martes, 22 de febrero de 2011

The more things change...

The drama playing out in Ensenada not only undercuts the Supreme Court's approval of Integrated Service Contracts for Pemex, it also reawakens investors' concerns about the rule of law in Mexico.

On February 12, Ensenada's PRI mayor, Enrique Pelayo, sent police to close the Costa Azul gasification plant located 23 kilometers north of Ensenada, in which Sempra Energy invested US$1.2 billion. Now Sempra has put a US$3.5 billion investment in wind power on hold.

Never mind that federal authorities -- both the Environment Ministry and the Energy Regulatory Commission (CRE) -- say that the Costa Azul plant complies with the law. Furthermore, natural gas storage is the exclusive responsibility of the federal government, according to the CRE. Neither is Mayor Pelayo concerned with the electricity shortages in Baja, Tijuana, Ensenada, and Mexicali the Federal Electricity Commission (CFE) says closing the Costa Azul plant will provoke.

It's alleged that if Sempra pays US$16 -60 million, the legal problems the Mayor claims exist will go away.

Is this the message Mexico wants to send?   

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