Overview

• Decree 695/2025, published in the Official Gazette, launches a process to sell 44% of Nucleoeléctrica Argentina via a national and international tender, while reserving 5% for an employee ownership program and retaining 51% for the state.
• The order mandates corporate reconfigurations within 60 days, including ENARSA transferring 1% of NA‑SA to the state and NA‑SA transferring 0.01% of ENARSA to the state, with the Energy Secretariat holding the controlling stake.
• The Ministry of Economy is designated as the implementing authority and will work through the temporary Agency for the Transformation of Public Enterprises, alongside labor and patrimonial bodies.
• The government argues private capital is needed to reduce fiscal pressures and finance strategic works such as the Atucha I life‑extension (target reentry 2027) and the ASECG II dry‑storage project, noting NA‑SA’s 2024 generation record and prior state transfers.
• Opposition senators led by José Mayans filed a bill to exempt NA‑SA from the Bases Law and halt the sell‑off, while nuclear‑sector workers warn of budget cuts, stalled projects and brain drain as bidding rules and timelines are still to be issued.