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Mexico - January 2021

ECONOMIC HIGHLIGHTS

CFE investment plan: On 8 December 2020, Mexico’s state-owned electricity company, Comisión Federal de Electricidad (CFE), announced plans to invest M$62.75bn (US$3.18bn) in electricity generation projects over the next five years. According to the CFE’s 2021-2025 business plan, the construction of six combined-cycle power plants and five aeroderivative turbine units will increase generation capacity by 4,347 megawatts (MW), with some of these projects earmarked for parts of the country that struggle with electricity shortages, including the states of Baja California and Yucatán. The company’s CEO, Manuel Bartlett, reported that construction works will create some 28,850 jobs, as well as a further 1,515 permanent jobs with the CFE once the plants are operational. Bartlett defended the company’s financial situation as “extraordinarily sound”, after Mexico’s federal audit office (ASF) concluded in November 2020 that the CFE is “not profitable, and does not generate any economic value for the state”, with losses of M$40.38bn posted in 2019.

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