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Iberdrola cancels an investment of 1,000 million in Mexico after the AMLO attacks

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Iberdrola has canceled an investment of 1,000 million euros in Mexico after failing to reach an agreement with the Federal Electricity Commission (CFE), controlled by the Government of Andrés Manuel López Obrador. According to the Mexican publication Reforma, the Spanish firm has canceled the construction of a power plant in Tuxpan, Veracruz, which was scheduled to start in July.

Juan Antonio Aguilar Mancha, Mayor of Tuxpan, told the Aztec newspaper that "last Thursday the managers were here with me and they gave me the bad news: that they had been ordered to leave, because they had been trying to get the contract for nine months and had no favorable response."

"They already had more than a year working in logistics, land purchase, permit payments, payments from people who had to move to Tuxpan, they already brought a movement and an expense close to 40 million dollars, but they did not reach an understanding, and they had a fatal date, "added Aguilar Mancha.

The cancellation of the project, which Iberdrola has not yet officially confirmed, comes after the Mexican president's accusations, Andrés Manuel López Obrador (AMLO), towards Iberdrola. The leader has strongly criticized the company chaired by Ignacio Sánchez Galán for its excessive control of the Mexican electricity market.

Juan Antonio Aguilar Mancha explained that the decision to cancel the project was due to the lack of agreement with the Federal Electricity Commission (CFE), controlled by the Government and which is in charge of controlling, generating, transmitting and commercializing electrical energy throughout the country.

Iberdrola had the interconnection permit with the National Center for Energy Control (Cenace), but The agreement with the CFE for the supply of natural gas was missing, according to Reforma.

The cancellation comes after Andrés Manuel López Obrador said last Wednesday that Spanish companies "have a monopoly on the electricity industry." In addition, he added that Iberdrola has 20 plants in the country. "This company, I will keep saying and I apologize because it was an abuse, it is a shame"said the Mexican president.

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