Energy Security Comes Before Businesses: Rocío NahleBy Cas Biekmann | Thu, 04/15/2021 - 17:42
Mexico’s energy security holds priority over private businesses, said SENER´s head Rocío Nahle during a Forbes interview. In other news, a gas shortage in February will lead to higher energy prices in 2021 and a former senator has been hit with criminal charges. National and private decarbonization efforts are examined as well.
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Energy Security Comes Before Businesses: Minister of Energy, Rocio Nahle
In an interview with Forbes, Mexico’s Minister of Energy, Rocio Nahle, outlines her views on the government’s controversial policy direction that aims to boost CFE while curtailing private participation. “National and energy security are above businesses. In the Energy Reform carried out by the former government, they prioritized competitiveness. For us, security is the priority. This is a radical change. It was costing us a lot to maintain the competitiveness of private companies,” Nahle said.
CFE’s Prices Surge After February’s Gas Import Block
Electricity rates of Mexico’s public utility CFE are set to increase in April, when the price hike in natural gas experienced during February’s natural gas shortage will take its toll. Extreme weather conditions led to a large cut in supply from Texas, from where CFE imports most of its gas, as well as a 200 percent increase in gas prices that lasted several days. For domestic users, prices can increase 3.3 percent over the year.
Stronger Push for Hydrogen in Latin America
The global market is increasing its focus on hydrogen. The trend is gaining momentum in Latin America and Mexico is no exception. The country has now started to examine whether it can ride the hydrogen-powered train.
Tech Companies Lead Global Decarbonization Efforts
Of the Top 10 largest US companies in terms of market value, five of them have full net zero emission ambitions for 2050, reports Bloomberg News, and all five come from the tech sector. Amazon, Facebook, Apple, Microsoft and Google all operate in Mexico and their decarbonization plans will likely influence the Mexican market. The rest of the companies in the Top 10 also aim to cut down emissions. What sets tech companies apart from the rest is their efforts to decarbonize those in their supply chain.
Former Senator Involved in Driving 2014 Energy Reform Hit with Criminal Charges
Reuters reported that Jorge Lavalle, a PAN senator between 2012 and 2018, has been charged with criminal association, bribery and using illicit funds. Lavalle was closely involved with drafting the 2014 Energy Reform.
Shell to Seek Support from Shareholders for its Energy Transition Plans
Fossil fuel giant Shell, like others in the industry, is looking to go net-zero in terms of carbon emissions by 2050. The company made the decision to have shareholders vote on its flexible renewable plans in this regard, even though the result will be non-binding, reported S&P.
China Has to Shut 600 Coal Plants to Achieve Decarbonization Targets
In an effort to fully decarbonize by 2060, China will need to close around 600 coal-based power plants, according to a report cited by The Guardian. Replacing the 364GW of coal capacity will bring further benefits to the country and savings of US$1.6 trillion by 2060 due to the sharply lower costs associated with wind and solar energy.