The bill amends the New Mexico Finance Authority Act to update definitions and expand the permitted uses of funds within the Public Project Revolving Fund. Notable insertions include a broader definition of "public project," which now includes electric utilities, public recreational facilities, and public transportation systems. The definition of "qualified entity" is also expanded to encompass rural electric cooperatives, nonprofit foundations linked to educational institutions, and Indian nations or tribes. Additionally, the bill establishes that after June 30, 2035, only public projects explicitly authorized by law will qualify for funding from the Public Project Revolving Fund.

Moreover, the legislation introduces provisions for economic development rates for gas and electric utilities, enabling them to recover costs related to economic development projects that benefit local and state economies. It sets up a framework for the commission to approve special rates or tariffs to attract and retain commercial and industrial businesses, while requiring the economic development department to certify projects that align with anticipated economic growth. The bill also revises regulations concerning the issuance of certificates of public convenience and necessity for constructing or extending generating plants and transmission lines, allowing utilities to request specific ratemaking principles in their applications. Additionally, it establishes a new timeline for decisions on applications certified by the economic development department and introduces criteria for approving energy storage systems, emphasizing their importance in reducing costs and enhancing grid reliability.

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