CFE reports multimillion dollar loss during 2Q2022. Meanwhile, Mexico City’s government relies on solar energy to address energy poverty in the capital. Moreover, renewable energy projects in green hydrogen and distributed generation consolidate in Mexico despite energy policy. In other news, Mexico Business Forum 2022 ECHO will gather industry leaders and policy-makers in September to discuss the future of the industry.
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According to the financial statement of CFE sent to the Mexican Stock Exchange, it lost US$430 million. The losses are mainly due to soaring prices for the natural gas that CFE uses in its plants to generate electricity. Nevertheless, its US$2.31 million total losses over 1H22 are much lower than the US$689.23 million it lost in 1H21.
Mexico’s energy market faces crucial challenges ahead. With utility-scale renewable energy development slowing down due to the government’s shift in energy policy, Mexico’s energy mix has grown more dependent on fossil fuels for power production, specifically on natural gas. To create resilient strategies, spaces to maintain a dialogue and foster understanding within the energy industry are more relevant than ever. These topics and more about the present and future of the Mexican energy sector will be discussed by decision-makers and key players at Mexico Energy Forum 2022 ECHO, which will be preceded by Mexico Natural Gas Forum 2022.
SENER Ingeniería México aims to replicate its green hydrogen model implemented in Spain in Mexico. The company’s objective is to become leaders in the production of green hydrogen in the country.
Mexico City faces a high percentage of energy poverty among its inhabitants in vulnerable areas. To combat the issue, the city’s government found a strong ally in solar energy technology.
Mexico’s state electric utility company CFE declared that the dry season will not impact its plan to produce power with its hydroelectric plants. The government’s clean energy transition strategy is strongly based on optimizing the water resources that already exist in the dams.
COPARMEX voiced its concern that if Mexico persists with its current energy policy during the consultation process with the US, the US could place tariffs on products such as avocados, beer, cars and other products, based on non-compliance clauses in the US-Mexico-Canada Agreement (USMCA).
The Indicative Program for the Installation and Retirement of Power Plants (PIIRCE), contained in the National Electric System Development Program (PRODESEN) 2022-2036, projects that by 2036, some 4,505MW of energy storage systems could be installed in the country. The storage potential can contribute to the stability, reliability and security of distribution networks.
As global thirst for liquefied natural gas (LNG) grows. TC Energy expects to see its natural gas infrastructure capacity in North America, especially in Mexico, expand in the next several years as short-term demand increases rapidly.
ROSEN Group, a global supplier of leading technology for pipeline integrity management has won three packages for the 5 years Pan Malaysia for Pipeline In-Line Inspection Services for PETRONAS Group of Companies and Petroleum Arrangement Contractor (PACs).