Recession-Proof System Revealed!

This strategy is largely traded by hedge funds, but has been kept a secret from retail traders for decades. While hedge funds focus on helping the super-rich, it's our mission to help the rest. Now you can use their secrets to grow your own trading account!

By clicking the link above you will automatically opt-in to receive emails from ActivaTrade

Mexico proudly controls its energy but could find it hard to reach its climate goals

FABIOLA SÁNCHEZ
April 30, 2024

MEXICO CITY (AP) -- Mexico's taking control of its oil sector from U.S. and British companies is taught in schools and celebrated every year. The 1938 nationalization is a point of pride for millions of Mexicans including President Andrés Manuel López Obrador.

The popular president hails from the Mexican oil industry's heartland, and 16 years ago he led a fight against energy reforms that were aimed at drawing private investment to the massive state-run oil company, Pemex. This year, the front-runner in the race to replace López Obrador chose the anniversary of Mexico's oil expropriation to announce her energy proposals, which include maintaining large-scale petroleum production by Pemex.

Front-runner Claudia Sheinbaum also wants to make sure that the government-run Federal Electricity Commission, CFE, generates the majority of the power Mexico supplies to homes and businesses. Like the other two candidates to replace López Obrador, she only wants limited private energy involvement, but continuing to favor state-owned companies will make it harder for Mexico to meet its climate change commitments, experts say.

Despite Pemex's struggles, Mexico continues to be one of the world's biggest oil producers. None of the candidates are talking about reducing that. The Federal Electricity Commission has held the monopoly on electricity transmission and distribution since it was established by presidential decree in 1937.

Mexico is committed to having 43% of the energy it generates come from non-contaminating sources by 2030. Today about 22% of Mexico's electricity production comes from clean sources, according to estimates from the Mexican Institute for Competitivity think tank, or IMCO.

The room for change in Mexico's contribution to global warming appears to be in where the government monopoly gets its electricity and no participant in Mexico's presidential debate Sunday discussed reducing Pemex production.

Gálvez did say she wants Mexico to produce half its energy from renewable sources within six years and that Mexico once again become known for cheap energy "thanks to private sector participation."

Sheinbaum mentioned her climate science background and spoke vaguely of a need to reduce the emissions that cause climate change, advancing the energy transition and adapting to climate change. She also said a huge new refinery that López Obrador had built would help reduce Mexico's gasoline imports.

Sheinbaum has pledged to continue to increase refining capacity at Pemex, hardly a recipe for a concerted move away from fossil fuels from a climate scientist-turned-politician. The 61-year-old former Mexico City mayor has also said she wants CFE to keep generating the majority of Mexico's electricity, complicating the country's stated desire to contribute less to global warming.

López Obrador pushed laws to give CFE plants preference over private renewable and natural-gas generating plants, even though many of the state-owned plants burn dirtier fuels like fuel oil, coal or diesel. The courts blocked the changes, so last year López Obrador bought 13 power plants -- most running on natural gas -- from Spain's Iberdrola for nearly $6 billion, calling it the "new nationalization," ensuring that CFE generates the majority of Mexicans' electricity.

"It would be costly for her to move away from that official line," said Oscar Ocampo, energy and environment coordinator for IMCO.

Opposition candidate Xóchitl Gálvez is the candidate for a coalition of ideologically different opposition parties. When she was a senator, she caucused with the conservative National Action Party, which had earlier pushed the energy sector reforms that forced a greater opening to the private sector.

In 2008, leftist lawmakers allied with López Obrador -- the PRD's 2006 presidential candidate -- took control of both chambers of congress in an attempt to prevent votes on reforms. Those reforms opened the industry to private contracting in the service sector, but Pemex kept its monopoly over exploration, pipelines and gasoline distribution.

Gálvez has said says she wants to improve Pemex's efficiency and profit and proposed closing two money-losing refineries. Longshot candidate Jorge Álvarez Máynez of the small Citizen Movement has also proposed closing two refineries.

Julia González Romero, a lawyer specializing in energy sector regulations with the law firm González Calvillo, recalled that she was taught in elementary school about the oil expropriation and said it's understandable that the debate over public versus private in the energy sector is heated.

"It's in the DNA of our politics to argue about how much the private part should participate in the sector," González Romero said.

Sheinbaum wants the state-owned energy sector to expand into lithium production and geothermal electricity generation. CFE developed geothermal power generation years ago. In 2022, Mexico nationalized lithium mining and extraction, with a state-run company having exclusive rights to mine the metal used in electric car batteries and other devices.

She had said she wants an energy transition to be one of the "hallmarks" of her administration and spoken of leaving the door open to private energy companies. But Ocampo said there is "a fundamental difference in the magnitude of (the private sector's) participation" in the candidates' proposals.

