Mexico’s state power company Comisión Federal de Electricidad (CFE) credited lower natural gas prices as contributing to the company’s best full-year profits in a decade last year.

CFE is the country’s largest power generator and distributor, the primary importer and marketer of natural gas, and monopoly owner of the electricity transmission grid. 

The company reported a 31.1% year/year decline in fuel costs in 2023, which management said was principally driven by a reduction in global natural gas prices “once the effects of the conflict in Russia and Ukraine were overcome.”

NGI’s Henry Hub Bidweek price averaged $2.738/MMBtu in 2023, down from $6.648 in 2022. The Bidweek price for March 2024 was $1.610, the lowest since July 2020 during the height of...