SB 308

                                1  SENATE BILL 308
                                2      57TH LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 2026
                                3  INTRODUCED BY
                                4  William E. Sharer
                                5
                                6
                                7
                                8
                                9
                                10  AN ACT
                                11   RELATING TO THE ENVIRONMENT; PERMITTING PUBLIC UTILITIES TO
                                12   PETITION FOR A WAIVER OF RENEWABLE PORTFOLIO STANDARDS;
                                13   ALLOWING PUBLIC UTILITIES WITH WAIVERS TO PURCHASE, CONSTRUCT
                                14   OR ACQUIRE CARBON-BASED ENERGY GENERATION FACILITIES AND TO
                                15   OPERATE THOSE FACILITIES FOR THE DURATION OF THEIR USEFUL LIFE;
                                16   ALLOWING PUBLIC UTILITIES WITH WAIVERS TO PURCHASE ENERGY
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                                17   PRODUCED OUTSIDE THE STATE; ENACTING A NEW SECTION OF THE
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                                18   ENVIRONMENTAL IMPROVEMENT ACT; ESTABLISHING A VOLUNTARY
                                19   CERTIFIED NATURAL GAS MONITORING AND REPORTING PROGRAM;
                                20   REQUIRING THE ENVIRONMENTAL IMPROVEMENT BOARD TO ADOPT A CARBON
                                21   INTENSITY STANDARD FOR NEW MEXICO NATURAL GAS PRODUCTION;
                                22   PROVIDING FOR ANNUAL RENEWAL OF CERTIFICATION; RECOGNIZING
                                23   CERTIFICATION AS A VOLUNTARY COMPLIANCE MECHANISM TO SUPPORT
                                24   STATEWIDE GREENHOUSE GAS EMISSIONS REDUCTIONS; AUTHORIZING
                                25   PUBLIC UTILITIES, ELECTRIC GENERATION RESOURCES AND QUALIFIED
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                                1    MICROGRIDS TO PROCURE AND USE CERTIFIED NATURAL GAS; CREATING
                                2    THE GREENHOUSE GAS-REDUCING NATURAL GAS TECHNOLOGY CORPORATE
                                3    INCOME TAX CREDIT.
                                4
                                5    BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
                                6  SECTION 1.     Section 62-16-4 NMSA 1978 (being Laws 2004,
                                7    Chapter 65, Section 4, as amended) is amended to read:
                                8  "62-16-4.    RENEWABLE PORTFOLIO STANDARD.--
                                9  A.     A public utility shall meet the renewable
                                10   portfolio standard requirements, as provided in this section,
                                11   to include renewable energy in its electric energy supply
                                12   portfolio as demonstrated by its retirement of renewable energy
                                13   certificates; provided that the associated renewable energy is
                                14   delivered to the public utility and assigned to the public
                                15   utility's New Mexico customers.    For public utilities other
                                16   than rural electric cooperatives and municipalities,
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                                17   requirements of the renewable portfolio standard are:
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                                18  (1)   no later than January 1, 2015, renewable
                                19   energy shall comprise no less than fifteen percent of each
                                20   public utility's total retail sales of electricity to New
                                21   Mexico customers;
                                22  (2)   no later than January 1, 2020, renewable
                                23   energy shall comprise no less than twenty percent of each
                                24   public utility's total retail sales of electricity to New
                                25   Mexico customers;
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                                1  (3)   no later than January 1, 2025, renewable
                                2    energy shall comprise no less than forty percent of each public
                                3    utility's total retail sales of electricity to New Mexico
                                4    customers;
                                5  (4)   no later than January 1, 2030, renewable
                                6    energy shall comprise no less than fifty percent of each public
                                7    utility's total retail sales of electricity to New Mexico
                                8    customers;
                                9  (5)   no later than January 1, 2040, renewable
                                10   energy resources shall supply no less than eighty percent of
                                11   all retail sales of electricity in New Mexico; provided that
                                12   compliance with this standard until December 31, 2047 shall not
                                13   require the public utility to displace zero carbon resources in
                                14   the utility's generation portfolio on [the effective date of
                                15   this 2019 act] June 14, 2019; and
                                16  (6)   no later than January 1, 2045, zero carbon
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                                17   resources shall supply one hundred percent of all retail sales
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                                18   of electricity in New Mexico.     Reasonable and consistent
                                19   progress shall be made over time toward this requirement.
