Mexico, one of the sunniest regions in the world, with strong manufacturing and growing energy demand, should be one of the global leaders in the transition to renewable energy, but the performance of the Mexican photovoltaic market is not good, although the government attaches importance to the potential of photovoltaic power generation . However, the development of photovoltaic is relatively slow. Because the country originally planned to install 9 GW photovoltaic systems in 2022, it is expected to increase to 14.5G W by 2025, which will increase by 65%. However, considering the current price decline of photovoltaic modules and the development potential of the Mexican photovoltaic market, the installed capacity of photovoltaic systems installed in Mexico has not met people's expectations.
In the power development plan released from 2022 to 2036, the Mexican government postponed the country's previous commitment to achieve a 35% share of renewable energy generation by 2024 for seven years, and it will not be possible to achieve this goal until 2031. Obviously, the photovoltaic development plan in Mexico has been delayed.
Mexico is considered to have a huge potential in the global PV market. In 2017, Enel, an Italian renewable energy developer, won the third renewable energy auction in Mexico with the lowest price in the world record at that time, and the renewable energy market in Mexico became the focus of attention. As the Mexican government passed a historic and comprehensive energy reform bill with broad support in 2013, Enel's winning bid is seen as the Mexican government's support for energy industry manufacturers, which will not work in the relatively new renewable energy sector, especially in the photovoltaic industry dominated by private enterprises. While the installed capacity of renewable energy in Mexico has increased, the capacity of transmission infrastructure has not improved, making it a scapegoat in the event of large-scale blackouts in the country.
As it turns out, PEMEX, Mexico's state-owned oil supplier, has reversed the energy reform and hindered the growth of the country's renewable energy industry. The 2022 "reform" moves control of the country's power sector into the hands of Mexico's national utility, the Federal Electricity Commission (CFE), and places the independent energy regulator back under the control of government departments. To make matters worse, Mexico's national utility, the Federal Electricity Commission (CFE), which has more than 54% of the electricity market, no longer needs to dispatch the lowest-cost power first, but instead prioritizes the power provided by the utility. This impedes the implementation of all utility-scale projects and programs, and even renewable energy projects that have completed development pending generation permits. What is the hope for the
Mexican PV market? The PV industry and developers are no longer willing to wait for better policies from state governments, and they are vigorously developing distributed PV systems, even if they can only meet part of their energy needs.
According to the forecast, by 2036, the cumulative installed capacity of distributed photovoltaic systems in Mexico will reach nearly 16.5G W. The country's distributed PV market is growing rapidly, and a recent funding for Bright, a financier of such PV systems, shows strong investor interest. With the support of Hollywood actor Leonardo DiCaprio, Bright raised $31.5 million to support the development of distributed photovoltaic systems in Mexico.
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