Gálvez has said she prefers to rely on the private sector to drive renewable energy investments. The tech entrepreneur has also proposed Pemex pivot toward geothermal, but touts a proposal to make it easier for people to install solar panels on their properties across the country to access more affordable electricity.

She also wants to bring back the energy auctions that had opened the electric generation market to more private renewables companies, but which López Obrador suspended.

Climate-related policies went backwards under López Obrador, said Climate Action Tracker, which tracks countries' pledges to limit warming.

"Mexico's greenhouse gas emissions continue to rise - despite the brief dip caused by the COVID-19 pandemic - and are projected to continue increasing through 2030," according to the independent scientific project.

Edgar Olvera, a 45-year-old Mexico City lawyer, said the private sector could bring more investment to exploit Mexico's natural resources.

"But we know the money would be for the foreigners," Olvera said. "It's a very delicate topic, very, very delicate, because we know that the government also doesn't do things 100% correctly."

Continue Reading...

Popular

Bill Gates Sells Microsoft, Berkshire Hathaway Shares In Q1: Are These Still Top Positions?

In a recent 13F filing, the Bill and Melinda Gates Foundation reveals the trust sold Microsoft and Berkshire Hathaway shares in the first quarter.

US prisoners are being assigned dangerous jobs. But what happens if they are hurt or killed?

PHOENIX (AP) — Blas Sanchez was nearing the end of a 20-year stretch in an Arizona prison when he was leased out to work at Hickman’s Family Farms, which sells eggs that end up in the supply chains of huge companies like McDonald’s, Target and Albertsons. While assigned to a machine that churns chicken droppings into compost, his right leg got pulled into a chute with a large spiraling augur.

READ THIS If You Missed Out on the AI Boom - Ad

Radical new biotechnology predicted to grow 320,000% in 3 years. Nvidia's CEO calls it "the next amazing revolution." And one small company poised to dominate this revolution trades for just $10.

Stormy Daniels Could Leave US If Trump Found Not Guilty: 'I Don't Think It Gets Better For Her'

A guilty verdict for Donald Trump could put the former president behind bars. A not guilty verdict could see Stormy Daniels move out of the country.

This Unknown Company Solves the Biggest Issue With AI - Ad

This one tiny company's breakthrough solves THE critical issue holding back Nvidia and the whole AI chip industry. Amazon has already invested $144 million and agreed to buy at least $650 million more. One expert predicts a major announcement could come any day...

Elon Musk Gives One-Word Response To Joe Biden's Dig At Donald Trump At White House Correspondents' Dinner

Elon Musk reacted to President Joe Biden's recent comments at the White House correspondents' dinner with a one-word response that sparked some discussion on social media.

Theft of more than 400 vehicles in Michigan leads to the arrest of 6 men

LANSING, Mich. (AP) — Six men working as part of a criminal organization in Michigan have been arrested in connection with the theft of more than 400 vehicles worth about $8 million, authorities said Thursday.

Jeff Bezos' and Elon Musk's Feud Just Went Nuclear - Ad

Since Jeff Bezos and Elon Musk first met in 2004 -- they've been involved in a bitter feud... from rockets, to electric vehicles to who's the world richest person...for going on two decades these two have been at each others throats... But what happened on December 31st 2021 just took this rivalry to a new level and humiliated Elon Musk.

Walmart's Q1 Beat Likely To Drive Positive Reaction In The Stock, Says Analyst

J.P. Morgan analyst Christopher Horvers maintains a Neutral rating on Walmart. The retailer reported Q1 2025 adjusted EPS of $0.60, surpassing the $0.52 consensus, and sales of $161.51 billion, up 6.0% YoY. With a 15% EPS beat driven by strong margins and good U.S. comps, Walmart posted solid results, although comps slightly missed buyside expectations.

The Next Nvidia? - Ad

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

What's Going On With ChargePoint Holdings Stock Today?

ChargePoint announced its support for the Megawatt Charging System (MCS), the latest addition to ChargePoint's leading DC fast charging lineup. The company said the system is expected to be capable of providing enough energy to power approximately 1,000 homes.

More trouble in Belgium for Miami-based 777 Partners after court authorizes seizure of assets

BRUSSELS (AP) — A Belgian court ruled Thursday that all assets in the country belonging to American investment group 777 Partners can be seized, in the latest legal setback for the embattled company that owns Standard de Liège and several other soccer clubs.

Biggest Hedge Fund Manager Has Huge Warning for U.S. Dollar." - Ad

Ray Dalio, the founder of Bridgewater has gone public with a huge waning about the U.S. dollar. He says: "We are printing too much... money as we know it is in jeopardy." Multi-millionaire analyst Porter Stansberry agrees and says a very lucrative new form of money is emerging in America. Should you get it? Stansberry explains full story here...

