The Darling of Mexico's Gas Market Is Suddenly Getting Shut Out
- Company's latest gas pipeline bids have been disqualified
- Ienova shares down 5% this year even as Mexico stocks gain
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For 20 years, Sempra Energy bid and won contracts to build natural gas pipelines in Mexico without a hitch. And then, within a month, three of its offers were rejected.
Infraestructura Energetica Nova SA, the Sempra Mexico unit known as Ienova, had its third bid disqualified last week. TransCanada Corp. ended up winning the project, to build a gas line across central Mexico that the state-run utility estimated will cost $336 million. Just as it did in denying Ienova’s previous two bids, Comision Federal de Electricidad said the company had proposed using equipment incapable of handling the amount of gas required by the project.