Overview

• The decree, signed by President Javier Milei, Economy Minister Luis Caputo and Chief of Cabinet Guillermo Francos, orders a national and international tender without a base price to sell controlling stakes in Alicurá, El Chocón‑Arroyito, Cerros Colorados and Piedra del Águila.
• The Ministry of Economy, together with the Agency for the Transformation of Public Companies, must call the tender within 60 calendar days for assets that generate about 10% of Argentina’s electricity and could raise around US$500 million, according to officials.
• Current operators must submit a Letter of Adhesion within five days to remain in charge during the transition or, if they decline, continue generating for at least 90 business days, with concessions extended to December 31 or until the sale is finalized.
• Adhering firms must fully comply with their 1993 concession contracts, maintain a minimum USD 4.5 million performance guarantee, forgo claims over changes to the wholesale remuneration scheme and renounce international arbitration claims.
• Safeguards include paying royalties to Neuquén and Río Negro, filing bimonthly asset inventories, allowing bidder site visits and respecting market‑concentration limits, with no participatory‑ownership programs or bidder preferences except as permitted by Law 23.696.