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Mexico's energy regulator Comision Reguladora de Energia is in the final stages of developing a smart grid road map to help spur a market that will cumulatively reach $12.1 billion by 2023, with annual spending ramping up from $205 million in 2014 to $2.1 billion per year in 2023, according to a study by Northeast Group LLC.

The smart grid market intelligence firm reports that this spending will be allocated across 17 smart grid market segments, including smart metering, transmission and distribution network infrastructure, and information technology.

"Mexico has all of the key characteristics to develop into a robust smart grid market," says Ben Gardner, president of Northeast Group. "Its government is working on developing a concrete regulatory framework, and political leaders are looking to reduce electricity prices and incorporate small-scale generators.

"Smart grid infrastructure will be necessary to enable these changes. Above-average distribution losses and electricity consumption rates mean that there is already a strong business case for smart meter deployments in Mexico, with other smart grid market segments to follow," Gardner adds.

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