New Mexico utility plans with 10 MW geothermal PPA
New Mexico utility PNM is planning to enter a 20 year PPA with 10 MW Lightning Dock geothermal power project of Cyrq Energy as part of overall procurement plan.
PNM, the largest electric utility in the U.S. state of New Mexico, is planning to enter 20-year contract for the planned 10 MW Lightning Dock geothermal power plant by Cyrq Energy. This is a project that was started by Raser Technologies, which went bankrupt and its assets were taken over by Cyrq Energy.
The news comes as state regulators have approved the renewable energy procurement plan of the utility for 2013.
The procurement plan that was approved now is to help the utility to meet the state’s portfolio standards that requires utilities to get at least 10 percent of its power supply from renewable energy sources, and 20 percent by 2020.