Comision Federal de Electricidad

What Comision Federal de Electricidad does

Comisión Federal de Electricidad (CFE) is Mexico's state-owned vertically integrated electric utility, constitutionally mandated to maintain at least 54% control over national electricity generation and marketing. Founded in 1937 and headquartered in Mexico City, CFE serves over 50 million active customers across residential, commercial, industrial, and agricultural segments, producing approximately 60% of Mexico's electricity from a generation mix spanning combined-cycle gas turbines, hydroelectric, geothermal, solar PV, wind, and thermal plants, while operating the National Electricity System (SEN) — the country's national transmission and distribution grid. Under President Claudia Sheinbaum's administration, CFE has executed a US$43 billion national expansion plan adding 32 GW of capacity by 2030, including the Puerto Peñasco solar complex (Latin America's largest at 1,000 MW), five new combined-cycle plants totaling US$4.32 billion, battery energy storage systems, and rural electrification investment of MX$21,377 million targeting 99.99% national access by 2028.

CFE generates revenue primarily through regulated electricity tariffs across its four customer segments, supplemented by capital markets activity (a US$725 million inaugural Fibra E infrastructure trust bond in October 2025), multilateral development financing (US$300 million from CAF, US$500 million from BCIE, €150 million from AFD), and a 54/46 mixed-investment framework with private renewable developers structured through 25-year power purchase agreements targeting 7,500 MW of additional wind and solar capacity. The company operates through wholly-owned subsidiaries including CFEnergía (energy trading), CFE Calificados (qualified/large-user services), CFE Capital (financial management), CFE Internacional (international operations), CFE ICL (grid interconnection), CFE Telecom (internet infrastructure reaching 111 million people via the "CFE Internet para Todos" program), and CFE Fibra E (infrastructure investment trust). Distribution channels span the national grid (direct), the Mi CFE web portal, the CFE Contigo mobile application (iOS, Android, Huawei AppGallery), the 071 call center, and dedicated service channels for industrial and qualified users.

Name

Comision Federal de Electricidad

Legal name

Comisión Federal de Electricidad

Website

https://cfe.mx

Company type

Private

Founded year

1937

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

CFE is Mexico's state-owned vertically integrated electric utility, constitutionally mandated to hold 54% of national generation, serving 50+ million customers and producing ~60% of Mexico's electricity through thermal, hydro, solar, wind, and storage assets.

Ownership category

akta.pro rank

Product category

Electric Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Wind Electric Power Generation (221115), Solar Electric Power Generation (221114)

SIC

Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

PPA Origination, Structuring & Offtake Contracting (Physical/Financial, Sleeves) (EUAMAMAD)

akta.pro secondary industries

Contracted Wind Power Generation (PPA/CFD/FiT-backed) (EUACAFAJ), C&I PPAs & Virtual PPAs (VPPA) Origination & Management (EUAGACAF), Contracts for Differences (CfDs) & Virtual PPAs (VPPAs) (EUAGADAH)

Keywords

• Electric utility services
• Electricity generation transmission
• Renewable energy infrastructure
• Grid distribution services
• Power purchase agreements

Headquarters

HQ city

Mexico City

HQ country

Mexico

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Others

Revenue model

1. Electricity Generation, Transmission & Distribution: CFE generates revenue from electricity generation, high-voltage transmission, and distribution to end customers across all segments. As a vertically integrated state utility, CFE produces approximately 60% of Mexico's electricity. Under the 2024-2025 reforms, CFE maintains mandatory 54% control over national electricity generation and marketing, with private participation capped at 46%. Revenue is collected from regulated tariffs across residential, business, industrial, and agricultural customer categories.
2. CFE Fibra E International Bond: CFE raised US$725 million through its inaugural international Fibra E (energy infrastructure REIT) bond, with proceeds funding strategic projects in Mexico's transmission network and increasing CFE's stake in its trust. The bond drew record demand exceeding its initial target.
3. Debt Tender Offer / Capital Management: CFE announced a cash tender offer to buy back its notes with a total value of up to US$500 million, involving different series of notes with specific terms for early and late tender considerations.

