2018 SB 47 Energy Redevelopment Bonds

CVNM Position:

Oppose

Priority:

CVNM Priority Vote

Year:

2018

Sponsors:

Jacob R. Candelaria
Steven P. Neville
Rod Montoya

Topics:

Air Quality
Energy & Climate Change

Legislative Info:

SB 47 on nmlegis.gov »

Description

SB 47 would have allowed a qualifying public utility to seek a financial order from the PRC allowing it to issue "energy redevelopment bonds" to offset the costs of abandoning a coal-fired energy generating facility and replacing it with other energy generating facilities, and established that the cost of those bonds may be passed through to the utilities' customers. It would have allowed PNM to recoup 100% of the cost of the coal-fired San Juan Generating Station, would not have required them to replace its function with a facility using renewable energy, and would have allowed them to pass costs on to ratepayers. The measure also represented a significant end-run around the PRC, the body intended to regulate electric utilities. SB 47 was replaced by a Senate Conservation Committee sub. The sub included ambitious renewable energy targets, but continued to fall short on guarantees of ratepayer protection, PRC review, closure of the coal plant, and protection of free market competition in the renewable energy sector. HB 325, a dummy bill, was filed late in the session and attempted to address some of the issues addressed in SB 47. To read more about HB 325, visit our website at www.CVNM.org.

Outcome

SB 47 died in the Senate Conservation Committee.