Overview

• Decree 695/2025, published in the Official Gazette, authorizes a public tender for 44% of NA‑SA, reserves 5% for employees, and leaves 51% under state control through the Energy Secretariat.
• The Ministry of Economy is designated as the implementing authority with support from the temporary Agency for the Transformation of Public Enterprises and related labor and patrimonial offices.
• The order instructs preparatory share moves, including ENARSA transferring 1% of NA‑SA to the State and NA‑SA ceding 0.01% of ENARSA to the State before the tender.
• Opposition senators led by José Mayans filed a bill to declare the nuclear program non‑alienable and to void any administrative process that changes NA‑SA’s ownership structure.
• The government cites efficiency and fiscal goals, noting NA‑SA’s reliance on 2023 state transfers, and targets financing for Atucha I’s life extension and expanded dry cask storage, even as the firm runs Atucha I/II and Embalse supplying about 7% of electricity.