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 a broader definition of "qualified entity" and "public project," which now allows a wider range of entities and projects to be 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 specifically authorized by law will be eligible for funding from the Public Project Revolving Fund after June 30, 2028.

Additionally, the bill addresses economic development rates for gas and electric utilities, permitting the commission to approve special rates to retain and attract customers. It introduces provisions for public utilities to recover costs associated with economic development projects through rate adjustments, with a requirement for the commission to review applications within six months. The bill also outlines the approval process for certificates of public convenience and necessity for energy storage systems, allowing for expedited approvals without formal hearings if no protests are filed. It emphasizes the importance of energy storage systems in reducing costs, minimizing fossil fuel use, and enhancing grid reliability, while providing definitions for key terms used in 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