This analysis provides a comprehensive assessment of Mexico’s energy demand and supply outlook to 2040. The report maps out the implications of the Reforma Energética across the energy economy. It explores the ambition of a reformed power market to meet rising demand, while tapping Mexico’s abundant renewable resources and reducing the costs of power supply. It also assesses how and when the new upstream bid rounds can turn around today’s declines in oil and gas output. Finally, the authors dentify the challenges that remain, while also quantifying the value of Mexico’s energy transformation in a “No Reform Case”.