                                20  B.   In administering the standards required by
                                21   Paragraphs (5) and (6) of Subsection A of this section, the
                                22   commission shall:
                                23  (1)   not jeopardize the operation of a sewage
                                24   treatment facility that captures and combusts methane gas in
                                25   the facility's operations;
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                                1  (2)   maintain and protect the safety, reliable
                                2    operation and balancing of loads and resources on the electric
                                3    system;
                                4  (3)   prevent unreasonable impacts to customer
                                5    electricity bills, taking into consideration the economic and
                                6    environmental costs and benefits of renewable energy resources
                                7    and zero carbon resources;
                                8  (4)   prevent carbon dioxide emitting
                                9    electricity-generating resources from being reassigned,
                                10   redesignated or sold as a means of complying with the standard;
                                11  (5)   in consultation with the energy, minerals
                                12   and natural resources department, undertake programs not
                                13   prohibited by law to achieve the standard;
                                14  (6)   in consultation with the department of
                                15   environment, ensure that the standard does not result in
                                16   material increases to greenhouse gas emissions from entities
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                                17   not subject to commission oversight and regulation; and
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                                18  (7)   in consultation with electricity
                                19   transmission system operators responsible for balancing New
                                20   Mexico electricity loads and resources, issue a report to the
                                21   legislature by July 1, 2020, and each July 1 every four years
                                22   thereafter.   The report shall include:
                                23  (a)   review of the standard, with a focus
                                24   on technologies, forecasts, existing transmission,
                                25   environmental protection, public safety, affordability and
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                                1    electricity transmission and distribution system reliability;
                                2  (b)   evaluation of the anticipated
                                3    financial costs and benefits to electric utilities in
                                4    implementing the standard, including the impacts and benefits
                                5    to customer electricity bills; and
                                6  (c)   identification of the barriers to,
                                7    and benefits of, achieving the standard.
                                8  C.   Any customer that is a political subdivision of
                                9    the state, or any educational institution designated in Article
                                10   12, Section 11 of the constitution of New Mexico with an
                                11   enrollment of twenty thousand students or more during the fall
                                12   semester on its main campus, with consumption exceeding twenty
                                13   thousand megawatt-hours per year at any single location or
                                14   facility and that owns facilities that produce renewable energy
                                15   or hosts such facilities through a renewable purchased power
                                16   agreement, shall not be charged by the utility for power
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                                17   purchases of one year or less or fuel on the amount of
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                                18   electricity purchased from the utility equal to the amount of
                                19   renewable energy produced or hosted by the customer.     The
                                20   customer shall annually certify to the state auditor and notify
                                21   the commission and the customer's serving electric utility of
                                22   the amount of renewable energy produced at the customer-owned
                                23   or customer-hosted facilities that generate renewable energy.
                                24   The customer shall also certify to the state auditor and notify
                                25   the commission that the customer will retire all renewable
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                                1    energy certificates associated with the renewable energy
                                2    produced by those facilities.    Any financial benefits as a
                                3    result of the provisions of this subsection shall accrue to the
                                4    customer immediately [upon the effective date of this 2019 act]
                                5    on June 14, 2019 and shall be reflected in customer bills each
                                6    month, subject to annual true-up and reconciliation.     The
                                7    provisions of this subsection shall not prevent the utility
                                8    from recovering all of its reasonable and prudent fuel and
                                9    purchased power costs.
