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El Paso Electric sets up an economic development fund

DW Keefer's picture
Journalist, Independent Journalist and Analyst

DW Keefer is a Denver-based energy journalist who writes extensively for national and international publications on all forms of electric power generation, utility regulation, business models...

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  • Feb 4, 2021
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El Paso Electric and the Infrastructure Investments Fund (IIF) have established El Paso Electric New Mexico Economic Development Fund and are seeding it with $1 million a year for 20 years.

The Economic Development Fund will be administered by the Community Foundation of Southern New Mexico and governed by three independent board of advisors.

“We understand that driving economic expansion is needed in order to build strong, healthy and vibrant communities throughout our region,” said EPE CEO Kelly A. Tomblin. “As we work to transform the energy landscape, we are excited to work together to power the next hundred years of growth, innovation and economic vibrancy our region deserves.”

The Economic Development Fund will provide grants to eligible projects focused on economic-based job creation and support businesses and projects that will make a measurable difference in achieving economic growth and development in Southern New Mexico. Eligible projects must be in EPE’s New Mexico service territory.

Advisors to the Economic Development Fund will have staggered four-year terms and will host two public meetings per year to receive and consider economic development program proposals. The advisors are: Ed Camden, Chief Operating Officer at Calstrip Industries Inc., a flat-rolled steel and aluminum processor and distributor; John Hummer, Co-Founder, Executive Board Director, and President of the Burrell College of Osteopathic Medicine at New Mexico State University; and Jerean Camuñez Hutchinson, a restaurant owner and civic activist who co-chaired a 2020 COVID Emergency Relief Fund for workers in Southern New Mexico that raised nearly $500,000.

El Paso Electric serves roughly 441,200 retail and wholesale customers in a 10,000-square mile area of the Rio Grande valley in west Texas and southern New Mexico.

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