Governor Bill Richardson today announced the release of a landmark Los
Alamos National Laboratory study that shows New Mexico could see $10 billion of renewable energy development in the next 20 years. The study provides a first-of-its-kind, independent estimate of the economic potential of renewable energy development for the State of New Mexico.
"New Mexico is blessed with abundant natural resources and developing our renewable energy potential will help us build a stronger, clean energy economy," said Governor Bill Richardson. "It makes good economic and environmental sense to grow our renewable energy potential and clearly shows New Mexico is the Clean Energy State."
The study, commissioned by the New Mexico Renewable Energy Transmission Authority Board of Directors, with assistance and direction from the New Mexico Energy, Minerals and Natural Resources Department, focuses on the construction of a new renewable energy collector system that would become part of New Mexico's transmission grid. The report will also inform the
Governor's Task Force on Statewide Electricity Transmission Planning, created in July to assist RETA in developing a blueprint of New Mexico's future renewable energy transmission system.
"This report shows that New Mexico can reap significant benefits from investing in its vast renewable energy potential," said Robert Busch, Chairman of the RETA Board of Directors. "The renewable energy industry, in conjunction with other more mature energy resource industries, has the potential to add millions to the State's revenues and create thousands of high quality jobs."
The study evaluated the economic benefits of a potential $1.5 billion transmission project that would enable up to 5,200 MW of new renewable energy generation to be constructed. This could mean the private development of more than $10 billion of renewable energy generation,
potentially bringing widespread economic benefit to rural parts of New Mexico.
"This study shows that investment in the state's transmission system would stimulate the rapid development of renewable energy in New Mexico, and could lead to economic development and job creation benefits for decades to come," said Jim Noel, Cabinet Secretary of the Energy, Minerals and Natural Resources Department, and ex-officio member of the RETA Board of
RETA is a legislatively created entity, and is one of only eight state transmission authorities in the country. Created in 2007, RETA's focus is to finance, plan and acquire transmission lines to promote the development of renewable energy within New Mexico. For more information, including the LANL study, visit www.nmreta.com.