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Mexico energy report

Mexico energy report
Update
Format
4 files (PDF report, 3 Excel files)
Pages
43 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • GENERAL OVERVIEW
  • INSTITUTIONS AND ENERGY POLICY
  • ENERGY COMPANIES
  • ENERGY SUPPLY
  • ENERGY PRICES
  • ENERGY CONSUMPTION
  • ISSUES AND PROSPECTS
  • DATA TABLES
  • ABBREVIATIONS
  • GLOSSARY

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Overview

This analysis includes a comprehensive Mexico energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.

Highlights

  • The country targets a share of 50% of CO2-free sources in the power mix in 2050.
  • The constitutional reform that would have removed energy regulators has been rejected by the Congress.
  • A new electricity law gives a greater role to CFE in the power supply.
  • CFE is the largest power producer, with 70% of power generation.
  • Pemex dominates the oil and gas production.
  • After 15 years of decrease, oil production has been stable since 2019. Similarly, gas production has remained roughly stable since 2017, after 7 years of sharp decrease.
  • All energy prices have been rising since 2020: 60%/year for gas, 30%/year for motor fuels, and 9%/year for electricity.
  • In 2022, electricity prices for industry were 30% higher than in the United States, whereas prices for households were less than half.
  • Total energy consumption rebounded in 2021 and 2022, back to its pre COVID level.
  • Hydrocarbons dominate the energy mix (85%), with an increasing share of gas (+10 pp since 2010) to the detriment of oil.
  • Around 40 GW of additional capacity will be necessary over the next 15 years to meet the growing power demand, with a large contribution of CCGTs and renewables.
  • The country is investing heavily in gas infrastructures and in renovating and expanding its refining capacity.
24%
share of CO2-free sources in the power mix in 2022
+40 GW
additional power capacity needed by 2036
2nd
oil producer and gas producer in Latin America
  • Institutions & Energy Policy

    SENER, Secretaría de Energía, is the Ministry that coordinates the energy sector.

    CRE (Comisión Reguladora de Energía) is in charge of regulating the gas and electricity sectors since 1995.

  • Energy Companies

    Oil:

    State-owned company Pemex dominates the production (tenth largest world oil producer), transformation, and distribution of crude oil and oil products. In 2008, the Senate adopted a bill opening Pemex to foreign capital and gave Pemex greater managerial and financial autonomy.

  • Energy Supply

    Oil:

    Oil production has been stable at around 95 Mt since 2019, after a rapid decrease since a peak of 191 Mt from 2004 to 2019 (-4.6%/year). Approximately 70% of the production is extracted in the Bay of Campeche, in the south of the Gulf of Mexico (offshore).

  • Energy Prices

    Gas:

    Average gas prices increased by 14% in 2022 for both industry and households, after having more than doubled in 2021. They reached US$2.8c/kWh for industry and US$5.2c/kWh for households. These prices are only slightly higher than in the United States.

  • Energy Consumption

    Total energy consumption per capita is 1.5 toe and electricity consumption per capita reached around 2 200 kWh (2022).

    Total energy consumption increased by 2.5% in 2022 to 188 Mtoe, following a 5% rebound in 2021 after the COVID-19 pandemic. Previously, it had been decreasing slightly over 2013-2019 (by 0.8%/year).

    Graph: CONSUMPTION TRENDS BY ENERGY SOURCE (Mtoe)

  • Issues & Prospects

    Three investment packages were allocated by the government to the energy sector in 2020: US$4.6bn as part of a US$14bn infrastructure plan, US$4.6bn for three projects (US$2.7bn for the completion of a coking plant at the Hidalgo refinery, US$720m to upgrade the Cadereyta refinery, and US$1.2bn to build an LNG plant in Salina Cruz) and US$8bn for 6 CCGT projects and the Ensenada LNG terminal in

  • GRAPH 1: CO2-energy emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2022, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2022, %)
  • GRAPH 5: Gasoline & diesel prices (US$/l)
  • GRAPH 6: Electricity prices for industry and households (US$c/kWh)
  • GRAPH 7: Gas prices for industry and households (US$c/kWh GCV)
  • GRAPH 8: Consumption trends by energy source (Mtoe)
  • GRAPH 9: Total consumption market share by energy (2022, %)
  • GRAPH 10: Final consumption market share by sector (2022, %)
  • GRAPH 11: Oil consumption (Mt)
  • GRAPH 12: Oil consumption breakdown by sector (2022, %)
  • GRAPH 13: Electricity consumption (TWh)
  • GRAPH 14: Electricity consumption breakdown by sector (2022, %)
  • GRAPH 15: Natural gas consumption (bcm)
  • GRAPH 16: Gas consumption breakdown by sector (2022, %)
  • GRAPH 17: Coal consumption (Mt)
  • GRAPH 18: Coal consumption breakdown by sector (2022, %)
  • Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
  • Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
  • Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
  • Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
  • Infrastructure Projects: Covers power plant projects by energy, technology, status and operator, gas plant projects by status and operator and LNG contracts.

The Mexico energy market data since 1990 and up to is included in the Excel file accompanying the Mexico country report.
It showcases the historical evolution, allowing users to easily work with the data.

Key Data included in the excelsheet:

  • Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
  • Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
  • Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
  • Energy Balance: total and per energy.
  • Mexico Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Mexico energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).

The Mexico country dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.

Data included in the excelsheet:

  • Demand: Primary energy consumption, final energy consumption, by fuel, by sector.
  • Power: Electricity generation & capacities, by technology.
  • CO2: Total CO2 emissions.
  • Macro-economy: Main macro-economic assumptions.
  • Key indicators: Energy intensity, share of renewables, CO2 emissions per capita and per unit of GDP.