Delay in Mexico's First LNG Plant Commissioning

SENER has postponed a crucial Supreme Court ruling regarding the 2021 amendments to the Electric Power Industry Law (LIE). These reforms, aimed at prioritizing the state-owned utility CFE in electric power distribution, faced legal challenges and have not yet taken effect. Moreover, CFE has successfully refinanced US$877 million of its debt as part of a liability management strategy. 

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Mexico's First LNG Plant Faces Delays

The US energy provider, New Fortress Energy (NFE), has announced that the commissioning of Mexico's first liquefied natural gas (LNG) plant will be delayed until late October to early November, following the departure of the final piece of infrastructure required.

SENER Delays Electric Power Industry Law Reform

Mexico’s Ministry of Energy (SENER) has delayed a crucial Supreme Court ruling that could potentially declare certain elements of the 2021 amendments to the Electric Power Industry Law (LIE) as unconstitutional. These reforms, initially passed by MORENA and its congressional allies, never went into effect given the more than 170 appeals filed against them. The amendments aimed to prioritize the electric power distribution of the state-owned utility, CFE, without considering cost implications.

CFE Refinances US$877 Million in Debt

CFE announced the refinancing of US$877 million of its debt as part of a liability management strategy. The operation involved repurchasing four bonds with a target amount of US$800 million and a maximum amount of up to US$1 billion. The company added in a statement that it took advantage of "the current interest rate environment and exchange rate" to successfully carry out this operation.

Oil Discussions Prior to COP28

Oil and gas companies got together in Saudi Arabia with companies from energy-intensive industries to discuss decarbonization efforts. "What we have done today is something quite unprecedented in the COP process, to bring together both the demand and supply side in terms of emissions," Adnan Amin, COP28 CEO, told Reuters.

Mexico's Ambitious Solar Energy Initiatives

Mexican authorities, in collaboration with CFE, are spearheading a remarkable transformation in the country's energy landscape through three pioneering photovoltaic solar projects situated in the states of Sonora and Yucatan, along with a significant undertaking in Mexico City.