Public Service Company of New Mexico (PNM) proposed a grid modernization plan that will invest $344 million over a six-year period.
The goal is to move away from power plants in remote areas and adopt new technology that allows an easier transition to sustainable energy, according to KOB 4.
"Our grid needs to be modernized to keep up with what our customers want today," Laura Sanchez, chief policy and legal advisor for PNM, said. "Today's customers want the opportunity to add rooftop solar with energy storage, plug-in electric vehicles, and community solar."
If the proposal is approved, PNM will add the technology needed to the current power grid to make those changes possible and make systems more reliable.
"[This] means that the lights come on when you flip the switch, and that it is resilient, which means that the grid can better deal with restoration from storms and vulnerabilities from cyber threats," Sanchez said.
The company would automatically be notified, so customers would no longer need to call in power outages, Sanchez said, as reported by KOB 4. PNM would be able to isolate the outage so crews can target the section of the system that needs repair. Grid modernization would also allow PNM to use digital smart meters that provide data to customers, "allowing them to adjust their behaviors and electrical use in real time, and thereby seeing a direct result on their month-end bill," Sanchez said.
PNM officials predicted that these changes will cost close to $1.20 per month per residence, according to KOB 4. The proposed plan will likely take effect in fall 2023 if the New Mexico Public Regulation Commission approves it.