Mexico gas, power and renewable service: 2022 year-in-review

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Gas price volatility marked 2022, becoming a common theme as the Russian invasion of Ukraine shocked markets. Henry Hub and major US price indexes with influence on Mexico’s prices increased to levels not seen since the mid-2000s. These effects cascaded down to Mexico’s IPGN which, up to November, averaged US$6/mmbtu, an increase of 50% year-on-year. However, as the US gas market rebalances and the supply and demand mechanism reappears, Henry Hub prices should start their recovery path. Mexico’s prices will shortly follow, returning to 2019 levels, marking a promising start for 2023. In an energy system that relies heavily on gas, how did the Mexican power and gas markets perform in 2022?

Table of contents

  • Executive summary
  • Price volatility created by weather, international conflict, and supply chain upheaval temporarily causes spikes in Mexico’s natural gas prices
  • The next wave of gas infrastructure: Midstream and LNG in the spotlight
  • Growing demand and dominance of gas-powered plants pushed power prices upward
  • Solar and wind generation decreased while coal surged
  • Mexico set ambitious renewable generation goals, but doubts about its compliance capacity remain

Tables and charts

This report includes 3 images and tables including:

  • Mexico’s gas supply stack and Index prices
  • Daily system-wide Marginal Cost of Energy (MCE) in the SIN, 2022
  • Generation mix: Total generation evolution, full-year 2022 vs. 2021

What's included

This report contains:

  • Document

    Mexico gas, power and renewable service: 2022 year-in-review

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