Bill > SB209

This bill, titled the "Renewable Energy Financial Assurance Act," requires owners and operators of renewable energy facilities, which generate power from sources like solar, wind, geothermal, and hydropower, to provide financial assurance to the state's energy conservation and management division before they can begin operating. This financial assurance is intended to cover the costs of "decommissioning," which means removing, disposing of, or recycling equipment and infrastructure and cleaning up the site after the facility is no longer in use, according to rules set by the division. The bill outlines various acceptable forms of financial assurance, such as surety bonds, letters of credit, or insurance policies, and mandates that the division periodically review and adjust these requirements to account for inflation and changing costs. If an owner or operator fails to meet these requirements or comply with orders, the division can order decommissioning or forfeit the financial assurance, with any forfeited funds going into a newly created "renewable energy decommissioning fund" managed by the division to help cover decommissioning costs. The division is also authorized to sue owners or operators for any additional costs incurred if the financial assurance proves insufficient to cover decommissioning expenses.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=209&year=26