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PNM, a utility serving New Mexico, has submitted a resource plan to the New Mexico Public Regulation Commission (NMPRC) requesting approval for 1.69 gigawatts of new generation and energy storage capacity. The filing, reported by PV Tech, outlines the utility’s strategy to meet rising electricity demand and the state’s clean energy objectives.
The proposed portfolio includes 800 megawatts of wind power, 240 megawatts of solar photovoltaic capacity, 610 megawatts of battery energy storage systems, and 40 megawatts of natural gas generation. These resources are designed to replace output from the Four Corners Power Plant as PNM moves toward its planned exit from coal-fired generation in 2031. The utility also projects a 40 percent increase in electricity demand by 2032.
PNM stated that the plan supports its transition to carbon-free electricity in line with New Mexico’s Energy Transition Act. Separately, the company is seeking an additional 50 to 250 megawatts of capacity through a distinct procurement process, with a further application expected later this year. The projects are part of PNM’s $4.9 billion five-year investment plan. The solar, wind, and battery storage assets are intended to be sourced from third-party developers.
The utility noted that customers could benefit from federal tax incentives available under the Inflation Reduction Act, provided the projects receive approval and are deployed before the incentives expire. According to the Solar Energy Industries Association, New Mexico currently has 4.27 gigawatts of installed solar capacity, supported by roughly $6.8 billion in investment. The industry group forecasts an additional 3.39 gigawatts of solar capacity will be added in the state over the next five years.
Last year, the NMPRC approved a 300-megawatt expansion of the state’s community solar program, more than doubling the 200 megawatts originally authorized under the Community Solar Act. That initial allocation included 125 megawatts for PNM, 45 megawatts for Southwestern Public Service Company, and 30 megawatts for El Paso Electric. In the same period, New Mexico lawmakers authorized up to $942 million in taxable industrial revenue bonds to support Ebon Solar’s proposed Apollo solar cell manufacturing facility in Bernalillo County, planned for the Mesa del Sol industrial development area near Albuquerque.
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