Government buys plants from Iberdrola: RS or Greenwashing?
Government buys plants from Iberdrola. – The Government of Mexico signed an agreement with the largest private energy producer in the country, Iberdrola, to buy 13 electric power generation plants for a value of 6,000 million dollars, a transaction that translates into the sale of 77% of Iberdrola's assets in Mexico. The agreement will allow the Mexican government to add 8,539 MW to its total installed capacity , almost 10% of the total in the country. The president of Mexico, Andrés Manuel López Obrador, has described the acquisition as a "new nationalization" and described the agreement as historic and for the benefit of all Mexicans. President López Obrador has harshly criticized the Spanish company since taking office in December 2018, and has insisted that his objective is to strengthen the state Federal Electricity Commission (CFE) and reduce the participation of private companies in the energy market. Mexican. The acquisition will be carried out through an agreement that will allow the power plants to form part of public assets and be operated by the CFE.
The assets acquired by Mexico are combined gas cycles, which operate under the regime of Independent Energy Producers contracted with the CFE in Monterrey I and II, Altamira III and IV, Altamira V, Escobedo, La Laguna, Tamazunchale I, Baja California, Topolobampo II and Topolobampo III, along with the La Venta III wind asset. These plants add up to 87% of the total installed capacity that will be sold by Iberdrola. The transaction is carried out with the financial support of Iran Phone Number List the National Infrastructure Fund of Mexico (Fonadin) and other public financial entities linked to the Government of Mexico. The operation is also subject to the agreement and signing of definitive contracts by the parties, as well as obtaining the necessary regulatory approvals and compliance with certain conditions common in this type of operations. The sale of assets by Iberdrola México and Mexico Infrastructure Partners (MIP) to MIP is the beginning of the process of divestment of Iberdrola's assets in Mexico. What type of plants does Mexico acquire? There are 13 Iberdrola plants, which will now be operated by CFE: 12 combined cycle and one wind farm. Combined cycle plants produce electricity with natural gas and water vapor.
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And although within production with fossil fuels this route has the lowest level of polluting generation, compared to coal, fuel oil or diesel, at the end of the day the combined cycle continues to represent a certain level of emissions. While the government buys plants from Iberdrola, the company's subsidiary in Mexico indicated that it will continue to provide service to its current clients in Mexico through energy purchase and sale contracts with the companies that are transferred, with the purpose of providing the companies of the Iberdrola Group the energy and power necessary to develop renewable generation in Mexico and meet its current and future objectives in the country. Is the government committed to renewables? At first glance, this transaction seems to highlight a recent concern by the Mexican government about energy security and the reduction of the participation of private companies in the Mexican energy market.
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