Mexico's president signs energy reform into law

Monday, August 11, 2014

Mexico's President Enrique Peña Nieto signed the energy reform into law, saying that a new era has begun for state-owned oil firm Pemex and power utility CFE.

In a formal ceremony in the capital's national palace, Peña Nieto said the energy reform initiative, which has been one of the country's most debated pieces of legislation, will conserve and guarantee the state's ownership of Pemex and CFE.

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The energy reform package reorganizes the sector and establishes a new model of development, so that both firms become productive state entities, he said.

The reforms will lower the price of energy and bring benefits to Mexico's families, Peña Nieto added.

The decrees creating two new regulatory bodies – the center for energy (Cener) and the national gas control center (Cenegas) – is expected to be approved by end-August, according to the Mexican president.