Nvidia, MicroStrategy, Cisco, Chubb, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Major U.S. indices surged on Wednesday, with the Dow Jones Industrial Average climbing 0.9% to 39,908, the S&P 500 increasing almost 1.2% to 5,308.15, and the Nasdaq rising 1.4% to 16,742.39. These are the top stocks that gained the attention of retail traders and investors throughout the day:

Biden Administration Proposes $1B Arms Deal For Israel Amid Rising Middle East Tensions: Report

The proposed arms deal may include $700 million in tank ammunition, $500 million in tactical vehicles, and $60 million in mortar rounds.

Buy This A.I. Stock Before Elon's "A.I. Day" on May 16 - Ad

Luke Lango is now recommending this little-known A.I. stock because it could supply Elon Musk with a critical piece of infrastructure for his new A.I. venture, something Luke is calling "Elon's A.I. 2.0". Once Elon reveals it on May 16, you may have missed the biggest gains.

Caitlin Clark's WNBA debut helps ESPN set viewership record for league game on network

NEW YORK (AP) — ESPN’s broadcast of the Connecticut Sun’s game against Caitlin Clark and the Indiana Fever had the highest viewership for a WNBA game on the network.

Breaking News: Elon Musk Invents New Type of A.I. - Ad

According to 30-year Silicon Valley and Wall Street veteran, Eric Fry... A man who picked 41 plays that jumped 1,000%+... Elon Musk is about to shock the world again with this new type of A.I.... Mining new millionaires in the process.

Top 4 Health Care Stocks Which Could Rescue Your Portfolio This Month

The most oversold stocks in the health care sector presents an opportunity to buy into undervalued companies.

Amazon's Betting Big on This Unknown AI Company - Ad

Amazon has just made a stunning $144 million investment in one small AI company. Why? Because this under-the-radar firm holds the key to unleashing the full potential of next-gen AI... Its technology is crucial for the most advanced AI chips, including Nvidia's latest breakthrough.

Disinflation Hopes Reshape Treasury Yields' Major Trend: 5 Bond ETFs Poised To Rally On Fed Rate Cuts

Inflation data supports Fed rate cuts, yields test crucial 200-day average, creating favorable bond market trend. Powell downplays hike concerns.

Trump Vs. Biden: New Swing State Poll Reveals Winner, One Key 2024 Election Issue Could Influence Result (Updated)

A new 2024 election poll of swing state voters shows Donald Trump with a commanding lead. One key factor could be determining the race in these markets.

Mystery of the Rich and Connected Revealed - Ad

Former Goldman VP reveals a mysterious "Gold Bank" with huge upside potential... Last time we shared this, some folks could have seen a 995% gain. Don't be surprised if you've never heard of this -- most haven't. But he's sharing all in this new video.

Elon Musk Issues Stark Warning Amid Rising National Debt: '...The Dollar Will Be Worth Nothing'

Elon Musk has voiced concerns about the future stability of the U.S. dollar, highlighting the escalating national debt as a potential catalyst for a looming economic crisis.

"America's No. 1 Retirement Stock" (Name Inside) - Ad

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

Gov. Gavin Newsom: Authorities Seized $61M In Unlicensed Cannabis Products, Plants So Far This Year

California has reported stats on its crackdown on illegal cannabis operations, with state law enforcement seizing over $61 million worth...

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse - Ad

One unknown AI startup could match or even exceed AI's biggest runs in the coming years. Why? Because its technology solves the biggest problem holding back AI. It's a critical component that the industry can't advance without. This company just went public, so right now, it's under the radar.

Federal Judge Indefinitely Postpones Donald Trump's Classified Documents Trial

The trial of ex-President Donald Trump for retaining classified documents has been postponed indefinitely by a federal judge.

Prescient CEO Makes Shocking New Prediction - Ad

Known for his eerily accurate market calls over the years, this CEO has just revealed his newest prediction about "America's New Money." Get the details before it's taken offline.

Psychedelics Surpass Cannabis With Unprecedented Bipartisan Support In Congress, Says Top VA Official

Speaking at a Horizons psychedelics conference, VA Under Secretary for Health Shereef Elnahal shared insights on psychedelic medicine

The Man Who Bought Bitcoin at $5 Reveals His Next Tiny Crypto Gem for 2024 - Ad

Early Bitcoin Millionaire Charlie Shrem just revealed his five little-known crypto coins that he believes could create generational wealth over the next 12 months. What's more, some of these tiny cryptos he's discovered trade for less than $1!

Troubled EV Maker Fisker Said To Shut Down California HQ And Relocate Some Staff As Bankruptcy Clock Ticks

Some employees at the Manhattan Beach office have been informed of the relocation and have been asked to prepare for the move by collecting their belongings.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service