Commodity Market Report
Mexico gas, power, and renewables 10-year investment horizon outlook 2024
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Report summary
In 2024, Mexico’s energy markets entered a transformative phase marked by new dynamics and drivers. The commercial launch of the Altamira FLNG heralds a new era set to propel gas demand to unprecedented levels over the next decade. However, this growth brings challenges: the US non-FTA export pause and labor retention issues have delayed Mexico's LNG project timelines, pushing Costa Azul’s start to 2026 and Saguaro’s to 2030. Domestic gas demand continues its upward trajectory. Industrial consumption sustains momentum through the mid-term despite lower GDP growth expectations, while gas-based generation remains the dominant baseload technology. This trend persists despite the new Mexican government’s commitment to accelerating the energy transition and bolstering renewable generation.
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