■ 英語タイトル：Mexico Power Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
■ 発行会社/調査会社：Mordor Intelligence
The Mexico power market is expected to grow at a CAGR of more than 2.5% in the forecast period. The COVID-19 pandemic has negatively impacted the market in terms of supply chain disruptions and project delays caused due to the lockdown restrictions in the first half of 2020. For instance, in April 2020, Mexico’s independent system operator (CENACE) notified generators of its decision to indefinitely suspend all legally mandated pre-operation tests for solar and wind projects in light of the COVID-19 pandemic. However, with a growing population, the demand for power is increasing in the country. Adding to this, factors such as rapid urbanization, increasing consumer spending, and industrialization is increasing the demand for electricity. With the acceptance of renewable energy sources, a robust grid development is required, which, in turn, is expected to expand the distribution and transmission infrastructure in Mexico in the coming years. On the other hand, delays in project implementation, and lack of investments in the power sector are expected to hinder the growth of the market during the forecast period.
- Although the share of oil in the power market of Mexico is decreasing, it still holds more than 44% share in terms of total primary energy supply, as of 2020, followed by natural gas with increasing share. This indicates the dominance of thermal power generation sources in the country’s energy mix.
- The opening up of power sector to private players by ending the monopoly of state-owned companeis is expected to create significant opportunities in the country’s power market during in the near future.
- The challenges in the development of T&D infrastructure during the integration of renewable energy sources with the national grid are expected to hinder the growth of the market studied during the forecast period.
Key Market Trends
Thermal Power Generation to Dominate the Market
- Power generation uses a variety of sources ranging from fossil fuels like coal, oil to renewable sources like wind and solar. As of 2019, the electricity generation mix in Mexico is dominated by natural gas, coal, and oil, which together accounted for more than 70% of the total electricity generation in that year.
- The power generation mix is heavily skewed toward natural gas with a major contribution because of cheaper domestic fuel availability. Its share in the mix has increased over the years due to constraints in adding other conventional generation sources like hydro, nuclear, and oil.
- The increasing demand for electricity is expected to drive the number of natural gas-fired power plants in the country. For instance, in December 2020, Mexico’s Comisión Federal de Electricidad (CFE) announced that it has started producing electricity at its long-delayed 642 MW Huexca combined-cycle thermal power plant in the central state of Morelos.
- In addition to this, in March 2020, CFE announced that it is planning to launch an international tender to build for six combined-cycle natural gas-fired power plants with a combined installed capacity of 4,322 MW.
- Therefore, plans to increase natural gas fired power generation capacity in the country are expected to make the thermal power generation segment the dominant one during the forecast period.
Challenges In Upgrading Transmission & Distribution Network
- The transmission system establishes the link between the source of generation on one side and the distribution system, which is connected to load / ultimate consumer, on the other side. Transmission planning is a continuous process of identification of transmission system addition requirements, timing, and need.
- Mexico has adequate power generation capacity, but it has some proportion of the population having limited access to electricity because of a lack of proper transmission network and infrastructure. To achieve the target of 100% access to electricity, there is a demand for transmission networks and hence driving the power market.
- With the growth in renewables, especially wind energy, which is located remotely, new transmission lines are needed to be installed, which is a robust task operationally and financially as well.
- Moreover, the outdated transmission infrastructure network in Mexico is struggling to adjust to the introduction of considerable renewable generation capacity and is, in turn, acting as a key reason for the electric stability and reliability problems in the country.
The Mexico power market is moderately fragmented. Some of the major companies operating in the market include Enel S.p.A., Comision Federal de Electricidad (CFE), Iberdrola SA, Acciona SA, and Petroleos Mexicanos.
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1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Electricity Generation Mix, 2020
4.3 Power Generation Installed Capacity and Forecast, in GW, till 2026
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5 MARKET SEGMENTATION
5.1 Power Generation
5.2 Power Transmission and Distribution (T&D)
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Enel S.p.A
6.3.2 Comision Federal de Electricidad
6.3.3 Iberdrola SA
6.3.4 Acciona SA
6.3.5 Petroleos Mexicanos (PEMEX)
6.3.6 Schneider Electric SE
6.3.7 Sempra Energy
6.3.8 Siemens Gamesa Renewable Energy S.A.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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