Energy infrastructure and economic opportunities were the focus of an Oct. 15 committee meeting held at Central New Mexico Community College.
Jason Espinoza, executive director of New Mexico IDEA, and Elisha Saavedra, director of customer marketing and economic development at the Public Service Company of New Mexico, led the committee meeting. Titled Preparing New Mexico for Growth, the meeting focused on how New Mexico can better leverage federal policies, create renewable energy motives and manufacture trends to position itself as a competitive destination for companies with high energy demands.
With many companies seeking to use green power manufacturing and electric vehicle charging infrastructure to expand their energy usage in different ways, Saavedra said that New Mexico has a special opportunity to overtake regional state competitors due to the amount of available space and resources within the state.
She said that surrounding states are “running out of space,” and that many are even running out of critical resources like water. Being able to capitalize on this opportunity would give New Mexico a competitive edge, she said, putting the state in a position to be an energy leader in the southwest.
The meeting highlighted improving site readiness, reducing construction timelines and ensuring New Mexico will be able to meet the infrastructure needs of potential companies looking to expand. Espinoza called attention to the fact that the timeline of providing energy infrastructure, often taking multiple years, is a major hardship for attracting investors.
“Most of the companies we’re talking with today want that power in two to three years, and that is simply too fast for us,” Saavedra said.
To try and remedy this issue, PNM and other utility companies are asking for legislative support to speed up approvals.
Saavedra also discussed a low-interest loan program that could potentially help smaller utility companies have the capital to invest in site readiness. She stressed that proactive infrastructure development is key to attract large-scale industries, like data centers and battery manufacturing plants.
With manufacturing accounting for 65% of the Albuquerque region’s project pipeline, Espinoza and Saavedra made it clear that New Mexico’s ability to respond to and house these energy needs will shape the state’s economic future.
“If we are able to solve for this and act quickly, that could quickly become a competitive advantage,” Espinoza said.
