In recent years, Mexico has attracted alternative energy investors from across the globe. But the market has taken a step back under its new president, who has made clear his priority is returning Mexico’s oil company to its former dominance.
An aerial view of the Villanueva photovoltaic power plant in the municipality of Viesca, Coahuila state, Mexico. The plant covers an area the size of 40 football fields making it the largest solar plant in the Americas.
It’s too soon to forecast the long-term consequences, but business leaders and energy consultants are seeing a trend: a chilling in the country’s up-and-coming renewable energy market. In recent years, however, Mexico’s energy market has undergone a transformation and reached out to investors. In 2014, Lopez Obrador’s predecessor, Enrique Peña Nieto, fully opened up the country’s oil, gas and electricity sector to private investment for the first time in 70 years.
The electricity auctions were also seen as the main vehicle for Mexico to reach its clean energy commitments made as part of the Paris climate accord to produce 35% of its electricity from clean energy sources by 2024, and 50% by 2050. Under Mexico’s definition, clean energy sources include solar and wind generation, as well as sources that some critics say aren’t environmentally friendly — such as hydroelectric dams, nuclear energy and efficient natural gas plants.
In June, the credit agency Fitch Ratings warned that the recent cancellations of the transmission line projects and the fourth power auction “are likely to increase energy supply risk and price volatility” in Mexico.
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