The CFE lost 2,350 million dollars in the first half of 2022

The CFE lost 2,350 million dollars in the first half of 2022

The Federal Electricity Commission (CFE) of Mexico reported this Thursday net losses in the first half of 2022 for 47,557 million pesos (about 2,350.8 million dollars), which increases the fall registered by 14,073.3 million pesos (695.7 million dollars) for the first 6 months of 2021.

According to its financial report presented to the Mexican Stock Exchange (BMV), the Mexican state-owned electricity company attributed this fall to the rise in fuel prices, mainly due to natural gas, which increased its cost from 2.5 dollars per gigajoule at the beginning of the year to $10 per gigajoule currently.

The foregoing, detailed the CFE, caused its operating costs to rise to 288,072 million pesos (14,239.8 dollars) so far this year, an annual increase of 8,901 million pesos (440 million dollars) compared to the first two quarters of the previous year, when it reported operating costs of 279,171 million pesos (13,799.9 dollars).

This loss recorded at the end of the first half of the year occurred, even though the accumulated income of the CFE went from 285,963 million pesos (14,135.6 million dollars) to 297,666 million pesos (14,714.1 dollars), it is that is, an increase of 11,703 million pesos (578.5 dollars).

SECOND QUARTER FIGURES

In the second quarter of 2022 alone, the CFE reported net losses of 8,707 million pesos (about 428.9 million dollars), a negative figure compared to the profits reported for 23,464 million pesos (1,155.9 million dollars). ) for the same time period in 2021.

The parastatal’s report highlighted that during the months of April to June the main trigger in its operating costs was the war between Ukraine and Russia.

According to the Secretary of Energy of the Government of Mexico, the Latin American country imports 90% of the natural gas it consumes, mainly from the United States.

In addition, 60% of the electricity consumed by the 45 million Mexicans supplied by the CFE is produced by plants that use natural gas as fuel.

“It is expected that, given the export of fuels from the United States to Europe, energy prices will remain this way for the remainder of the 2022 financial year,” said the Mexican state-owned power company in its report to the BMV.

In the second quarter, the state-owned company also obtained revenues of 158,770 million pesos (7,848.2 million dollars), 22.6% more when compared to the 129,413 million pesos (6,397.1 million dollars) of the same period of the year past.

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