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LatinNews Daily - 30 July 2021

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In brief: Mexico’s CFE reveals cost of February blackout

* Mexico’s state-owned electricity firm, Comisión Federal de Electricidad (CFE), has informed that the mass power outage which affected some 5m Mexicans in February this year had cost the company M$65bn (US$3.27bn). The information was given during a press conference held by CFE directors, during which they highlighted the firm’s financial health. The February blackouts were due to interruptions in gas supply from Texas in the US, where unusually cold weather caused parts of the gas pipelines to freeze; to resolve the situation, the CFE had to source gas from elsewhere and pay M$65bn upfront for it. The company’s corporate director of finance, Edmundo Sánchez Aguilar, cited the CFE’s capacity to overcome this challenge, along with that of the coronavirus (Covid-19) pandemic, as signs of its financial strength and profitability. According to Sánchez Aguilar, the CFE’s overall assets total US$100bn. The CFE separately released its second quarter results this week, according to which it posted accumulated earnings of M$285.9bn in Q2 2021.