Mexico gas, power and renewables service: 2024 in review Report

Insight 31 January 2025

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Report summary

Unprecedented heatwaves shattered records, pushing peak electricity demand to new highs and straining the power grid. US-to-Mexico gas exports hit record levels in 2024, fueled by extreme weather-driven power demand and industrial growth supported by nearshoring. Key milestones solidified Mexico's role as an LNG supplier, including the commercial launch of NFE’s Fast LNG unit and a wave of new LNG project announcements. Swinging energy reforms reshaped Mexico’s regulatory landscape. The government reinstated state dominance over the power and oil industries, dissolving independent regulators like CRE and CNH. With CFE securing a constitutionally mandated 54% generation share, questions remain on how the new framework will be implemented in 2025. Join us as we break down the key events that defined Mexico’s energy markets in 2024.

Executive summary
Unprecedented heat drives record-breaking demand, power system alerts transparency, and blackouts
Mexico's capacity market doubles again amid early heatwave
Mexico's energy boom: record gas imports, LNG expansion, and a rising global role
Sweeping reforms restore state control, reshape regulation, and redefine the energy market's future