This contrasts with a revolution in production in countries such as the United States. Even further, Mexico cannot import enough natural gas cheaply because of a limited pipeline network. Due in part to lack of availability of cheap natural gas supplies, Mexican electricity prices, on average, approach twice U.S. rates.6 Another example is the telecoms sector, which has faced limited competition.
[10] Taking the APP, negative rates and rate forward guidance together, ten-year sovereign bond yields would have been almost 1.4 percentage points higher in 2018 without those measures.