Manuel Bartlett's six-year term at the head of the Federal Electricity Commission (CFE) ended with red numbers. The electric company recorded a net loss of 85 billion 788 million pesos between January and September 2024, marking its greatest deterioration for a similar period since 2021, according to data from its financial report submitted to the Mexican Stock Exchange (BMV).
CFE argued in a statement that these results do not represent a deterioration in the company's financial capacity, attributing the situation primarily to exchange rate volatility. During the indicated period, there was a depreciation of the peso against the dollar of 10.7 percent.
In the analysis of the six-year review, it is noted that CFE only had profits in 2019 and 2023, with profits of 25.7 billion and 116.5 billion pesos respectively. On the other hand, it reported significant losses in 2020, 2021, and 2022, totaling 86 billion, 106.3 billion, and 15.7 billion respectively.
Breaking down the data, CFE's revenue reached 502 billion 738 million pesos at the close of the third quarter of 2024, representing an annual increase of 1.4 percent. The company indicated that this increase was due to a higher number of users and the price rise associated with inflation.
On the other hand, the company's operating costs amounted to 380 billion 478 million pesos, marking a reduction of 6.5 percent annually. CFE explained that this effect was mainly caused by the decrease in average fuel prices in the last two years.
The company's equity reached 722 billion 258 million pesos in the third quarter of 2024, which meant a decrease of 4.8 percent compared to the same period in 2023. This reduction was primarily due to a 32.5 percent annual increase in the company's liabilities.
