CFE Reveals 446 Billion Peso Investment Initiative
However, the CFE’s funding proposal for its 2024 investment plans far eclipses the budget allocated for the state-owned company by the 2024 Expenditure Budget of the Federation
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AMLO’s Second Nationalization Is a Costly Hoax
with the transfers of more financial resources to the CFE to cover its new deficit, the people of Mexico will bear the cost in higher electricity bills
Read moreAMLO Buys Iberdrola Plants, May Have Gotten Burned in Deal
After four years of verbally barraging the Spanish-owned Iberdrola energy company, the AMLO administration would now be purchasing the bulk of that company’s Mexican power-generating plants for the sum of $6 billion
Read moreWhile Global Oil Sales Soar, Pemex Has Lowest Output Ever
Pemex officials at the start of 2022 promised that the company would produce a minimum of 2.6 million barrels daily throughout the year
Read morePemex Liable to Pay $16.7 Billion in Debt before End of 2024
By KELIN DILLON According to the new 2023-2027 Business Plan Report presented by Mexico’s state-owned oil company Petróleos Mexicanos (Pemex), Pemex must pay back more than $16.7 billion in debt amortizations before the end of Mexican President Andrés Manuel López Obrador’s (AMLO) six-year term, which is set to end in 2024. The report revealed that Pemex was able to put
Read moreNYT: AMLO Only Making Poverty in Mexico Worse
By THÉRÈSE MARGOLIS In a scathing report on the state of poverty in Mexico, the New York Times (NYT) on Monday, July 18, pointed out that while President Andrés Manuel López Obrador (AMLO) has repeatedly claimed that fighting poverty is his most important priority, nearly every policy he has enacted has only served to hurt the poor. Nearly four years
Read moreWork Continues on Suspended Tren Maya Section, with 92 Percent Budget Hike
By KELIN DILLON While work on the fifth section of Mexico’s controversial Tren Maya project was purportedly suspended by a Mexican federal judge last April after the project failed to acquire proper Environmental Impact Statements (MIA) ahead of its construction, building on the Tren Maya’s fifth section has reportedly continued on in spite of the judge’s ruling – and with
Read moreMexico Pumps $3.5 Billion to Lower Pemex’s Debt
By KELIN DILLON In an attempt to reduce its foreign debt, Mexico’s state-owned fuel company Petróleos Mexicanos (Pemex) received $3.5 billion in bond buybacks from the Mexican federal government, the country’s Secretariat of Finance (SHCP) reported on Tuesday, Dec. 7. This financial injection is equivalent to 74 billion pesos, about half the annual budget given to Mexico’s Secretariat of Public
Read moreCovid Pandemic Causes Upper and Middle Classes to Flee
By KELIN DILLON According to new statistics, Mexico’s middle and upper classes were sharply cut in population due to the economic effects of the worldwide covid-19 pandemic, causing many to leave the country for more economically stable locations, while the lower class experienced a simultaneous population boom. The middle class’ proportional population dropped from 42.7 percent of the country’s total
Read moreCFE to Need Higher Budget if Electric Reform Passes
By KELIN DILLON If Mexico’s controversial proposed reform to give carbon-based energy priority to the state-owned Federal Electricity Commission (CFE) reaches passage, the CFE will be required to heighten its budget and subsequently “charge a bill” to the Mexican government or the shift will likely result in blackouts, revealed a study by the Mexican Institute for Competitiveness (IMCO). The reform
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