The Chamber’s June Board of Directors Meeting — the last of the 2018-2019 program year — featured a presentation from Chamber Board Chair and PNM Resources President and CEO Pat Vincent-Collawn on the energy industry, trends in the source of power generation, and the impact of new legislation supporting the transition toward renewable resources and zero-carbon emission standards.
The discussion covered the growth and increasing cost-effectiveness of solar and wind power, the rise of natural gas as a power generation option, and the decline in coal-generated power from nearly half of all electricity generation in 2006 to under 30% in 2018. New Mexico is uniquely positioned to leverage both solar and wind power for its electricity needs, and transmit generated power to other states as well.
Another prominent topic was the Energy Transition Act recently passed by the legislature and signed by the Governor, which establishes new renewable and zero-carbon energy standards to be met by 2045 (though PNM is on track to meet them years ahead of schedule). That legislation also provides a financial mechanism for the retirement of coal plants and provides financial assistance to support the San Juan area as the coal-based generating station there is retired.
After the presentation, Chamber President and CEO Terri Cole and 2019-2020 Board Chair and Indian Pueblo Cultural Center President and CEO Mike Canfield presented Ms. Vincent-Collawn with some tokens of appreciation for her year of service as Chair of the Board of Directors, including a framed profile from the Albuquerque Journal and a director’s chair inscribed with her name.