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    CFE loses 8,707 billion pesos

    July 29, 2022 - CE Noticias Financieras


      MEXICO CITY - The Federal Electricity Commission (CFE) lost 8,707 million pesos in the second quarter of the year, which contrasts with the profits of 23,463 million pesos it achieved in the same period of 2021.

      The losses are attributed to the increase in fuel prices, according to the state-owned company in its quarterly financial report delivered to the Mexican Stock Exchange.

      "The fact that Russia is one of the largest producers of crude oil, gas and coal in the world has had a significant impact on the increase in the price of diesel, fuel oil, coal and natural gas, a situation that affects various industries, especially the electricity industry," explained the CFE.

      "Currently, the prices at which gas is purchased range between 7 and 10 dollars per gigajoule, while at the beginning of 2021 it was purchased at up to 2.5 dollars. It is expected that in view of the export of fuels from the United States to Europe, energy prices will remain high for the rest of the year".

      Regarding income, the CFE had an increase of 22.6 percent, from 129,413 million pesos in the second quarter of 2021 to 158,770 million pesos in the same period of this year, as a result of an increase in energy sales.

      The company's operating profit was only 1,768 million pesos from April to June, when in the same period of the previous year it reached 14,557 million pesos, that is, a drop of 87.8 percent.

      "The company's activities expose it mainly to the risks of changes in exchange rates and interest rates, and fuel prices".


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