Investor Presentaiton
4
3
2
Jan-20
Feb-20
Mar-20
Apr-20
May-20
5
Hub
Henry
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
CFE
Comisión Federal de ElectricidadⓇ
Apr-21
May-21
•
•
•
Commodity Hedging
On October 15, 2021, the execution of CFE's commodity hedging program began with
natural gas.
At the Initial stage, 21%, of the Natural Gas consumption was hedged, for 2023 a 40% is
expected.
The portfolio includes call options and collars with different levels of strikes that protect
against price increases and allow the company to participate in fuel price drops and optimize
premium costs.
• All of the operations are held with bank counterparties of the highest credit quality.
Natural Gas Price Indices 2020-2022 (4Q22)
(USD/MMBTU)
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Nivel strike
opciones
Enero 23
to Mar23
Feb 23- Abril23 to
Mar-23
Total
Dec23
4.5 Call
6
6
5.5 Call
73
73
7 Call
Total contratos
102
102
102
6
73
181
Houston Ship Channel
Henry Hub
Desv Coef
Desv Coef
Prom
Prom
Αλο
est
var
est var
2.0
0.4
0.4
2020
0.2
0.2
6.5
28.8
3.8
1.5
2021
4.4
0.4
6.0
1.7
6.4
1.7
2022
0.3
0.3
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