Mexico Solar Summit, Energy Forum Grab the Spotlight

On Tuesday, Mexico Business hosted the second edition of the Mexico Solar Summit, where industry leaders shared their insights on distributed generation and the technology trends that are shaping the future of Mexico's solar industry. Read the full coverage of the event here.

Meanwhile, on Wednesday, the 12th edition of the Mexico Energy Forum brought together industry leaders to discuss regulation and the energy transition that will set the pace for the country's energy sector. Read the full coverage of the event here.

Ready? This is the Week in Energy!

Renewables Are Fastest Growing Energy Source in Mexico: SENER

The Ministry of Energy’s (SENER) 2021 National Energy Balance report revealed that renewable energy production boasted the highest growth of all energy sources between 2020 and 2021 by increasing around 36%.

Solar Energy Leads Renewable Power Growth in Mexico

SENER reported that renewable energy provides 14.73% of the country’s energy production, ranking as the third national primary energy source. Solar energy leads this expansion with a 196% increase.

Iberdrola’s Investment in Mexico Dropped by 38% During 2022

In 2022, Iberdrola’s investment in Mexico’s renewable energy sector fell 38% compared to 2021. However, the Spanish company increased its international investments by 13% as its revenue ticked up by 11.7%.

Woodside Energy Pursues Oil and Gas Potential in Gulf of Mexico

Woodside Energy announced it will review potential acquisitions in the Gulf of Mexico after reporting its highest-ever profit. The company said its underlying earnings tripled to US$5.2 billion in 2022 on the back of soaring energy prices and output that jumped more than 70% after the purchase of BHP Group’s energy unit.

Queretaro Forges Plan to Tackle Energy Shortage

The Business Coordinating Council (CCE) warned that Mexico’s lack of electricity has delayed the settlement of foreign companies in some cities, including Queretaro. The Energy Agency of the State of Queretaro (AEEQ) is therefore working on a new strategy to enhance the electricity infrastructure in the state and reap the benefits of nearshoring.

Storage Technology: Essential for the Energy Transition

According to the International Energy Agency (IEA), the worldwide energy capacity is expected to expand by 56% over the next few years, reaching 270GW by 2026. This growth is expected to be partially boosted by utility-scale batteries, with tax incentives driving the expansion via wide-scale adoption.

Energy Infrastructure: Focal Point of State-Sponsored Cyberattacks

As countries seek to reduce their reliance on Russia for energy, the World Economic Forum (WEF) has reported that Russia has responded by launching state-sponsored cyberattacks targeting the energy infrastructure of those countries. This is expected to become an even more pressing issue as countries accelerate their transition toward sustainable energy, highlighting the need for increased cyber resilience.