Report Key Points 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In May 2025, the daily average of natural gas exported from the US to Mexico via pipeline reached 7.5 billion cubic feet, a record high for a single month. This growth is mainly due to the continuous increase in Mexico's demand for natural gas, especially in the power industry [2][5]. - In 2024, the daily average of pipeline natural gas exports from the US to Mexico was 6.4 billion cubic feet, a 25% increase from 2019, reaching the highest level since records began in 1975 [2][5]. - Due to the upcoming 2026 FIFA World Cup in the US, Canada, and Mexico, Mexico may see a higher increase in potential tourists compared to the US and Canada, which could lead to a new high in electricity consumption. This trend will indirectly determine the natural gas supply in North America [2]. 3. Summary by Related Catalogs US Exports of Natural Gas to Mexico - In May 2025, the daily average of natural gas exported from the US to Mexico via pipeline reached 7.5 billion cubic feet, a record high for a single month [2][5]. - In 2024, the daily average of pipeline natural gas exports from the US to Mexico was 6.4 billion cubic feet, a 25% increase from 2019, reaching the highest level since records began in 1975 [2][5]. - From 2019 - 2024, Mexico's total natural gas consumption increased from 7.7 billion to 8.6 billion cubic feet per day, with the growth mainly concentrated in the power industry [5]. - In 2024, the total transmission capacity of the four core corridors for US natural gas exports to Mexico was about 14.8 billion cubic feet per day, with an actual utilization rate of about 43%. Factors restricting export growth include limitations in Mexico's pipeline infrastructure and insufficient natural gas storage capacity [5]. - In 2024, the exports through the West Texas and South Texas pipelines accounted for 91% of the total US natural gas exports to Mexico. The West Texas exports increased significantly from 0.6 billion cubic feet per day in 2019 to 1.8 billion cubic feet per day in 2024, thanks to the successive commissioning of connecting pipelines in central - western Mexico in recent years [6]. Mexican Natural Gas Pipeline Network - To meet potential demand growth, Mexico plans to expand its domestic pipeline network. The "South Texas - Tuxpan" pipeline can transport imported natural gas to end - users such as LNG receiving stations and power plants. It is also connected to the "Southeast Gateway" submarine pipeline completed in 2025, which supplies gas to new power plants in the Yucatan Peninsula [11]. - In 2022, parts of the Tula - Reyes and Tuxpan - Tula pipeline sections were partially activated and are expected to operate at full capacity in 2025. In the same year, the "Mayakan Energy" pipeline will improve the natural gas infrastructure in the Yucatan Peninsula, and the "North Centauro" pipeline started construction in 2025, which will provide incremental gas transmission capacity for the northwestern combined - cycle power plants [11]. - In August 2024, Mexico achieved its first LNG export through the "Altamira Fast LNG1" floating liquefied natural gas unit. Currently, two other export projects, "Altamira Fast LNG2" and "Costa Azul Energy", are under construction, with a total daily production capacity of 0.6 billion cubic feet, and their gas sources rely on US - imported natural gas. The expansion projects of the "South Texas - Tuxpan" pipeline and the "Rosarito Pipeline" will provide transportation support for these LNG projects [11].