EPE Surpasses New Mexico Standards, Leads in Renewable Energy Integration
El Paso Electric (EPE) has taken significant strides in renewable energy integration, surpassing the standards set by the New Mexico Renewable Energy Act (REA) and Renewable Portfolio Standard (RPS). As per these regulations, utilities in the state are required to meet 40% of their retail energy sales with renewables by 2025, escalating to 50% by 2030.
EPE’s commitment to clean energy was reinforced in June when the company entered into a 20-year contract with DE Shaw Renewable Investments for the Carne solar PV project. This 130MW solar project in New Mexico solidifies EPE’s dedication to embracing eligible generation technologies outlined in the REA.
Furthermore, September saw EPE strike another 20-year agreement, this time for 150MW of solar-plus-storage assets within the state. By joining forces with DE Shaw Renewable Investments, EPE continues to expand its renewable energy portfolio, enabling the integration of greater amounts of sustainable energy.
Kelly A. Tomblin, President and CEO of EPE, emphasized the utility’s unwavering commitment to environmental sustainability. As EPE experiences a consistent two percent growth rate in its customer base, the demand for energy inevitably increases. Tomblin acknowledged the importance of leading the charge toward a greener future while ensuring reliable energy provision to customers in compliance with the New Mexico Renewable Energy Act.
EPE’s adoption of renewable energy aligns with the broader trend in the United States, where power purchase agreement (PPA) prices have witnessed a decrease. According to think tank Edison Energy, Q2 2023 saw an average PPA price reduction of 3%, primarily driven by the expansion of Texas’ ERCOT market. One report also revealed that the Southwest Power Pool (SPP), responsible for New Mexico, ranked second-lowest in terms of PPA prices, surpassed only by ERCOT.
As EPE continues its trajectory of renewable energy integration, it not only exceeds the state’s renewable energy standards but also strives to find innovative solutions to meet the growing energy demands of its expanding customer base. The company’s forward-thinking approach positions it as a leading player in the shift towards a sustainable and eco-friendly energy sector.
