Mexico presidential frontrunner pledges $13.6 billion for energy investments

FILE PHOTO: Presidential candidate of the ruling MORENA party Claudia Sheinbaum holds a campaign rally in Nezahualcoyotl, State of Mexico, Mexico April 9, 2024. REUTERS/Raquel Cunha/File Photo

MEXICO CITY (Reuters) - The favorite to win Mexico's presidential election in June, Claudia Sheinbaum, on Monday outlined a plan to invest $13.57 billion in new energy generation projects through 2030.

The ambitious program plans to increase wind and solar power generation and would modernize five hydroelectric plants. It would represent a significant shift from the policies of current President Andres Manuel Lopez Obrador, who since taking office in late 2018 has prioritized strengthening state oil company Pemex over renewables.