Mexico’s 2026 Budget Boosts PEMEX, CFE Sees Largest Allocation

The Mexican government has proposed a 2026 budget of MX$517.4 billion (US$9.6 trillion) for Petróleos Mexicanos (PEMEX), marking a 7.7% increase in real terms compared with the MX$464.3 billion approved for 2025, according to Finance Minister Édgar Amador Zamora.

For the Federal Electricity Commission (CFE), the administration of President Claudia Sheinbaum requested MX$554.6 billion, a 1.8% decrease from 2025. Despite the cut, this would be the largest allocation for CFE since the start of the Cuarta Transformación government in 2019.

The 2026 General Criteria of Economic Policy indicates that PEMEX’s budget is designed to achieve a balanced financial position without federal support, with personnel spending capped at MX$118 billion. The government plans MX$263.5 billion in debt amortization transfers to PEMEX, conditional on the company matching the amount through improved financial balance. These transfers will reduce liabilities rather than count as budgetary spending. The plan aims for a net decline in PEMEX’s public debt by the end of 2026, along with measures to strengthen liquidity, optimize debt maturities, and lower supplier and financial costs.

For CFE, a financial surplus of MX$20.7 billion is projected, with federal transfers of MX$87.8 billion, consistent with 2025 in real terms. These resources are part of the National Electric System Strengthening and Expansion Plan 2025–2030. Authorities stressed that CFE will remain a strategic state enterprise, ensuring energy sovereignty, expanding electricity access regionally, and supporting sustainable growth for both households and industry.