Autonomous Bodies Disappearance: The Week in Energy

President Sheinbaum addressed the future of CRE while autonomous bodies face budget cuts for next year’s economic package.

Ready for more? Here is the weekly roundup!

Sheinbaum Explains Integration of CRE and SENER Amid Budget Cuts

President Claudia Sheinbaum detailed the integration of CRE into the Ministry of Energy (SENER), signifying the end of CRE as an autonomous entity. In her morning press conference, Sheinbaum explained that this move is part of her broader administrative reform aimed at streamlining government operations. While CRE will maintain technical independence, it will no longer have full autonomy, particularly regarding budget allocation.

Yucatan Launches State Energy Agency

Yucatan Governor Joaquín Díaz announced the creation of the Energy Agency of Yucatan as part of the newly introduced Energy Welfare Law. This agency will collaborate with both state and federal governments to attract energy investments and leverage Mexico's growing opportunities in the energy sector.

COP29 Advances Carbon Market Regulations to Drive Climate Action

At the COP29 climate summit in Baku, Azerbaijan, delegates reached a significant agreement on carbon markets, a financial mechanism allowing countries or companies to offset CO2 emissions by funding projects in other nations. This decision establishes common rules for carbon markets under Art. 6 of the Paris Agreement, a crucial provision that remained unresolved. 

Wind Power Generation in Mexico: Trends, Outlook

Wind power generation in Mexico has experienced modest growth, with the country’s installed capacity increasing by 96MW in 2023, bringing the total to 7,413MW, according to the latest report by the Mexican Wind Energy Association (AMDEE). The total electricity generated from wind power exceeded 20,000GWh, accounting for 5.98% of Mexico's total electricity generation.

Enphase to Cut 17% of Global Workforce Amid Solar Decline

Enphase Energy will cut 17% of its global workforce, about 500 employees, due to declining residential solar demand. The company will close its Guadalajara site and focus manufacturing on fewer locations. Enphase expects US$17-20 million in restructuring charges, with higher operating expenses in 4Q24. The restructuring is expected to be completed by 1Q25, with cost savings targeted by 2025.