Energy Reform goes far beyond expectations. The 75-year monopoly by state-owned PEMEX ends, and a competitive wholesale power market is created.
On December 12, 2013, the lower house of the Mexican Congress approved the longawaited energy reform bill (the “Energy Reform”). The Energy Reform was initially discussed and approved by the Senate and then approved by the lower house, in both cases, with the overwhelming majority vote of the members of the ruling Institutional Revolutionary Party (Partido Revolucionario Institucional) and the conservative National Action Party (Partido Accion Nacional).
To come into force, the Energy Reform must be approved by the majority of the 31 local congresses of Mexico, a process that is currently underway, and then published in the Federal Gazette (Diario Oficial de la Federación). To date, 17 local congresses have approved the Energy Reform; accordingly, the bill will now be sent to the President for publication. The Energy Reform will come into force the day after its publication (the “Effective Date”).
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