<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422020000100108</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2019.1833</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Diseño de un portafolio óptimo de suministro eléctrico a partir del modelo de Markowitz: el caso de un usuario en México]]></article-title>
<article-title xml:lang="en"><![CDATA[Designing an optimal electricity supply portfolio based on the Markowitz model: The case of a user in Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Perea González]]></surname>
<given-names><![CDATA[Alfonso]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zavaleta Vazquez]]></surname>
<given-names><![CDATA[Osmar Hazael]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2020</year>
</pub-date>
<volume>65</volume>
<numero>1</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422020000100108&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422020000100108&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422020000100108&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La Reforma Energética de México, promulgada en el año 2013, abrió la posibilidad para que consumidores de energía eléctrica pudieran elegir entre diferentes opciones de suministro. Por lo anterior, el objetivo de este trabajo es validar que el Modelo de Markowitz es útil en la construcción de un portafolio óptimo de suministro de energía eléctrica, a partir de las opciones disponibles en el mercado eléctrico mexicano. Se construyó un caso hipotético, a partir de información real, y los resultados obtenidos en el caso de estudio muestran que el uso de esta metodología permite mitigar los riesgos, a partir de la diversificación de opciones de suministro, tal y como ocurre con la diversificación de alternativas de inversión. Este enfoque constituye una alternativa objetiva para que los usuarios de energía eléctrica planeen y diseñen portafolios óptimos de suministro.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The Energy Reform in Mexico, which was started in 2013, opened the possibility that electrical energy consumers could choose the supply from any supplier participating in the market. The objective of this work is to validate that Markowitz Model is useful in the construction of an optimal portfolio of electricity supply, from the options available in the Mexican Electricity Market. A hypothetical case, based on real information, was built and the results obtained in the case of study shows that the use of this methodology allows to mitigate risks, from the diversification of supply options, as is the case of the diversification of investment alternatives. This approach constitutes an alternative for consumers of electrical power to plan and design optimal portfolios of electricity supply.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Modelo de Markowitz]]></kwd>
<kwd lng="es"><![CDATA[Portafolio óptimo de suministro eléctrico]]></kwd>
<kwd lng="es"><![CDATA[C6]]></kwd>
<kwd lng="es"><![CDATA[G0]]></kwd>
<kwd lng="es"><![CDATA[Q4]]></kwd>
<kwd lng="en"><![CDATA[Markowitz model]]></kwd>
<kwd lng="en"><![CDATA[Optimal portfolio of energy supply]]></kwd>
<kwd lng="en"><![CDATA[C6]]></kwd>
<kwd lng="en"><![CDATA[G0]]></kwd>
<kwd lng="en"><![CDATA[Q4]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Adams]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Jamasb]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<source><![CDATA[Optimal Power Generation Portfolios with Renewables: An Application to the UK]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Cambridge ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Awerbuch]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Berger]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Applying Portfolio Theory to EU Electricity Planning and Policy-Making]]></source>
<year>2003</year>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Awerbuch]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Jansen]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Bursken]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Drennen]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Cost of Geothermal Energy in Western US Region: a portfolio-based approach]]></article-title>
<source><![CDATA[Research Gate]]></source>
<year>2005</year>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Awerbuch]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Portfolio-Based Electricity Generation Planning: Policy Implications for Renewables and Energy Security]]></article-title>
<source><![CDATA[Mitigation and Adaptation Strategies for Global Change]]></source>
<year>2006</year>
<volume>11</volume>
<page-range>693-710</page-range><publisher-name><![CDATA[Springer]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Beltrán]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Modern Portfolio Theory Applied to Electricity Generation Planning]]></source>
<year>2009</year>
<publisher-name><![CDATA[University of Illinois at Urbana-Champaign]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<collab>Cámara de Diputados del H. Congreso de la Unión</collab>
<article-title xml:lang=""><![CDATA[Decreto de la Reforma Energética, Secretaría de Servicios Parlamentarios]]></article-title>
<source><![CDATA[Diario Oficial]]></source>
<year>2013</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<collab>Cámara de Diputados del H. Congreso de la Unión</collab>
<article-title xml:lang=""><![CDATA[Ley de la Industria Eléctrica, Secretaría de Servicios Parlamentarios]]></article-title>
<source><![CDATA[Diario Oficial]]></source>
<year>2014</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cucchiella]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[D&#8217;Adamo]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Gastaldi]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Modeling Optimal Investments with Portfolio Analysis in Electricity Markets. Energy Education Science and Technology Part A]]></article-title>
<source><![CDATA[Energy Science and Research]]></source>
<year>2012</year>
<volume>30</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>673-92</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[De Laquil]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Awerbuch]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[A Portfolio-Risk Analysis of Electricity Supply Options in the Commonwealth of Virginia, Climate Chesapeake Climate Action Network]]></source>
<year>2005</year>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[De Llano Paz]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Calvo Silvosa]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Portos Garcia]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Problem of Determining the Energy Mix: from the Portfolio Theroy to the Reality of Energy Planning in the Spanish Case]]></article-title>
