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MEXICO: Energy Reform Bill Clears First Hurdle Following Lower House Approval

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • The general text of an energy reform bill was passed late on Wednesday by Morena’s supermajority in the lower house of Congress. Energy minister Luz Elena González previously detailed that the proposal would reclassify Pemex and CFE as public companies. The bill aims to ensure that Pemex and CFE make decisions that are aligned with the interests of Mexico’s government.
  • The bill will now move to the Senate, where the ruling coalition is just one seat short of the 2/3 majority needed to approve the legislation. Changes would make the government control 54% of domestic electricity supplies, with the remainder managed by private companies, and critics of the proposal continue to display concern that it will discourage private investment.
  • Separately, congress approved an additional constitutional reform that would require annual minimum wage increases be higher than the previous year’s annual inflation rate. The Senate unanimously approved the proposal submitted to guarantee that Mexicans’ purchasing power is not eroded by annual price increases. (BBG)
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  • The general text of an energy reform bill was passed late on Wednesday by Morena’s supermajority in the lower house of Congress. Energy minister Luz Elena González previously detailed that the proposal would reclassify Pemex and CFE as public companies. The bill aims to ensure that Pemex and CFE make decisions that are aligned with the interests of Mexico’s government.
  • The bill will now move to the Senate, where the ruling coalition is just one seat short of the 2/3 majority needed to approve the legislation. Changes would make the government control 54% of domestic electricity supplies, with the remainder managed by private companies, and critics of the proposal continue to display concern that it will discourage private investment.
  • Separately, congress approved an additional constitutional reform that would require annual minimum wage increases be higher than the previous year’s annual inflation rate. The Senate unanimously approved the proposal submitted to guarantee that Mexicans’ purchasing power is not eroded by annual price increases. (BBG)