CFE's tender comes 80 million dollars under budget

摘要

Mexico's Comision Federal de Electricidad (CFE) awarded all the tonnage available from its 11.7mt tender and said it has come 80 million dollars under budget thanks to the reverse auction system used for the first time. The prices awarded in the tender are also for the first time linked to movements in the API2 index. The company has struggled with its tenders over the past three years. With the market becoming increasingly volatile and with prices almost always rising, the results were always over budget and consequently CFE had to cancel the tenders and buy on a spot basis.