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

Comisión Federal de Electricidad (CFE) is Mexico's vertically integrated state-owned electric utility that generates, transmits, distributes, and supplies electricity across residential, commercial, industrial, and agricultural customer segments. It operates generation assets (combined-cycle gas, hydroelectric, geothermal, solar PV, wind, thermal), the national transmission grid, and distribution networks serving 50+ million customers, while also extending into telecommunications (CFE Internet para Todos) and renewable energy co-investment programs.

Product overview

Comisión Federal de Electricidad (CFE) is Mexico's state-owned electricity utility operating as a vertically integrated public service provider. CFE offers a comprehensive portfolio spanning electricity generation (including combined-cycle gas plants, solar, wind, geothermal, and battery storage), transmission and distribution infrastructure, and retail supply services across residential (Hogar), commercial (Negocio), industrial (Industria), and agricultural (Agrícola y Servicios) customer segments. The company operates through multiple subsidiaries including CFE Telecom for connectivity, CFEnergía for energy trading, CFE Capital for financing, CFE Internacional for overseas operations, and CFE ICL for grid interconnection. Key products include the basic electricity supply (Suministro Básico), qualified services for large users (CFE Calificados), battery storage systems, and the Techos Solares para el Bienestar residential solar program. CFE is implementing a mixed-investment model where it retains 54% equity in renewable projects while private partners hold up to 46%, targeting 7.5 GW of additional capacity through 25-year PPAs. The company also manages CFE Fibra E, an infrastructure trust raising capital for transmission network expansion.

Differentiator

Problem solved

Functional benefit

Brands

• CFE Contigo: Mobile application for customers to access CFE services, view and pay bills, report outages, and manage accounts
• CFE Fibra E
• CFE Telecom / CFE Internet para Todos
• Techo Solares para el Bienestar
• Justicia Energética
• Mi CFE
• CFEnergía
• CFECapital

Quantifiable outcome

• Raised national electricity access from ~99.85% to 99.99% by 2028, eliminating the coverage gap in Mexico
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Cubico México, Eléctrica ASELCO, Thermion Energy, Terralia Energía y CampocoreStrategic or Co-development Partner · 17 June 2026Of 82 projects evaluated under CFE's mixed-investment model, 38 were awarded to private companies including Cubico México, Eléctrica ASELCO, Thermion Energy, and Terralia Energía y Campo. These projects represent over 7,500 MW of renewable capacity (mostly solar and wind) with 25-year PPAs under a 54% CFE / 46% private equity structure, adding significant renewable generation to Mexico's national grid by 2028-2029.
• Sempra InfrastructureminorStrategic or Co-development Partner · 21 January 2026Sempra Infrastructure (70% owned by Sempra Energy, with stakes held by KKR and Abu Dhabi Investment Authority) reached a deal in September 2025 to sell a 45% stake to a KKR and Canada Pension Plan Investment Board consortium for US$10 billion in cash. Sempra develops LNG export capacity and gas infrastructure that complements CFE's gas-fired power generation fleet.

Scale indicators21 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Iberdrola: Spanish multinational electric utility with significant Mexico operations until the Mexican government acquired 13 of its power plants (8,539 MW) via MIP. Iberdrola remains a relevant direct peer as a global vertically integrated utility and the counterparty in CFE's largest renewable deals.
• ENGIE: French multinational utility with renewable energy and combined-cycle gas generation in Mexico. ENGIE México is a direct competitor in the private generation segment and operates infrastructure that interfaces with CFE's transmission grid.
• Enel: Italian multinational utility with active renewable and conventional generation operations in Mexico. Enel Green Power Mexico is a direct competitor in renewable energy development competing for PPAs within the 46% private cap.
• Naturgy: Spanish multinational gas and electricity utility with operations in Mexico. Naturgy competes in gas-fired generation and is relevant for CFE's strategic pivot toward gas-fired combined-cycle capacity and pipeline infrastructure.

Broad incumbents

• Vattenfall: Swedish state-owned vertically integrated utility. Vattenfall is a structurally comparable state-owned utility that has pivoted toward renewable energy, providing a benchmark for how CFE's state monopoly could evolve internationally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries9 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Comision Federal de Electricidad