The CFE and Fisterra were consulted, but offered no comments. The state company has omitted to make public the details of the trials that it has open in international instances. A senior company official, who asked not to be quoted, explained that the CFE has chosen not to provide information on the arbitrations that it has open as part of the legal strategy they have selected.
“Mentioning any detail about the processes is counterproductive and affects us in the processes and even in the relationship with the markets,” he said at the time.
Spain’s Fisterra Energy, which is part of asset manager Blackstone’s portfolio, has Frontera, a combined cycle power plant in Texas, which runs on gas and imports electricity to industrial clients in Mexico. Until November of last year, Fisterra also owned the wetland power station, which runs on natural gas and is located in Jalisco. This plant was sold in November last year to SAAVI Energía. The company was also consulted but offered no comment.
The state company has an open international arbitration for a similar issue with the Spanish Iberdrola.
The companies faced a disagreement over the amount that the latter had to pay to CFEnergía for the gas that the state-owned company sold to the Spanish company for the operation of its El Carmen plant, in Nuevo León, during February two years ago, when the spot price of the gas shot up to 7,000% due to bad weather conditions that made it difficult to transport the molecule.
CFE has assured that the winter storm left losses of 84,000 million pesos and has constantly mentioned that this created a hole in its finances.
A resolution on the arbitration between Iberdrola and CFEwhich is based in London, is scheduled for the first half of this year.
The latest public data from the state-owned CFE, dating from 2021, dictate that the company has 21 open arbitrations in international courts.
