SENER Welcomes Cox to Energy Market

SENER has acknowledged the Spanish company COX for its acquisition of assets previously operated by Iberdrola México, a transaction valued at US$4.2 billion. SENER expressed its support for the deal and COX's interest in the Mexican energy sector, highlighting the company's planned strategic investment of more than US$10.7 billion for the 2025-2030 period.

The acquired portfolio includes 15 operational power plants with a combined installed capacity of over 2,600MW and an annual generation exceeding 20TWh. This operation also includes the acquisition of the country's largest private electricity supplier, which holds a 25% market share and serves over 500 industrial clients.

In an official statement, SENER said the acquisition and projected investment program "reflect confidence and certainty in Mexico, in a medium and long-term horizon," and are based on the legal security and regulatory stability of the new national energy framework. The ministry noted that COX, an enterprise specializing in renewable energy and water, aligns with the Plan México objectives for expanding the electricity sector and promoting energy transition.

The transaction was backed by major international financial institutions, including Citi, JP Morgan, Bank of America, BBVA, and Santander. SENER stated that this financial support demonstrates the attractiveness of Mexico for large-scale energy infrastructure projects. The ministry concluded that such investments contribute to strengthening the national energy infrastructure and solidify Mexico as a viable destination for foreign capital in strategic sectors.

Sheinbaum Clarifies Iberdrola's Exit

During her morning conference, President Claudia Sheinbaum directly addressed the reasons behind Iberdrola’s departure, clarifying that the company’s exit was not due to conflicts with the Mexican government or its regulatory environment. Instead, Sheinbaum stated the Spanish energy company opted to reorient its investment strategy toward Europe.

"I spoke personally with Iberdrola executives," Sheinbaum said. "They made the decision to leave the country simply because they have decided to make a very large investment in other countries, particularly in Europe."

Sheinbaum described the sale of assets to COX as an orderly and legal transition within Mexico's energy sector. She noted that COX has a long history in Mexico and a strong reputation. The president highlighted the investment as a sign of confidence in Mexico, demonstrating that the country continues to offer stable and attractive conditions for foreign investment.

Sheinbaum added that COX has shown a willingness to comply with current regulations and abandon the self-supply partnership scheme, which was declared illegal after the 2013 energy reform. She explained that COX is working with SENER to comply with the new rules for electricity generation, which allocate 54% for the state-owned utility CFE and 46% for private companies. She reiterated that this transition not only represents a corporate reconfiguration but also an opportunity to reinforce Mexico's energy sovereignty with foreign participation within the established legal framework.

COX, an energy company founded in 2014, had already held a permit from CRE to operate in Mexico's wholesale electricity market. However, its acquisition of assets from Iberdrola marks a significant expansion. According to COX, Mexico is the second most important electricity market in Latin America, offering considerable potential to leverage its regional position. The company plans to integrate Iberdrola Mexico's workforce of over 800 professionals. This integration is expected to create jobs, provide a competitive electricity supply, and offer water solutions tailored to local needs.