Second, SFR quoted PNM spokeswoman Cathy Garber as saying the company had spent $265 million on compliance with New Mexico’s Renewable Energy Act. In fact, $265 million is the projected cost of implementing PNM’s 2010 renewable energy plan, if the state Public Regulation Commission approves it.
PNM has not yet provided SFR with the amount of money spent so far on renewables. In an email, Garber tells SFR that comparing money spent so far with the projected cost of the 2010 plan is like comparing apples to oranges because the $265 million includes investment in major capital projects—such as PNM’s first utility-scale solar energy project.
“Because so far, we have not made any major capital investments in renewables, it’s a little misleading to compare,” Garber writes. “Up until now, we have met [renewable energy standards] through...purchasing RECs,” or renewable energy certificates.