Tuesday, May 28, 2024

Is There A Market For Renewable Energy In Mexico?

July 12, 2016 by  
Filed under Money/Business, Politics, Weekly Columns

(Akiit.com) If you weren’t aware, Mexico held its first ever clean energy auctions earlier this year. It was via these auctions that we learned a lot about Mexico’s potential to utilize renewable energy. So, what did we find out? Let’s break down the facts.

Firstly, solar made a big impression during the auctions. Its win surpassed the number of megawatts that was initially expected. By the end of the auctions, there were a handful of wind and solar companies that won electricity and clean energy deals. Some of the companies that bid included Enel Green Power, Alten Renewable Energy, and Recurrent Energy.

Another pleasant boost to proceedings was the amount of bids and general participation that took place. By the end, over 200 bids were placed by a large variety of companies and organizations. The largest collective winner of the auctions was Enel Green Power. As the biggest winner overall, Enel Green Power CEO Francesco Venturini gave a few words.

“Mexico is a pivotal market for all serious players in this field due to its huge potential in clean energy and stable regulatory solar-panel-1175819_640framework. The nearly 1 GW we have just been awarded, in addition to the capacity already in operation and under construction, have turned us into the main player in the country. We have worked hard to become one of the most competitive companies in many clean technologies and the positive outcome of this tender is another clear indication of the success of our growth strategy.”

Following the success of the clean energy auctions, MIREC WEEK took place from the 16-20 May, marking its fifth year in existence. It’s an event in which many company owners gather to network and converse about Mexico’s renewable energy industry. Mexico’s renewable energy conference was successful yet again, with over one thousand attendees. The conference featured guest speakers, presentations and more.

Just as the energy auctions broke new ground, so did MIREC WEEK. Every area of the conference set record-high numbers, and it was much improved on the previous year’s experience in every way.

So, what comes next? The Mexican government currently has a long-term goal in place to reach certain amounts of clean energy. It’s currently hoping to have over thirty-five percent of energy from clean sources by 2024. Before the auctions, you might have said that was a tough ask. However, the overwhelming success in key areas has meant that the goal is much more achievable than ever before. In the future, they’re aiming even higher to hit forty-five percent of clean energy in just under fifteen years’ time.

As the Mexican energy market continues to grow and flourish, more money continues to be invested. In fact, Mexico has privately forecast billions over the next few years for the industry. While not every area in renewable energy has seen tremendous growth, the majority has. Wind and solar’s potential influences seemed only a matter of time away from making a big impact, and the effects have been felt this year. There are some questions that won’t be answered until a year or two years down the line. However, the market might just be better than ever for renewable energy in Mexico.

Staff Writer; Keith Hall

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