Juan Pomés, senior associate, and Pedro Ramírez, associate, both at Freshfields Bruckhaus Deringer: “President López Obrador’s energy reform efforts can be divided into two buckets. The first is the reforms to the Electricity Law, which the Supreme Court recently refused to overturn, but which nevertheless remains on hold while various challenges are resolved. The second is AMLO’s proposed constitutional amendment, which, among other things, would have handed CFE 54 percent of the market. Congress rejected the latter on Sunday. The government has made its key objectives clear—to reduce private sector involvement in the energy market and hand back control to state-owned companies—and there is no indication that the government intends to change course. The court injunctions against the reforms to the Electricity Law and the failed constitutional amendment attempt are likely seen by the administration as impediments to overcome in the future. Foreign energy sector investments therefore remain at risk…”