Transformative clean energy bill leads the nation, becomes law

Santa Fe –  Today, Governor Michelle Lujan Grisham signed into law landmark legislation to move New Mexico’s electricity supply towards renewable energy and zero-carbon resources. Senate Bill 489, the Energy Transition Act, is an historic and transformative measure to reduce electricity costs, diversify the economy, invest in local communities, and protect the environment. Senate Bill 489 is sponsored by Sen. Jacob Candelaria (D-Albuquerque), Rep. Nathan Small (D-Las Cruces), Speaker Brian Egolf (D-Santa Fe), and Sen. Mimi Stewart (D-Albuquerque).

Specifically, the Energy Transition Act calls for:

• 50% renewable energy by 2030, 80% by 2040, and 100% zero-carbon resources by 2045;
• a large renewable energy build-out to create an estimated 8,000 new jobs by 2050;
• financing to transition away from coal and to protect consumers; and
• economic relief for communities impacted by coal plant closures.

“This is a very special moment,” said Rep. Nathan Small. “As someone born and raised in New Mexico, like all of us, I went to sleep and woke up every morning in the state with the highest economic opportunity from renewable energy. Now, New Mexicans will wake up in a state that finally decided to lead. We will lead in renewable energy, lead in creating jobs for our communities, and lead in safeguarding our communities far into the future. I am so proud to have worked on this legislation with our incredible leaders, advocates, and our Governor.”

“When we say that this is a piece of landmark legislation, it’s true,” said Speaker Brian Egolf. “New Mexico is leading the world on this front. It is an example of what’s yet to come. I am so proud of this moment where we are showing our whole state that we are not like Washington, D.C., and that our legislature, Governor, and stakeholders can come together to work hard for the people of New Mexico, and that we can listen more than we talk so we can invest in real solutions. This legislation will have impacts on generations to come and will create a brighter, cleaner future for all of our children. This was truly a team effort, and I want to thank the bill sponsors and our Governor for their incredible leadership on moving New Mexico forward.”

New Mexico communities impacted by coal plant closures will receive nearly $70 million in direct community investments. $20 million of these investments will go into three funds overseen by the Departments of Indian Affairs, Economic Development, and Workforce Solutions to assist the Four Corners’ economy to diversify the economy. New Mexico’s economy will be bolstered by a large renewable energy build-out, with a local workforce trained to supply the needed labor. This bill does not require any coal plant to close.