<source><![CDATA[European Research Studies]]></source>
<year>2012</year>
<volume>XV</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>3-30</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Delarue]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[De Jonghe]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Belmans]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[D&#8217;haeseleer]]></surname>
<given-names><![CDATA[W.D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Applying Portfolio Theory on the Electricity Sector]]></article-title>
<source><![CDATA[Installed Capacity versus Actual Electricity Generation]]></source>
<year>2009</year>
<volume>33</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>12-23</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gökgöz]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Atmaca]]></surname>
<given-names><![CDATA[M.E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Portfolio Optimization Under Lower Partial Moment in Emerging Electricity Markets: Evidence from Turkey]]></article-title>
<source><![CDATA[Renewable and Sustainable Energy Reviews]]></source>
<year>2016</year>
<volume>67</volume>
<page-range>437-49</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Huisman]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Mahiew]]></surname>
<given-names><![CDATA[R.J.]]></given-names>
</name>
<name>
<surname><![CDATA[Schlichter]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Electricity Portfolio Management: Optimal Peak / Off-Peak Allocations]]></source>
<year>2007</year>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kumar]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Mohanta]]></surname>
<given-names><![CDATA[D.K.]]></given-names>
</name>
<name>
<surname><![CDATA[Reddy]]></surname>
<given-names><![CDATA[J.B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Intelligent Optimization of Renewable Resource Mixes Incorporating the Effect of Fuel Risk, Fuel Cost and CO2 Emission]]></article-title>
<source><![CDATA[Frontiers in Energy]]></source>
<year>2015</year>
<volume>9</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>91-105</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lesser]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Lowengrub]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Yang]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[A Mean-Variance Portfolio Optimization of California&#8217;s Generation Mix to 2020: Achieving California&#8217;s 33 Percent Renewable Portfolio Standard Goal]]></source>
<year>2007</year>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Effect of Financial Hedging in Portfolio Selection in Electricity Markets]]></article-title>
<source><![CDATA[HKIE Transactions]]></source>
<year>2010</year>
<volume>17</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>34-40</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lüttgens]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Antons]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A More Holistic Perspective on Corporate Technological Portfolio Planning: The Case of the Energy Sector]]></article-title>
<source><![CDATA[ISPIM Conference Proceedings]]></source>
<year>2013</year>
<page-range>1-17</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Markowitz]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Portfolio Selection]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1952</year>
<volume>7</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>77-91</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodoulis]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Evaluation of Cyprus&#8217; Electricity Generation Planning Using Mean-Variance Portfolio Theory]]></article-title>
<source><![CDATA[Cyprus Economic Policy Review]]></source>
<year>2010</year>
<volume>4</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>25-42</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roques]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Hiroux]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Saguan]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimal Wind Power Deployment in Europe- A Portfolio Approach]]></article-title>
<source><![CDATA[Energy Policy]]></source>
<year>2010</year>
<volume>38</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>3245-56</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roques]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Newbery]]></surname>
<given-names><![CDATA[D.M.]]></given-names>
</name>
<name>
<surname><![CDATA[Nutall]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fuel Mix Diversification Incentives in Liberalized Electricity Markets: a Mean-Variance Portfolio Theory Approach]]></article-title>
<source><![CDATA[Energy Economics]]></source>
<year>2008</year>
<volume>30</volume>
<page-range>1831-49</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tola]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Applying Modern Portfolio Theory to Plant Electricity Planning in Albania]]></article-title>
<source><![CDATA[European Scientific Journal]]></source>
<year>2015</year>
<volume>11</volume>
<numero>10</numero>
<issue>10</issue>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Woo]]></surname>
<given-names><![CDATA[C.K.]]></given-names>
</name>
<name>
<surname><![CDATA[Horowitz]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Horii]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Karimov]]></surname>
<given-names><![CDATA[R.I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Efficient Frontier for Spot and Forward Purchases: an Application to Electricity]]></article-title>
<source><![CDATA[Journal of the Operational Research Society]]></source>
<year>2004</year>
<volume>55</volume>
<page-range>1130-6</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yan]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Optimization of Energy Portfolio Management (EPM): Framework and Simulation]]></source>
<year>2011</year>
<publisher-name><![CDATA[Department of International Business of Southern New Hampshire University]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ziegler]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Schmitz]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Weber]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimal Electricity Generation Portfolios. The Impact of Price Spread Modelling]]></article-title>
<source><![CDATA[Computational Management Science]]></source>
<year>2012</year>
<volume>9</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>381-99</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
