Replacement plans are available only during state engineer priority administration of the available water supply to prevent serious and imminent economic harm in response to, and only until water rights are permanently transferred, if necessary. The state engineer may approve replacement plans based on the adopted generalized hydrologic analysis that, in his professional judgment, provide sufficient replacement water to fully offset depletions to surface waters caused by out-of-priority diversions in order to prevent impairment of senior water right owners by the junior water right owner that would otherwise be out-of-priority. Replacement plans may be approved temporarily until permanent transfer of water is effected for water right owners who are likely to face permanent curtailment, or for limited periods when a water right owner is not likely to face permanent curtailment. The owner of an out-of-priority administrable water right that is subject to administration in a water district may submit to the state engineer an application for approval of a replacement plan. The application shall contain the following information:
N.M. Admin. Code § 19.25.13.31