The Federal Electricity Commission (CFE) considered that the downgrading of its note by Moody’s Investors Service was partial and influenced by temporal events
which are circumstantial, exogenous and short-term, which are not exclusive
of the state company.
He added that has the operational and financial solvency to guarantee the supply of electrical energy in conditions of efficiency, quality, reliability, continuity, safety and sustainability
.
After the agency reduced the rating of the state company (managed by Manuel Bartlett Díaz) to Baa2 from Baa1 with a stable outlook, the CFE highlighted that it is capable of meet your credit obligations in a timely manner
.
The reduction of the credit rating of the CFE on the global scale is unrelated to the intrinsic performance of the company and is due to the modification that the sovereign’s credit evaluation had
he reiterated.
He commented that the technical, operational, human and financial fundamentals remain solid
and that the situation of the company is being strengthened with different actions. Among them, he mentioned the monthly adjustment in electricity rates for the high-consumption industrial, commercial, service and domestic sectors, for a period of 24 months, with the aim of partially offsetting the impact on the price of natural gas derived from the storm. Arctic polar occurred in Texas in February 2021.
He added that he may have access to additional transfers from the Ministry of Finance to compensate for the higher costs of fuel in low-consumption domestic and agricultural electricity rates, and in this way preserve the purchasing power of lower-income users.
These higher revenues will improve the CFE’s balance sheet and financial indicators for the third and fourth quarters of 2022
, he highlighted. He added that he applies a hedging strategy for the prices of fuels used for electricity generation, mainly natural gas, for this year and 2023.
In addition, he indicated, it promotes an investment program for the period 2022-2026, in order to expand, modernize and rehabilitate the electrical generation, transmission and distribution infrastructure, in order to meet the growing demand for electrical energy in the country in the coming years. years. Most of the investment will come from budgetary resources derived from tariff revenues.
He added that the investment projects are evaluated with strict parameters of technical, environmental, legal, social, economic and financial feasibility, in such a way that they ensure their viability and profitability in the medium and long terms, contributing to the increase of the productive assets of the company. CFE and, with it, future income.
Alexander Joy