Lopez Obrador, a self-styled anti-graft crusader, said the public consultation would strengthen participatory democracy, but critics saw it as little more than a political stunt
Speaking at a regular news conference, the leftist president said he would pursue a change in the constitution if the legislation is ultimately struck down by Mexico's judiciary.
Some companies were eager to reach a deal with the government, Lopez Obrador said, without naming any. However, there would need to be "discounts," he said.
Lopez Obrador, an energy nationalist who has sought to renegotiate electricity and pipeline contracts with US and Canadian companies, faced little pressure from former US President Donald Trump over his policies.
In seeking to use more domestic fuel, Lopez Obrador has also limited the growth of foreign renewable energy operators in a move critics say affects Mexico's climate emission obligations.
Corporate lobbies have objected to the bill, which will give priority in electricity dispatch to national power utility the Comision Federal de Electricidad (CFE).
Mexico's Business Coordinating Council (CCE) called the shake-up an "indirect expropriation".
Lopez Obrador came to power on December 1, 2018, promising to "transform" the country after sweeping aside the two political parties that had ruled for decades.
The appointment comes after Martha Barcena said earlier this week that she had decided to retire early and leave her post in the coming months after 43 years in foreign policy.
Critics ranging from the central bank to the United States, ratings agencies and even members of the government warned it could undermine Mexico's financial credibility.