                                10  D.   Upon a motion or application by a public utility
                                11   the commission shall, or upon a motion or application by any
                                12   other person the commission may, open a docket to develop and
                                13   provide financial or other incentives to encourage public
                                14   utilities to produce or acquire renewable energy that exceeds
                                15   the applicable annual renewable portfolio standard set forth in
                                16   this section; results in reductions in carbon dioxide emissions
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                                17   earlier than required by Subsection A of this section; or
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                                18   causes a reduction in the generation of electricity by coal-
                                19   fired generating facilities, including coal-fired generating
                                20   facilities located outside of New Mexico.   The incentives may
                                21   include additional earnings and capital investment
                                22   opportunities for resources used in furtherance of the outcomes
                                23   described in this subsection.
                                24  E.   If, in any given year, a public utility
                                25   determines that the average annual levelized cost of renewable
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                                1    energy that would need to be procured or generated for purposes
                                2    of compliance with the renewable portfolio standard would be
                                3    greater than the reasonable cost threshold, the public utility
                                4    shall not be required to incur that excess cost; provided that
                                5    the existence of this condition excusing performance in any
                                6    given year shall not operate to delay compliance with the
                                7    renewable portfolio standard in subsequent years.     The
                                8    provisions of this subsection do not preclude a public utility
                                9    from accepting a project with a cost that would exceed the
                                10   reasonable cost threshold.   When a public utility can generate
                                11   or procure renewable energy at or below the reasonable cost
                                12   threshold, it shall be required to do so to the extent
                                13   necessary to meet the applicable renewable portfolio standard
                                14   and shall not be precluded from exceeding the standard.
                                15  F.   By September 1, 2007 and until June 30, 2019, a
                                16   public utility shall file a report to the commission on its
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                                17   procurement and generation of renewable energy during the prior
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                                18   calendar year and a procurement plan that includes:
                                19  (1)   the cost of procurement for any new
                                20   renewable energy resource in the next calendar year required to
                                21   comply with the renewable portfolio standard; and
                                22  (2)   testimony and exhibits that demonstrate
                                23   that the proposed procurement is reasonable as to its terms and
                                24   conditions considering price, availability, reliability, any
                                25   renewable energy certificate values and diversity of the
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                                1    renewable energy resource; or
                                2  (3)   demonstration that the plan is otherwise
                                3    in the public interest.
                                4  G.   By July 1, 2020, and each July 1 thereafter, a
                                5    public utility shall file a report to the commission on the
                                6    public utility's procurement and generation of renewable energy
                                7    since the last report and a procurement plan that includes:
                                8  (1)   the cost of procurement for new renewable
                                9    energy required to comply with the renewable portfolio
                                10   standard;
                                11  (2)   the capital, operating and fuel costs on a
                                12   per-megawatt-hour basis during the preceding calendar year of
                                13   each nonrenewable generation resource rate-based by the
                                14   utility, or dedicated to the utility through a power purchase
                                15   agreement of one year or longer, and the nonrenewable
                                16   generation resources' carbon dioxide emissions on a per-
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                                17   megawatt-hour basis during that same year;
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                                18  (3)   information, including exhibits, as
                                19   applicable, that demonstrates that the proposed procurement:
                                20  (a)   was the result of competitive
                                21   procurement that included opportunities for bidders to propose
                                22   purchased power, facility self-build or facility build-transfer
                                23   options;
                                24  (b)   has a cost that is reasonable as
                                25   evidenced by a comparison of the price of electricity from
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                                1    renewable energy resources in the bids received by the public
                                2    utility to recent prices for comparable energy resources
                                3    elsewhere in the southwestern United States; and
                                4  (c)   is in the public interest,
                                5    considering factors such as overall cost and economic
                                6    development opportunities; and
                                7  (4)    strategies used to minimize costs of
                                8    renewable energy integration, including location, diversity,
                                9    balancing area activity, demand-side management and load
                                10   management.
                                11  H.   The commission shall approve or modify a public
                                12   utility's procurement plan within ninety days and may approve
                                13   the plan without a hearing, unless a protest is filed that
                                14   demonstrates to the commission's reasonable satisfaction that a
                                15   hearing is necessary.    The commission may modify a plan after
                                16   notice and hearing.    The commission may, for good cause, extend
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                                17   the time to approve a procurement plan for an additional ninety
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                                18   days.   If the commission does not act within the ninety-day
                                19   period, the procurement plan is deemed approved.
