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News Article

Senate Approves Electricity Bill/PEMEX Savings

By Sofía Hanna | Wed, 03/03/2021 - 12:26

Electricity industry reform approved. President Andrés Manuel López Obrador applauded the Senate for approving his proposed reforms for the electricity sector, while also pointing to future action his administration plans to take. “We will be able to sit down with the companies. I am very grateful to the legislators. This will help us strengthen CFE, to face difficult moments like what happened in Texas … I am going to announce a modernization plan for the hydroelectric plants. We are going to change turbines, producing clean energy at less cost. We are going to start with 14 hydroelectric plants.” Now that the electricity industry bill has been approved, AMLO’s next step will be to renegotiate with Iberdrola and about 10 other electric companies that are focused on managing the electricity market.

 

The Odebrecht case. López Obrador addressed investigations by the US Justice Department and 10 Latin American countries into the Brazilian construction company Odebrecht that continue to unveil details about the bribes made to presidents, former presidents, politicians and government officials from 12 countries. The case was first brought to court in 2016. In Mexico, a case is ongoing against former PEMEX head Emilio Lozoya, who was arrested last year in Spain and has implicated numerous officials in Odebrecht corruption allegations. Lozoya is accused of taking bribes in exchange for awarding a refinery contract to Odebrecht. “The investigations continue, and we must also see who authorized the signing of this contract,” AMLO said.

 

PEMEX. Director of PEMEX Octavio Romero Oropeza said that modifications to the company’s contracts with the government would result in savings totaling MX$13.75 billion (US$6.57 billion). He also mentioned that US$350,000 would be saved after the contract with Fitch Rating was terminated. “The contract with Fitch expired and we will not renew it,” he said.

 

 

 

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Click HERE for full transcript in Spanish

The data used in this article was sourced from:  
Gobierno de México
Photo by:   GOBMEX
Sofía Hanna Sofía Hanna Junior Journalist and Industry Analyst