Mexico's 2027 Economic Package Cuts Sener Budget 69% in Real Terms While Sustaining Pemex Support

Mexico's Finance Ministry (SHCP) has proposed a 69% real-terms cut to the budget of the Ministry of Energy (Sener) for 2027, from the 267,429 million pesos approved for 2026 down to 85,634 million, according to Expansión citing the Economic Package submitted to the Chamber of Deputies on September 8. Forbes México reports that the same package preserves 81,100 million pesos in federal transfers to Petróleos Mexicanos (Pemex) for debt amortization.

The proposed budget for the Federal Electricity Commission (CFE) would reduce spending from the 554,567 million pesos approved for 2026 to 523,747 million in 2027, a real adjustment of 8.5%, in a year when the company needs to expand and modernize its generation, transmission, and distribution capacity. Pemex faces a smaller real adjustment of 1.3%, with nominal spending rising from 517,362 to 527,121 million pesos. The available spending envelope matters for the region because it determines how much public capital flows into electricity and gas infrastructure along the corridor connecting U.S. Gulf supply to the National Electrical System (SEN). The Finance Ministry projects a financial surplus of 25,049 million pesos for CFE.

The 81,100 million peso transfer contrasts with the 263,500 million earmarked in the prior budget and is paired with a projected financial surplus of 95,100 million; without the transfer, the surplus falls to 14,000 million. The Finance Ministry conditions the amount on an equivalent improvement in Pemex's financial balance, so the transaction does not widen the consolidated deficit. The package also earmarks 255,500 million pesos for Pemex priority investment projects, with programmable spending of 527,122 million, 1.9% above the 2026 approved figure. For CFE, the cap on personal services spending is set at 94,000 million pesos, with federal transfers at 90,400 million.

The next step is the debate of the 2027 Economic Package in the Chamber of Deputies, where figures by entity may be adjusted. Two variables to watch are the assumed price of 61.8 dollars per barrel for the Mexican Export Blend and compliance with the target of 1.8 million barrels per day of crude output.

This article was written with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.