Presidential elections took place on July 1st and the results have widely favored Andrés Manuel Lopez Obrador, making him the elected President of Mexico. López Obrador has been already congratulated by several Presidents, including the incumbent President Peña Nieto with whom he has already met in the National Palace. Check out our blog here to get to know more about his position in terms of energy.
On the international level acquisitions are the order of the day with ABB acquiring GE Industrial Solutions, and Innogy e-mobility US acquiring BTC power. Meanwhile, Swiss RE makes a stand to reduce his relations with coal.
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On May Mexico ranked third places in the list of OECD countries with the highest inflation level for energy and food, and got second place for those with the highest total incremental rate of prices comparing May 2017 to May 2018.
Thermion Energy bets in Mexico for the long-term and, to continue with its expansion the country, is negotiating new acquisitions planned to materialize by the end of 2018.
López Obrador met with Peña Nieto to discuss several themes, among them NAFTA, the New International Airport of Mexico City, the Energy Reform as well as 2019 budget and security. No further details were given about the discussion.
Vattenfall’s 93.2MW European Offshore Wind Deployment Centre generated its first power. The output of 11 turbines was exported to the National via a 66kV subsea cabling, making it the first time a cabling of that capacity has been installed on a commercial offshore wind project in Scotland.
Innogy e-mobility US, a subsidiary of Germany-based innogy acquired BTC Power. The transaction will provide Innogy with a full DC product portfolio for the North American market as well as to increase production capabilities.
ABB acquired the global electrification solutions of GE, GE Industrial Solutions. Although the business unit is not essential for GE, it has a high value creation potential for GE, reason why the purchase price was of US$2.6 billion.
Swiss RE will no longer provide insurance or reinsurance to businesses with more than 30 percent exposure to thermal coal. This is based on the company’s pledge to adopt the Paris climate agreement in 2015.
For more articles on Mexico’s energy industry, check out our blog!