Siemens to consider Mexican energy market

Germany-based engineering company Siemens is considering investing in wind, oil, gas and other energy projects in Mexico now that the country has acted to open its energy markets to private investment, Bloomberg News reported.

Kirk Edelman, head of energy financing at Siemens’ financing unit, told Bloomberg Mexico’s efforts to open its markets is “fascinating.”

{mosads}Edelman singled out offshore oil in the Gulf of Mexico, saying that while the United States’ waters have many rigs, Mexico’s have very few.

Mexican President Enrique Pena Nieto has prioritized a number of energy reforms in his time in office, including privatizing many state energy functions, in an effort to reduce prices.

Just last month, the country’s Senate approved legislation to allow private energy investment for the first time in more than seven decades, Bloomberg reported.

Through the process, Mexico also hopes to have 33 percent of its power capacity be in renewable energy by 2018, compared with the current 15 percent. Siemens produces wind turbines and other equipment for the industry.