Alternative Energies Lead Mexico’s Energy Agenda Prior to COP27
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Alternative Energies Lead Mexico’s Energy Agenda Prior to COP27

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María José Goytia By María José Goytia | Journalist and Industry Analyst - Thu, 11/03/2022 - 17:22

Mexico and the US’ Agreement on Nuclear Energy Cooperation entered into force months after the Mexican Senate’s ratification. Meanwhile, Foreign Minister Marcelo Ebrard shared Mexico’s strategies to fight climate change, which will be presented at COP27. Moreover, after John Kerry’s visit, Mexico and the US discuss signing a new energy cooperation agreement to accelerate the energy transition. In other news, CFE’s debt reaches a new record, according to IMCO’s latest report.

Ready for more? Here is the Week in Energy!

 

Nuclear Energy Cooperation Agreement between Mexico and the US Enters Into Force  

The Civil Nuclear Energy Cooperation Agreement (CNECA) between Mexico and the US entered into force on November 3. This agreement aims to improve energy security and strengthen the diplomatic relationship between the two nations in nuclear matters. The CNECA was signed by the government of Enrique Peña Nieto but was ratified only this year by the Mexican Senate. The agreement presents an opportunity for Mexico to strengthen nuclear energy as part of its energy transition efforts.

 

Mexico Takes Sonora Plan to COP27  

Following the visit of Special Climate Envoy John Kerry to Mexico, Foreign Minister Marcelo Ebrard announced the programs that Mexico will present at COP27 as part of its strategy to combat climate change. The Sonora Plan, focused on CFE's leadership in investing in solar energy and the Mexican state's investment in lithium exploitation, will be the main plan in the spotlights. Ebrard highlighted that the government seeks to replicate the Sonora Plan in five other states. In addition, Mexico will invest in carbon capture methods to reduce PEMEX's polluting emissions. COP27 will take place in Egypt between Nov. 6 to Nov. 18, 2022.

 

Mexico, US to Sign New Energy Cooperation Agreement     

President López Obrador announced that the Mexican and US authorities are working on a bilateral plan for clean energy production. The cooperation agreement will be signed by the presidents of both countries during President Biden's upcoming visit to Mexico in December. The push for this agreement adds to the Biden administration's efforts to strengthen North American regional efforts against climate change.

 

New Fortress Energy Close to Finalize LNG Agreement with CFE

New Fortress Energy is said to have finalized a series of LNG agreements with CFE. The companies are developing a floating liquefied natural gas (FLNG) export hub on the Altamira coast, Tamaulipas. The project aims to deploy Mexico's potential as an LNG hub taking advantage of its connectivity with US gas and geopolitical location for exports to the Asian markets.

 

CFE’s Debt Achieves Record Level in The Last Five Years: IMCO    

A new report that monitors CFE’s activity published by the Mexican Institute for Competitiveness (IMCO) shows that the debt of the company led by Manuel Bartlett reached its highest level in the past five years. CFE's debt balance reached MX$467.8 billion (US$23.81 billion) between January and September of this year, representing an increase of 29.5 percent compared to the same period in 2019, the first year of President López Obrador's administration and Manuel Bartlett's first year at the helm of the company.

 

CNH Approves New PEMEX Plan for Natural Gas

The National Hydrocarbons Commission (CNH) on Monday approved PEMEX's renewed plan to develop the Lakach deepwater natural gas project. Located in the Gulf of Mexico, Lakach has some 937Bcf of reserves but rising costs have hampered development for several years. The approval of this project marks the first effort to increase domestic natural gas production amid efforts to strengthen energy sovereignty amid heavy dependence on US fuel imports.

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