-21-3, 6-21-6, 62-6-26, 62-9-1