Mexico's $6 Billion Power Plant Deal with Iberdrola Signals New Nationalization

The Mexican government has agreed to buy 13 power plants from Spanish energy giant Iberdrola in a deal worth $6 billion, which Mexico's president hailed as a "new nationalization" of the electricity market that will amp up state control. The deal is scheduled to be completed within five months, officials said, at which point the CFE will operate the plants, although the vast majority of their capacity was already under contract to be sold to the state company.