Overview
- Energy Secretariat Resolution 400/2025 was published on October 21 and takes effect November 1 under a two-year phased rollout.
- A new Mercado a Término de Energía y Potencia enables free bilateral contracts among generators, distributors and large users, and now allows distributors to sign renewable supply deals.
- MEM prices will reflect marginal production costs to reduce subsidies, with analysts cautioning that success depends on macroeconomic stability and access to foreign currency.
- Thermal generators must procure their own fuel as CAMMESA stops centralizing purchases but retains dispatch, market administration and provider-of-last-resort duties; existing Plan Gas contracts continue.
- The framework defines Generación Asignada, Generación al Spot and Generación Nueva, introduces SRC Base and SRC Adicional payments of US$1,000 and US$9,000 per MW-month, and sets the BCRA “Comunicación A 3500” wholesale dollar as reference.