Mexico, in the “top 10” of countries investing big on renewable energy

According to Mexico's Minister of Energy, the groundwork is being laid so that by 2024, 43% of the energy produced in Mexico comes from renewable sources
Wind turbines - Photo: Carlos Barria/REUTERS
12/04/2018
12:14
Noé Cruz Serrano
Mexico City
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The electricity reform has already placed Mexico within the top 10 countries with the largest investments in renewable energy, stated the Minister of Energy, Pedro Joaquín Coldwell.

During a press conference held at Los Pinos, the head of the Ministry of Energy claimed the “groundwork for a gigantic investment in this type of energy” is already being laid down.

“We're already among the top 10 countries with investments in renewable energy. We're in the world ranking of the most active countries on investment attraction as part of the new regulation and new model for electrical power that the [energy] reform has contributed to the country,” added the Minister of Energy.

According to Coldwell, the groundwork is being laid so that by 2024, 43% of the energy produced in Mexico comes from renewable sources.

He added that the three bids to award contracts to private companies to build cleantech power stations will generate investments for USD$ 8.6 million until 2021.

With such resources, the companies involved in the tenders will build 65 power central stations – 40 solar plants and 25 wind farms – achieving the lowest prices per megawatt (MW) in the world.

Coldwell explained that Mexico is achieving world-competitive costs due to the structure and outline they have been following.

The price per MW produced by wind power is equal to USD$19 – the lowest cost in the world for similar tenders.

In the case of solar energy, the cost is equal to USD$ 21.83, only above the USD$17.9 of Saudi Arabia, according to data provided by the Ministry of Energy.

Currently, the government is preparing two bids for the construction of two transmission lines: one that would connect Baja California to Sonora – to be managed by the Ministry of Energy – and the other to connect Oaxaca with the center of the country, in charge of the Federal Electricity Commission (CFE).

Moreover, 53,000 permits were granted so households or small companies to allow them to generate and consume their own energy through solar panels.
 

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