By JIGGSLAW®. The Mexican Federal Electricity Commission (FEC), in its 2021 Consolidated Financial Statement, states that the Attorney General is in charge of 21 international arbitration proceedings, which are at different stages and arise from disputes with providers.
The FEC only gives details in the statement of an arbitration proceeding against the New York corporation J Aron & Company LLC (a subsidiary of The Goldman Sachs Group, Inc.) as a result of a dispute with the affiliate company CFE International LCC, which is related to payment and delivery obligations arising from a natural gas contract following the Texas winter storm of 2021 (U.S). In this arbitration proceeding, the claim amounts to $400 million. According to the FEC statement, the arbitration is in its initial stage.
It is not the only arbitration proceeding related to the peak pricing that the snow storm caused. The American Whitewater Midstream also filed in July 2021 an arbitration request which claims $100 million.
In addition to the arbitration proceedings stated in the financial statement, the FEC gives details of an additional 19 arbitration proceedings, among which there is the Iberdrola arbitration case related to the Topoplobanbo plant; the Canadian ATCO pipeline litigated in London, and it is related to the Tula Mexican gas pipeline, or the Aguaprieta IEnova gas pipeline.
The amount of “funds for litigation and trials” contemplated by the FEC Financial Statement amounts to $9.639.475.
