CFE loses 95 billion pesos in 2021, its second year in the red – El Financiero

The Federal Electricity Commission (CFE) revealed that during the financial year of 2021 it lost 95 thousand 371 million pesos, which represented an increase of 10.9 percent compared to the previous year.

It should be remembered that during the pandemic year of 2020the productive State company lost 85 thousand 996 million pesos, for which it registered its second consecutive year in the red.

The CFE could not register positive numbers, despite the fact that it received subsidies for 70 thousand 279 million pesos through transfers from the Ministry of Finance and Public Credit.

The dependency that leads Manuel Bartlett argued that 2021 was a difficult year, derived from the energy emergency that the country experienced in February of the year in question.

“As a consequence of cold front No. 35 with arctic winds causing low temperatures in the north and northeast of the country, as well as the freezing of pipelines and the closure of natural gas production plants in the state of Texas, USA, there was a risk of generation capacity deficit in the power plants in Mexico”, can be read in the quarterly report.

They detailed that due to the freezing of natural gas and power generation infrastructure in Texas, natural gas prices “shot up”, going from 4.5 dollars to 150 dollars.

“This contingency meant an important economic cost for the CFE derived mainly from the acquisition of gas for the generation of electrical energy from plants of Independent Energy Producers and the mitigation of offers in the Wholesale Electricity Market due to the participation of CFE plants, ”said the agency.

Besides, the health contingency due to COVID-19 it also hit the productive State company, since it involved economic-financial, operational and labor risks for the CFE.

The quarterly report also revealed that the CFE’s operating costs amounted to 585 thousand 396 million pesos, which represented an increase of 20.9 percent at the annual rate.

“This increase is explained by the rise in the price of natural gas caused by the climate emergency in Texas in February and the high volatility in fuel prices in the second half of 2021,” the report stressed.

Meanwhile, the agency’s income in 2021 was 565 thousand 687 million pesos, which meant an annual increase of 12.5 percent.

“This increase is due to the fact that the CFE has reported higher revenues from the sale of fuels (gas) to third parties, the supply of electricity and energy transportation services,” he noted.

Among other relevant information, EBITDA stood at 48 thousand 107 million pesos and CFE’s total assets rose by 3.5 percent, while liabilities showed a decrease of 2.6 percent compared to the previous year.

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