Recent reforms that Mexico has made to its electrical, oil and natural gas sector has the function to update our Country compared with the regulation and openness that exists to invest in these sectors in other countries that have reached levels of development such as Mexico aspires
We affirm the aforementioned due to such
reforms achieve the following:
(I) Simultaneous creation of a wholesale
electric market;
(II) Release of oil import (gas, diesel and
tubosine) and its selling on private service
stations (retail);
(III) The most important transfer of natural
gas transport system through pipelines
in the country with length of 9000 km
to an independent manager - National
Natural Gas Control Center (CENAGAS ) -
to ensure interconnection and contracting
on equal circumstances and open access;
(IV) The creation of a secondary market for
gas selling and transportation capacity;
(V) The possibility of expansion of
electrical transmission networks through
private investment (both private and
public networks in partnership with State
enterprises)
(VI) Network management through
National Power Control Center (CENACE )
Independent Organization (Independent
Power System Operator ISO ) to ensure
interconnection and contracting on equal
and open access;
(VII) Bids for various rounds of contracting
oilfields with an independent
National Hydrocarbons Commission
through production sharing contracts
or licenses;
(VIII) Creation of Clean Energy Certificates
(CELs) and a market for listing and exchange
along with a gradual acquisition
commitment of renewable energies for
consumers;
(IX) The tenders organized by CENACE for
CELs purchase, power, energy and financial
transmission rights for basic supply;
(X) The transformation and disaggregation
of the Mexican State utility Federl
Electricity Commission (CFE);
(XI) The transformation and disaggregation
of the oil company of
the Mexican State (PEMEX) and the
removal of the monopoly held previously
of all activities related to the
oil industry (geology, exploration,
production, import, first-hand sales,
refining, transportation, processing,
petrochemical, marketing and supply
to service stations that could only exclusively
operate with its brand under
a franchise scheme).
CERPI´s will allow pension funds, insurance companies and other domestic institutional and foreign investors, to invest in any kind of project in all productive sectors of the Mexican economy.
CerPI
Certificates of Investment Projects
(CerPI) are a complement
of the Certificates of Capital
Development (CKDs) they have
a modern design of corporate
governance and flexible in its
operation, will allow pension
funds, insurance companies and
other domestic institutional and
foreign investors, to invest in any
kind of project in all productive
sectors of the Mexican economy.
FIBRA E
Through FIBRA E, the large investing
public will have access
to mature projects in the sectors
of energy and infrastructure
through vehicles that generate
stable and predictable flows under
a specific tax regime.
These instruments gather the
experience of national and international
instruments that
have proved to be successful.
In Mexico, as a precedent of
the FIBRAs E, we have a real
estate FIBRAS. To date, there
are more than 10 issuers which
together have issued about $
150 billion pesos in real estate
FIBRAS.
From an international point
of view, in the United States
there are similar instruments
to finance energy and infrastructure
projects that require
a great amount of resources
and long terms, such as Master
Limited Partnerships
(MLPs) and YieldCo (Company
Performance). The first
ones emerged in early eighties
and the end of 2014, its market
capitalization amounted more
than $500 billion dollars. The
MLPs operate as transparent
vehicles for tax purposes and
generally, the tax is paid to the
level of the individual investor
at the time of receiving distributions
and these contribute
fiscally according to their particular
tax rate. Moreover, the
YieldCos, alternative vehicle
from the MLPs arise in 2013,
in order to segregate mature
assets with predictable flows.
Despite its relatively short
history, the capitalization value
of this vehicle now exceeds
$30 billion dollars.
Considering the above, it is
expected that FIBRAs E have
an important positioning not
only for the appetite but for the
scholarships of various projects
usually were not open to
all types of investment, such as
the electric, oil and natural gas
sectors, and also, petroleum
products, gas pipelines, roads,
highways, railways, transport
systems, ports, public security,
social rehabilitation and water,
among others.
Given all that international
experience, we applaud the initiative
for the creation of investment
vehicles, that by having
corporate governance rules, will
grant greater transparency and
confidence to the investing public,
besides by increasing that
range of assets, the market will
be stronger by the financing capacity
that will be generated. In
the securities industry, we celebrate
and reaffirm our commitment
and support to promote
the development of these instruments
and the new operational
modalities in order to meet the
financing needs for infrastructure
required by our Country.