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- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
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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.
- 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 2/3 of power generation.
- Pemex dominates the oil and gas production.
- After 15 years of decrease, oil production has stabilised since 2019. Similarly, gas production has remained roughly stable since 2017, after 7 years of sharp decrease.
- Motor fuel prices are around 30% higher than in the US.
- Electricity prices for industry increased by 75% in 2021 due to a rise in gas prices and are about 2.5 times higher than in the US. For households, the progression was much lower (+40% since 2019) and prices are 40% cheaper than in the US.
- Total energy consumption rebounded by 5.5% in 2021, back to its pre COVID levels.
- Hydrocarbons dominate the energy mix (85%), with an increasing share of gas (+13 pp since 2010) and a reduction for oil (-11 pp).
- Around 40 GW of additional capacity will be necessary over the next 15 years to meet the growing power demand, with a large contribution from CCGTs and renewables.
- The country is investing heavily in gas infrastructures and in renovating and expanding its refining capacity.
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.
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.
Mexico has the third largest oil reserves in Latin America, with around 830 Mt (after Venezuela and Brazil) and has large conventional gas reserves (201 bcm) (end of 2021). Mexico also has large recoverable shale gas resources estimated by the U.S. Energy Information Administration at up to 19 tcm (the fourth largest in the world).
Average electricity prices are US$17.6c/kWh for industry and US$8.8c/kWh for households (2022). In 2021, prices for industry were almost 2.5 times higher than in the United States, whereas prices for households were 40% lower.
Total energy consumption per capita is 1.4 toe and electricity consumption per capita reached around 2 100 kWh (2021).
Total energy consumption rebounded by 5.5% in 2021, back to its pre COVID-19 level of 184 Mtoe. Previously, it had been decreasing slightly since 2013 (by 0.8%/year over 2013-2019).
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 (US$5.7bn for 6 CCGT projects and US$2.3bn for the
- GRAPH 1: CO2-energy emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2021, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2021, %)
- GRAPH 5: Gasoline & diesel prices (US$/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 (2021, %)
- GRAPH 10: Final consumption market share by sector (2021, %)
- GRAPH 11: Oil consumption (Mt)
- GRAPH 12: Oil consumption breakdown by sector (2021, %)
- GRAPH 13: Electricity consumption (TWh)
- GRAPH 14: Electricity consumption breakdown by sector (2021, %)
- GRAPH 15: Natural gas consumption (bcm)
- GRAPH 16: Gas consumption breakdown by sector (2021, %)
- GRAPH 17: Coal consumption (Mt)
- GRAPH 18: Coal consumption breakdown by sector (2021, %)
- 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 report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.
Data included in the excelsheet:
- New capacities: Current power mix, installed capacity at date, capacity under construction and under development.
- Power Sector Performances: Historical data on installed capacity, power generation, thermal power plants inputs, average thermal power plant efficiency, CO2 emissions of the power sector, carbon factor of the power sector.