Mr Tellez says the government has learnt its lesson: this time it will legislate and set up regulation before the sale, not after.

ECONOMIST: Mexico

To investors, on the other hand, the opening-up may look half-hearted: the government, not wanting to be seen flogging all the family silver in one go, has already backtracked on Mr Tellez's original plan to grant concessions in transmission as well.

ECONOMIST: Mexico