According to the Journal, only one of the two rules is gone. The one you mention was short-circuited as you said, but the Journal says the separate one proposed by the Environment Department that calls for New Mexico participation in a regional cap-and-trade program went into effect on January 1. It will be stopped, temporarily at least, with her executive order ordering a review of all rules and regulations, but is not completely dead as of yet.
Read more: ABQJOURNAL BIZ: Governor Drops Emissions Rule http://www.abqjournal.com/biz/06211317biz01-06-11.htm#ixzz1AI7MAtiR
Well lets hope that she can get it changed or killed.