Boston, MA -- (SBWIRE) -- 08/29/2012 -- BMI View: Over the medium term, Mexico will continue with efforts to boost its renewable power generating capabilities in line with new legislation which calls for non-fossil fuels to account for 35% of the country's energy mix by 2024. Substantial growth in wind power looks set to continue, with Marena Renovables planning to build Latin America's largest wind farm in the country. Moreover, after a slow start, there is potential for greater foreign interest in solar power. Growth of hydroelectric power generation will likely be comparatively subdued due to local opposition and an already high base level that leaves less room for additional expansion.
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BMI's extended forecast states that during the period between 2012 and 2016, Mexico's overall power generation will increase by an annual average of 2.9%, reaching 305.9 terawatt hours (TWh). Conventional thermal sources will continue to dominate electricity generation, accounting for about 79% of total power production through 2016. Of the thermal energy sources, Mexico is expected to become increasingly dependent on gas-fired power. Gas-fired power already comprises 65.9% of Mexico's total thermal generating capacity, and we expect this number to rise to 69.3% by 2016 as the government attempts to reduce its dependency on oil-fired power.
While the country looks set to remain reliant on thermal energy over our forecast period, in recent years Mexico has focused increasingly on boosting its renewable energy generating capacity - a trend we expect to continue. Indeed, recent legislation requires that clean energy sources account for 35% of power generation by 2024 - a substantial increase on the 20.3% recorded at the end of 2011. The legislation also calls for the government ministries to provide greater incentives for renewable energy production and creates a high-level public agency dedicated to ensuring that Mexico maintains a stable climate change policy across various presidential administrations.
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