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AMLO Increases State Utility’s Reach With $6 Billion Iberdrola Deal

MEXICO
  • On Tuesday, Mexico announced that they have agreed to buy a fleet of natural gas plants and a wind farm for $6 billion from Spain’s biggest power company Iberdrola.
  • The move comes as part of President AMLO’s push to nationalise energy production. The deal is expected to make Mexico’s state utility the nation’s biggest power generator and represents a “new nationalization,” the president said in a video posted on Twitter.
  • The utility, Comision Federal de Electricidad (CFE), will gain 8,539 megawatts of energy from 12 gas plants and one wind farm from Iberdrola SA, bringing CFE’s share of power generation to more than 55% from 39% now.
  • Iberdrola is relinquishing about 75% of its installed capacity in Mexico, the company said.
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