How does the Emera Infrastructure Matching Fund work
The program is aimed at promoting economic development in the state. New Mexico Gas Company’s corporate owner, Emera, Inc., has provided a $10 million fund at shareholder expense, meaning the capital is not being funded by customers. The fund pays for two-thirds of the cost of extending natural gas service into areas that are not served by New Mexico Gas Company or another natural gas utility. In other words, Emera may provide new customers with a 2-to-1 match on the following projects:
- Projects for extension to existing but unserved residential areas with more than five residential customers.
- Projects for extension to fewer than five existing but unserved residential customers, which, when combined with extension to other existing but unserved customers, provide an annual therm usage equivalent to five or more residential customers.
- Projects for extension to existing but unserved business entities, schools, governmental facilities, recreational or health facilities or non-profit facilities that would provide significant economic development benefits to communities or enhance and serve the community by providing jobs and services to the community.