Top Mexican presidential candidate pledges $13.6 billion for energy

MEXICO CITY, April 16, 2024 – Mexico’s presidential frontrunner, Claudia Sheinbaum, has unveiled a plan to invest USD 13.57 billion in energy generation projects through 2030, Reuters reported on Monday.

Sheinbaum’s plan includes new wind and solar power generation projects and the modernisation of five of the country’s hydropower plants, as well as multiple gas-fired power plants. The projects would add 13.66 GW to the grid, she told a business group on Monday.

Mexico’s current president, Andres Manuel Lopez Obrador, in office since 2018, has focused investment on strengthening NOC Pemex during his tenure. Part of his strategy has involved ramping up production at Pemex refineries to generate revenue to pay down the national debt.

“We have to speed up the promotion of renewable energies,” Sheinbaum was quoted as saying in the report. The candidate, an ally of Lopez Obrador, is in the lead by around 20 percentage points over her strongest competitor.

Mexico’s presidential elections will be held June 2.

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