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 allows the fund to be utilized for interim loans, small loan programs, and to capitalize other financing programs authorized by law. Importantly, it establishes that only public projects specifically authorized by law will be eligible for funding from the fund after June 30, 2028.

Additionally, the bill addresses economic development rates for gas and electric utilities, enabling the commission to approve special rates aimed at preventing customer loss and attracting new customers, with conditions that these rates must recover at least the incremental cost of service. It outlines a process for the certification of public utility facilities, particularly energy storage systems, and mandates the use of specific ratemaking principles for costs associated with certified facilities. The bill also streamlines the certification process by allowing applications to be approved without a formal hearing if no protests are filed within sixty days, while emphasizing the importance of energy storage systems in reducing costs, minimizing fossil fuel use, and enhancing grid reliability.

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