CFE pays Transcanada, IEnova and Carso billions for 7 stopped pipelines:

President Andrés Manuel López Obrador explained that these seven gas pipelines do not have a plant to generate electricity. He explained that the contracts to build gas pipelines were given, and CFE is the guarantor of the purchase of gas from those particular pipelines; for that reason it must pay to the companies the rent although there is no gas.

“The contract was given, the CFE, one of these regulators that were created after the Energy Reform, was obligated to contract the purchase of electric power to private companies and to pay if problems presented to the private companies as if they were receiving the gas, “he explained.

Manuel Bartlett , director of the Federal Electricity Commission ( CFE ), informed this morning that the company has to pay the rent of seven gas pipelines that are not working, and explained that since 2015, those contracts have cost 62 billion pesos. He reported that the companies that own these pipelines are: Cargo Group , IEnova and Transcanada. President Andrés Manuel López Obrador indicated that they will seek to renegotiate those contracts with these companies.

Bartlett explained that for the rent of seven stranded pipelines, the CFE already has a series of penalties, and for example, last year, paid 5 billion pesos. This year he would be paying another 16 billion pesos for not negotiating the contracts, which, he said, were signed during the last government. He indicated that it will be investigated who signed those contracts.

The seven companies that own these pipelines, informed the direct of CRE, are: Carso, IEnova and Transcanada.

Carso is owned by the Mexican billionaire Carlos Slim Helú.

He said that the Mexican state company has to pay about 70 billion in 25 years, for those contracts. He said that since 2015, the company has paid about 62 billion pesos for rent.

“If these contracts continue, the CFE is at risk of bankruptcy,” he warned.

President Andrés Manuel López Obrador explained that these seven gas pipelines do not have a plant to generate electricity. He explained that the contracts to build gas pipelines have been given, and CFE is the guarantor of the purchase of gas from those particular pipelines; But as is happening in these seven major gas pipelines, CFE must pay the companies the rent even if there is no gas.

“There are 7 stopped gas pipelines that are going to mean a disbursement for the medium term of 21 billion dollars to the CFE,” he said.

“All this has affected the finances of the CFE. In all this, officials and former officials from the energy sector of the CFE have participated, “he said.

“The contract was given, the CFE, one of these regulators that were created after the Energy Reform, was obliged to contract the purchase of electric energy to private companies and to pay if there were problems to the particular companies as they were receiving the gas, “he explained.

López Obrador said that his government seeks to achieve a restructuring of the agreement and commitments “voluntarily.” And he reported that companies are being encouraged to sign an agreement, review contracts and agree that they will not increase electricity prices.

“The Mexican State is committed not to increase the price of electric power to consumers, but we want private companies to help in this purpose. In no way will it be done by force, we want it to be a voluntary participation, “he stressed.

He explained that the private companies will be summoned in a conciliation plan “to seek to repair the damage”.

The Federal Chief Executive said that “they have made juicy business under the protection of public power. Contracts have been given to favor individuals. ”

Source: sinembargo

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