In April of this year, I had the opportunity to attend the U.S. Hispanic Chamber of Commerce Energy Summit held in Santa Fe. Speaking with other attendees and Public Regulation Commissioners gave me yet another reason to be proud to have served as the Chair of the New Mexico Public Regulation Commission (NMPRC).
Attendees at the Summit reminded me of the unique gift that is New Mexico’s cultural and intellectual diversity. I’m reminded that we will need every facet of diversity and inclusiveness to solve the climate crisis while still meeting our energy needs. Stemming from my work at Los Alamos National Laboratory working with the best of the best to serving many years in Public Office, we see that the energy landscape is changing dramatically. New Mexico should focus on changing with demand to ensure we remain a leader in domestic energy production. Consumers now have more options than ever to utilize energy resources, and so I believe our energy market must diversify to keep up with this new demand.
The solution to a problem always comes from the inclusion of ideas rather than exclusion. And by this, I mean New Mexico cannot reach net-zero emissions by using renewables alone. In collaboration with carbon capture and storage technology, an all-of-the-above energy approach can allow the state to supply cleaner products, ensuring that we continue to benefit from our state’s energy industry while meeting climate goals.
Even though I have concerns about the requirements imposed by the Energy Transition Act, the legislation did not say we should switch to all renewables overnight. Instead, the state should focus on working with energy companies to decrease its carbon emissions while investing in Carbon Capture and Storage technology that helps to capture emissions directly and helps to protect the environment.
At the NMPRC, our role was to see that utility customers have “fair and reasonable rates and to assure reasonable and adequate services to the public as provided by law.” In Northern New Mexico, we enjoy our wood stoves and kiva fireplaces. We don’t have the conveniences of Tesla charging stations in our smaller communities just yet. At the end of the day, people want the lights on along with the heat on cold winter days. Schools, hospitals, and community centers need power to function.
Statewide Elected Officials will need to be more inclusive and diverse in our thinking about energy sources, especially in rural communities. We’re going to need technologies like hydrogen, carbon capture, and more ideas we haven’t even heard of because they haven’t been explored yet. We need ideas that balance our rural communities’ needs through job creation and economic contribution. We will also need the R&D and collaborations of our renewable and Oil and Gas Companies. Regarding oil and gas and as reported in the Albuquerque Journal on June 11, 2023, during a recent meeting before the Revenue and Tax Policy Committee, Legislative Finance Committee’s staff reiterated that oil and gas development has been driving New Mexico’s historic budget numbers and more still needs to be done to diversify the state’s economy.
For New Mexico to thrive in this present energy economy, it will take the trust and diligence of our lawmakers to ensure that carbon capture and storage technology, hydrogen, and other energy innovations are included to provide for a better New Mexico for years to come.
Valerie Espinoza is a former Chair of the Public Regulation Commission.