                                20  I.   The commission may reject a procurement plan
                                21   if, within forty days of filing, the commission finds that the
                                22   plan does not contain the required information and, upon the
                                23   rejection, shall provide the public utility the time necessary
                                24   to file a revised plan; provided that the total amount of
                                25   renewable energy required to be procured by the public utility
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                                1    shall not change.
                                2  J.    A public utility may petition the commission to
                                3    grant a waiver of the renewable portfolio standards and zero
                                4    carbon emission requirements on establishing that efforts to
                                5    meet the renewable portfolio standards would result in
                                6    residential rate increases greater than one-half percent to
                                7    maintain the same level of reliability for its system in the
                                8    state.   The waiver shall allow the public utility to purchase,
                                9    construct or otherwise acquire a carbon-based energy generation
                                10   facility, and the public utility shall be allowed to continue
                                11   to produce electricity from the facility as provided in the
                                12   waiver for the entire useful life of the facility.      A waiver
                                13   may also allow the purchase of energy produced out of state
                                14   from a carbon-based energy generation source, and the waiver
                                15   shall be recognized for the duration of the purchase contract
                                16   term for the out-of-state energy.       Any waiver granted by the
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                                17   commission shall be reported to the governor and the
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                                18   legislature in the commission's annual report."
                                19        SECTION 2.     A new section of the Environmental Improvement
                                20   Act is enacted to read:
                                21        "[NEW MATERIAL] CERTIFIED NEW MEXICO NATURAL GAS PROGRAM--
                                22   VOLUNTARY MONITORING AND REPORTING--CARBON INTENSITY STANDARD--
                                23   UTILITY USE.--
                                24  A.    The department shall establish a voluntary
                                25   certified natural gas monitoring and reporting program for
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                                1    operators of oil and gas wells seeking to market natural gas as
                                2    "certified New Mexico low-emission gas".
                                3  B.   An operator shall not represent natural gas as
                                4    certified pursuant to this section unless the producer or
                                5    operator is enrolled in the voluntary monitoring and reporting
                                6    program established by the department.     Participation in the
                                7    voluntary monitoring and reporting program is not mandatory;
                                8    however, participation may provide a pathway for demonstrating
                                9    emissions reductions, methane mitigation and market
                                10   differentiation consistent with statewide greenhouse gas
                                11   planning and reduction efforts.
                                12  C.   The board shall promulgate rules establishing
                                13   robust quantification, monitoring, reporting and verification
                                14   protocols to ensure that certification is credible,
                                15   measurement-based and transparent.      Rules adopted pursuant to
                                16   this section shall prioritize empirical and measurement-based
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                                17   emissions monitoring systems, including continuous monitoring,
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                                18   remote sensing and leak detection technologies, rather than
                                19   reliance solely on default emission factors.
                                20  D.   The board shall promulgate rules governing the
                                21   voluntary monitoring and reporting program, including
                                22   requirements for:
                                23  (1)   monitoring and measurement of methane
                                24   emissions and greenhouse gas emissions associated with natural
                                25   gas production;
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                                1  (2)   reporting of emissions data in a form and
                                2    manner prescribed by the department;
                                3  (3)   verification procedures, including
                                4    third-party audits as the board deems appropriate;
                                5  (4)   confidentiality protections and
                                6    transparency requirements;
                                7  (5)   eligibility criteria for certification;
                                8  (6)   consideration of qualified greenhouse
                                9    gas-reducing natural gas technology and operational practices
                                10   that may be used to reduce emissions and achieve compliance
                                11   pursuant to this section; and
                                12  (7)   procedures under which monitoring and
                                13   reporting conducted pursuant to this section may satisfy, in
                                14   whole or in part, applicable greenhouse gas monitoring and
                                15   reporting requirements adopted by the board.
                                16  E.   Monitoring and reporting requirements adopted
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                                17   pursuant to this section shall include emissions associated
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                                18   with production, gathering, boosting, processing, compression
                                19   and transmission up to the first point of sale or delivery.
