In 2006, the Economist newspaper declared in a survey of Mexico that it was “time to wake up”, meaning that reforms in the energy sector (oil and electricity) must resume to set the economy free by making the most of the North American Free Trade Agreement (NAFTA) [see November 18, 2006]. Further, as the old political model had died with the defeat of the Partido Revolucionario Institucional (PRI) it was time for a new one to be born and time, also, for the real president in Felipe Calderón of the Partido Acción Nacional (PAN), to stand up. That was 2006. In 2012, the Economist offers us its latest survey of Mexico. Now the country is on the rise and “going up” in the world following the election of Enrique Peña Nieto of the PRI with the agenda to be set by further economic restructuring in, yes, the energy sector [see November 24, 2012]. So what has changed and how can one assess the major transformations shaping Latin America’s second largest economy?