The Comision Federal de Electricidad (CFE), state-owned power company involved in the generation, transmission, distribution and retail of electric power, reported a net loss in Q3 of $474m (6.11bn pesos), according to the Mexican Stock Exchange.

The Q3 figures are a reversal in fortune compared to the same quarter a year ago, where CFE achieved a net profit of $118m.

CFE previously reported a net loss of up to $2.8bn in the first half of 2013.

In a separate financial results release for the first nine months of 2013, CFE reported an operating loss of $2.1bn compared to $806m in the same period of 2012.

The firm blamed the 2013 operating loss on the “higher use of fossil fuels for power generation”.

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