Background on the Comisión Federal de Electricidad (CFE)
The Comisión Federal de Electricidad (CFE) is Mexico’s state-owned electric utility company, responsible for generating, transmitting, and distributing electricity across the country. As a crucial component of Mexico’s energy sector, CFE plays an essential role in ensuring a stable power supply for both residential and industrial consumers.
Q3 2025 Financial Performance
In the third quarter of 2025, CFE reported a net profit of 56,416 million pesos, marking a significant improvement from the net loss of 10,964 million pesos in the same period of 2024. This positive turnaround is reflected in the cumulative net profit for January to September, which stands at 56,416 million pesos – a stark contrast to the 85,786 million pesos net loss in the first three quarters of 2024.
Revenue from Energy Sales and Natural Gas Commercialization
CFE’s total revenue from energy sales within Mexico and natural gas commercialization in both Mexico and the United States amounted to 184,264 million pesos in Q3 2025. This figure represents a mere 1.7% increase compared to the same quarter in 2024. Over the nine-month period, these revenues totaled 523,999 million pesos, demonstrating a 4.2% growth compared to the corresponding period in 2024.
The increase in revenue is primarily attributed to higher income from selling combustibles to third parties and energy transportation services.
Operating Costs
By the end of Q3 2025, CFE’s operating costs amounted to 422,287 million pesos, reflecting a 41,808 million pesos increase (or an 11% rise) compared to the same period in 2024. This upswing is largely due to the rising prices of combustibles throughout 2025.
Exchange Rate Fluctuations
The average exchange rate during Q3 2025 was 19.43 pesos per dollar, while the closing rate in September 2025 was 18.38 pesos per dollar, compared to 19.62 pesos in September 2024. These fluctuations have had a favorable impact, adding 96,946 million pesos to CFE’s bottom line.
Reorganization of CFE
In 2025, CFE reorganized itself as a company with subsidiaries to streamline its operations. This restructuring involves the transfer of assets, rights, and obligations among state-owned enterprises, as per the terms outlined in the Federal Official Gazette on November 25, 2019. This reorganization aims to reshape its subsidiary and affiliate enterprises while maintaining the same legal effects as the original asset allocation.
Key Questions and Answers
- What is the Comisión Federal de Electricidad (CFE)? CFE is Mexico’s state-owned electric utility company responsible for generating, transmitting, and distributing electricity.
- What was CFE’s net profit in Q3 2025? CFE reported a net profit of 56,416 million pesos in Q3 2025.
- How did CFE’s revenue perform in Q3 2025 compared to 2024? CFE’s revenue increased by 1.7% in Q3 2025 compared to the same quarter in 2024.
- What factors contributed to the rise in CFE’s operating costs? The primary factor was the increase in combustible prices throughout 2025.
- How did exchange rate fluctuations impact CFE’s financial performance? The favorable exchange rate fluctuations added 96,946 million pesos to CFE’s bottom line.
- Why did CFE reorganize itself in 2025? CFE restructured as a company with subsidiaries to streamline operations and reshape its subsidiary and affiliate enterprises.
