— Insights
Insights on energy.
Original analysis on energy, oil & gas, energy geopolitics and investment across Mexico, Latin America, the United States and Spain, by Alexandro Rovirosa.
Featured
— Mexico Energy Watch
Mexico is producing more gas than in a decade — and depends on Texas more than ever
In 2025 Mexico imported a record 6.638 Bcf/d of pipeline gas from the United States, roughly 75% of its supply. In 2026 Pemex is producing more, and dependence is not falling. Why — and what it means for capital deployed in Mexico.
Latest analysis
- — Madrid Cross-BorderSpanish capital is not leaving Mexican generation: it is changing hands — and risk profileBetween February 2024 and April 2026 Iberdrola sold its entire Mexican generation fleet for US$10.2bn: 13 plants to the state (MIP/Fonadin) and the remainder to Cox, a mid-sized group buying on leverage. What changes for investors, lenders and industrial offtakers when the same asset moves from an integrated utility's balance sheet to a debt-funded structure.
- — Executive Energy MemoPrivate capital no longer buys mature assets — it finances balance sheetsIn four days Apollo committed US$9bn to ONEOK in capped-return quasi-equity and Carlyle expanded a PDP securitization framework with Diversified to US$10bn. Neither bought a field. How the two structures work, what they cost, and why mature-field operators in Mexico and Latin America have no equivalent.
- — Madrid Cross-BorderData centres: Spain ties grid access to 80% renewable power, hour by hourThe draft royal decree put to public consultation on 27 August requires data centres of 1 MW or more to cover 80% of their consumption, in every hour, with Spanish renewable plants commissioned within the previous 18 months, under surcharges of 10% to 500% and loss of the permit after five years. It is stricter than the EU's own hydrogen rules and reaches permits already granted. Consultation closes on 10 September.
Series
- Tablero EnergéticoEnergy markets and geopolitics, read from the standpoint of capital at risk.
- Mexico Energy Watch (1)
- Nearshoring & Infrastructure
- Madrid Cross-Border (2)
- Executive Energy Memo (1)
Topics
LNGPemexPermianUSMCAabsacquisition financecfecoxcross-border financingdata centreselectricity reformenergy securityforeign direct investmentgrid access and connectionhourly matchingiberdrolaimportsmature fieldsmexico-spainmidstreamnatural gasnetwork tariffspdp securitizationpemexpermianpower generationpreferred equityprivate creditrenewable additionalityrenewable ppasecurity of supplytexas sb 6