Geothermal lease improvements on the agenda as State Land Office drafts new regulatory plan
The New Mexico Environment Department (NMED) has submitted a proposal to update Rule 19.2.7 of the New Mexico Administrative Code, a move that could potentially revolutionise the geothermal energy sector in the state. The update, first introduced in 2021, is aimed at streamlining the process of leasing state land for geothermal use, making it more accessible and efficient.
Public Lands Commissioner Stephanie Garcia Richard has emphasised the potential benefits of this update, stating that it could help alleviate increased demands for the renewable resource, geothermal energy. She further added that the update could be beneficial for the geothermal energy sector in New Mexico, potentially attracting geothermal developers and thereby increasing development in the sector.
The State Land Office is also proposing an updated rule for leasing state land for geothermal use, with the specific purpose of harnessing New Mexico's geothermal potential more effectively. The update, if implemented, could bring increased development in the geothermal energy sector, helping address increased demands for renewable energy resources, such as geothermal energy.
The Business Outlook Newsletter, a subscriber-only newsletter delivered every Monday, provides narrative coverage of local trends, industry news, and key economic updates. This proposed update is a significant development in New Mexico's renewable energy sector, and it is expected to attract widespread attention from both within and outside the state.
In a statement, Commissioner Garcia Richard also highlighted that the update could help address increased demands for renewable energy resources, thereby contributing to New Mexico's commitment to a greener future. The update is a testament to the state's dedication to sustainable energy solutions and its ambition to capitalise on its vast geothermal potential.
As the proposal moves forward, stakeholders in the geothermal energy sector and the general public will closely monitor its progress. The potential benefits of this update are significant, and it is hoped that it will pave the way for a more sustainable and efficient geothermal energy industry in New Mexico.
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