                                20  F.   Following establishment of the voluntary
                                21   monitoring and reporting program, the department shall collect
                                22   monitoring and reporting data from enrolled operators for a
                                23   period of not less than one year.     The department shall ensure
                                24   that collected data are accurate, consistent and sufficient to
                                25   support benchmarking and standard-setting pursuant to this
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                                1    section.   Following completion of the one-year data collection
                                2    period, the board shall adopt by rule a carbon intensity
                                3    standard for New Mexico natural gas production.
                                4  G.   In developing the carbon intensity standard, the
                                5    board shall consider:
                                6  (1)    emissions monitoring data collected
                                7    pursuant to this section;
                                8  (2)    recommendations from the department;
                                9  (3)    technical and regulatory input from the
                                10   oil conservation division of the energy, minerals and natural
                                11   resources department;
                                12  (4)    utility procurement and reliability
                                13   considerations from the public regulation commission; and
                                14  (5)    a technical report prepared by San Juan
                                15   college evaluating emissions performance, measurement
                                16   methodologies, mitigation practices and benchmarking of
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                                17   certified natural gas programs in New Mexico, Wyoming and the
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                                18   Rocky Mountain region.
                                19  H.   The carbon intensity standard adopted pursuant
                                20   to this section may include methane intensity thresholds, life
                                21   cycle greenhouse gas limits, tiered certification grades and
                                22   progressive tightening requirements over time.    In promulgating
                                23   rules and adopting the carbon intensity standard, the board
                                24   shall consider the availability, feasibility and deployment of
                                25   qualified greenhouse gas-reducing natural gas technology and
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                                1    operational practices that reduce methane emissions and life
                                2    cycle greenhouse gas intensity.
                                3  I.    The board shall consider participation in the
                                4    voluntary certified natural gas monitoring and reporting
                                5    program as a mechanism that may contribute to statewide
                                6    greenhouse gas emissions reductions.
                                7  J.    The board may recognize certified natural gas
                                8    production pursuant to this section as a voluntary compliance
                                9    mechanism or benchmark for greenhouse gas intensity reductions
                                10   in future rulemaking adopted pursuant to the Environmental
                                11   Improvement Act or the Air Quality Control Act.
                                12  K.    The department may incorporate certified natural
                                13   gas program data into statewide greenhouse gas emissions
                                14   inventories and reports to demonstrate voluntary reductions
                                15   achieved by New Mexico producers.
                                16  L.    Certification granted pursuant to this section
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                                17   shall be valid for not more than one year.    Each certified
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                                18   operator shall apply for renewal annually in accordance with
                                19   procedures established by the department and rules promulgated
                                20   by the board.   Renewal shall require submission of updated
                                21   emissions monitoring data, demonstration of continued
                                22   compliance with the carbon intensity standard and verification
                                23   documentation as required by rule.     Failure to renew
                                24   certification shall result in expiration of certification
                                25   status, and the operator shall not represent its production as
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                                1    certified pursuant to this section.   The department shall
                                2    maintain a registry of certified operators and certified gas
                                3    volumes, subject to confidentiality protections adopted by
                                4    rule.
                                5  M.   A public utility, electric generation resource
                                6    or qualified microgrid operating in New Mexico may procure,
                                7    transport, deliver and use certified New Mexico low-emission
                                8    natural gas produced pursuant to this section for electricity
                                9    generation or for reliability and resilience purposes.
                                10  N.   The public regulation commission shall allow a
                                11   public utility to include certified natural gas procurement as
                                12   part of a resource portfolio or fuel supply plan; provided that
                                13   the procurement is otherwise reasonable and prudent.
                                14  O.   Nothing in this section shall be construed to
                                15   require a public utility or generation resource to procure
                                16   certified natural gas; however, certified natural gas shall be
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                                17   recognized as an eligible voluntary compliance and emissions-
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                                18   reduction mechanism supporting statewide greenhouse gas
                                19   planning efforts.
