New Mexico just became the third state, following Hawaii and California, to commit to 100 percent carbon-free. The Energy Transition Act (SB489), sponsored by Senators Candelaria and Stewart and Representatives Egolf, Small and Roybal Caballero, sets a renewable portfolio standard of 50 percent by 2030 and 100 percent carbon-free by 2050.
The new law also creates a bond program to securitize coal plants that are being closed down due to rising costs. The program ensures that the closure of the facility does not burden ratepayers with rising utility bills and creates an economic development assistance fund, a displaced worker assistance fund, and a fund to support impacted tribal communities.
Colorado was the first state to pursue a securitization bill in 2018 and legislators have reintroduced it this year as HB19-1037. Montana also has a securitization bill in the works, HB 467.
In addition to New Mexico, eight other states and Puerto Rico are considering 100 percent clean energy bills in 2019:
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