Retirement fund administrators (Afores), through their Specialized Retirement Fund Investment Companies (Siefores), as of December 2021, had invested 37 thousand 629 million pesos in stock certificates of the Federal Electricity Commission (CFE), out of a total of 180 thousand 683 million pesos that the State production company has issued, this according to the National Commission of the Retirement Savings System (Consar).
The amount invested represents a 20.8% share of the emissions of the State productive company, Consar revealed in its report for the fourth quarter of 2021.
In case of an approval of the electrical reform, whose vote is scheduled for tomorrow, Tuesday, the CFE would have to pay investors the investment they have in stock certificates.
Additionally, the Siefores have a participation of 43 thousand 324 million pesos in the Fibra E, which attracts financing for energy projects and energy infrastructure; the total issuance of this Fibra is 70 thousand 483 million pesos in Certificates of Investment Projects (Cerpis). The amounts invested by the Afores are equivalent to a 61.5% share of the total Fibra E, according to the report prepared by Consar.
The Fibra E is a variable income instrument where the creditor assumes the risk -something that does not happen with the Cebures of the CFE-, Humberto Calzada Díaz, chief economist of Rankia Latam, commented in an interview.
The reform presented by the Executive seeks that the Federal Electricity Commission produces 54% of the country’s energy and the Private Initiative 46 percent. Likewise, the cancellation of current contracts with private companies is sought.
James Salazar Salinas, deputy director of economic analysis at CI Banco, said it will not be so easy for the electrical reform and emphasized that Morena does not have a qualified majority to modify the Constitution.
“We do not believe that the reform will pass, they do not have enough votes to make a constitutional change (…) only the issue of the Electricity Industry Law (LIE) would remain,” Salazar said.
For his part, Calzada Díaz said “If the electrical reform takes place, the economic perspective of the country will be more complicated. We have to see what happens during the week and especially in the voting”.
We have to see how the initiative ends: Consar
In this context, the president of the regulatory body, Iván Pliego Moreno, mentioned that the Afores have not stopped investing in the electricity sector and that there is interest on the part of the SAR participants, despite the proposal of the Federal Executive.
“It is necessary to see how the initiative that is in Congress ends to analyze the options that may be attractive for the Afore sector and invest. What we need is for the Afores to invest in productive projects that trigger development,” said Pliego Moreno, interviewed a few days ago in the framework of the Private Capital Summit.
Salazar Salinas also said that what generates “noise” is the resolution of the Supreme Court of Justice of the Nation (SCJN) on Thursday on the Law of the Electric Industry where it was declared that it is not unconstitutional in a vote that did not have the qualified majority, for which contracts may be revoked, if necessary.
Regarding losses in the Afores due to the decision of the SCJN, the analyst declared that it is relative because these also occur according to market sentiment, he recalled that stock certificates grew 35 percent.