                                20  P.   As used in this section, "qualified greenhouse
                                21   gas-reducing natural gas technology" means any equipment,
                                22   facility, system, process, software or operational practice
                                23   that is installed, deployed or implemented to reduce, prevent,
                                24   capture, convert, destroy or otherwise mitigate emissions of
                                25   carbon dioxide, methane or other greenhouse gases associated
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                                1    with the production, gathering, processing, transportation,
                                2    storage, distribution or end use of natural gas, as compared to
                                3    conventional or uncontrolled operations.     "Qualified greenhouse
                                4    gas-reducing natural gas technology" includes:
                                5  (1)    methane leak detection, monitoring and
                                6    repair systems;
                                7  (2)    continuous emissions monitoring systems;
                                8  (3)    direct air capture equipment;
                                9  (4)    advanced valves, seals, compressors and
                                10   zero- or low-bleed pneumatic devices;
                                11  (5)    vapor recovery units and reduced venting
                                12   or flaring systems;
                                13  (6)    electrification of field equipment or
                                14   compression systems;
                                15  (7)    carbon capture, utilization and storage
                                16   technologies;
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                                17  (8)    combustion efficiency improvements that
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                                18   reduce greenhouse gas emissions;
                                19  (9)    digital, automated or remote sensing
                                20   technologies that optimize operations to reduce emissions; and
                                21  (10)   gas treatment or conditioning
                                22   technologies that reduce life cycle greenhouse gas intensity."
                                23        SECTION 3.    A new section of the Corporate Income and
                                24   Franchise Tax Act is enacted to read:
                                25        "[NEW MATERIAL] GREENHOUSE GAS-REDUCING NATURAL GAS
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                                1    TECHNOLOGY CORPORATE INCOME TAX CREDIT.--
                                2  A.    A taxpayer that installs qualified greenhouse
                                3    gas-reducing natural gas technology, as defined by Section 2 of
                                4    this 2026 act, may claim a tax credit against the taxpayer's
                                5    tax liability imposed pursuant to the Corporate Income and
                                6    Franchise Tax Act.     The tax credit authorized pursuant to this
                                7    section may be referred to as the "greenhouse gas-reducing
                                8    natural gas technology corporate income tax credit".
                                9  B.    The amount of the tax credit shall be in an
                                10   amount equal to fifteen percent of the purchase price of
                                11   equipment and software, including the purchase of a license for
                                12   software, necessary to install or deploy qualified greenhouse
                                13   gas-reducing natural gas technology that was purchased and
                                14   installed during the taxable year in which the tax credit is
                                15   claimed.
                                16  C.    A taxpayer shall apply for certification of
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                                17   eligibility for the tax credit from the department of
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                                18   environment on forms and in the manner prescribed by that
                                19   department.     If the department of environment determines that a
                                20   taxpayer meets the requirements of this section, that
                                21   department shall issue a dated certificate of eligibility to
                                22   the taxpayer providing the amount of tax credit for which the
                                23   taxpayer is eligible and the taxable year in which the tax
                                24   credit may be claimed.    The department of environment shall
                                25   provide the department with the certificates of eligibility
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                                1    issued pursuant to this subsection in an electronic format at
                                2    regularly agreed-upon intervals.
                                3  D.    Any excess not used in a taxable year shall not
                                4    be refunded and shall not be carried forward to subsequent
                                5    taxable years.
                                6  E.    A taxpayer allowed a tax credit pursuant to this
                                7    section shall report the amount of the tax credit to the
                                8    department in a manner required by the department.
                                9  F.    The tax credit provided by this section shall be
                                10   included in the tax expenditure budget pursuant to Section
                                11   7-1-84 NMSA 1978, including the total annual aggregate cost of
                                12   the tax credit."
                                13        SECTION 4.    APPLICABILITY.--The provisions of Section 3 of
                                14   this act apply to taxable years beginning on or after January
                                15   1, 2026.
                                16        SECTION 5.    EFFECTIVE DATE.--The effective date of the
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                                17   provisions of this act is July 1, 2026.
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