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2 March 2020

Energy Newsletter- February 2020

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02/03/2020

PAGBAM Energy Newsletter

Pesificación de Tarifas Eléctricas

Mandatory Conversion of Electricity Tariffs

Mediante la Resolución Nº 31/2020 (la “Resolución”), la Secretaría de Energía dispuso la pesificación  de las remuneraciones percibidas por las generadoras de electricidad, incluyendo la Generación Habilitada Térmica, la Generación Habilitada Hidroeléctrica y otras fuentes de energía, como también las Centrales Hidráulicas administradas por entes binacionales, sustituyendo así los anexos 1-5 de la Resolución 1/2019 de la ex Secretaría de Recursos Renovables y Mercado Eléctrico.

Esta medida se adoptó invocando la Ley Nº 27.541 (la “Ley de Emergencia”), que facultó al Poder Ejecutivo a mantener, renegociar integralmente o revisar con carácter extraordinario las tarifas eléctricas y de gas natural que estén bajo jurisdicción federal, en los términos de las Leyes Nº 24.065, 24.076 y la Ley de Emergencia. La Resolución alega la devaluación del peso como causante de un desequilibrio entre el tipo de cambio y el costo de generación que debe ser reestablecido.

La Resolución resalta la conveniencia de establecer la remuneración de las centrales hidroeléctricas administradas por entes binacionales y de determinación de los ingresos que les corresponden en función de sus costos operativos, fijando un esquema remuneratorio para las Centrales Hidroeléctricas Binacionales de Yacyretá y Salto Grande que permita la cobertura de sus costos operativos y de mantenimiento, así como los asociados a los convenios internacionales vigentes.

Los valores establecidos en pesos argentinos en la Resolución se actualizarán mensualmente en función del Índice de Precios al Consumidor (“IPC”) y el Índice de Precios al por Mayor (“IPIM”), publicados por el INDEC, aplicando a ese efecto el siguiente factor de actualización (F.ACTtransacción t):





Para acceder a los anexos, click aquí.

El actual gobierno tomó una medida similar en diciembre del año pasado, con la derogación de la Resolución Secretaría de Gobierno de Energía Nº 70/2018, reinstalando el despacho centralizado de combustibles para generación por parte de CAMMESA y volviendo así al art. 8 de la Resolución Nº 95/2013 de la ex Secretaría de Energía.

La Resolución va a tener un impacto económico directo (estimado por la Secretaría de Energía en 300 millones de dólares anuales) en los generadores que despachan al spot (o sin contratos PPA), que representan aproximadamente un 65% de la oferta total de la electricidad.

Para mayor información, comunicarse con Francisco J. Romano y Diego A. Rivera del Departamento de Energía de PAGBAM.

Through Resolution No. 31/20 (the “Resolution”) published on February 27th, 2020, the Energy Secretariat ordered that all electricity rates received by generators, including Thermal Enabled Generation, Hydroelectric Enabled Generation and other energy sources, as well as binational Hydroelectric Plants, be converted into Argentine Pesos, thus replacing annexes 1-5 of Resolution No. 1/2019 of the former Secretariat for Renewable Resources and the Electricity Market.

This measure invokes Law No. 27,541 (the "Emergency Law"), which empowered the Executive Branch to maintain, renegotiate or revise electric and natural gas tariffs that are under federal jurisdiction, under the terms of Laws No. 24,065, 24,076 and the Emergency Law. The Resolution purportedly seeks to reestablish the balance between the exchange rate and the in electricity generation costs, allegedly lost due to extraordinary devaluation of the Argentine currency.

The Resolution highlights the convenience of establishing the remuneration of the hydroelectric plants administered by binational entities and determining their income on the basis of their operating costs, establishing a remuneration scheme for the Yacyretá and Salto Grande Binational Hydroelectric Plants that allows for the coverage of their operating and maintenance costs, as well as those associated with the international agreements in force.

The values established in Argentine pesos in the Resolution shall be updated monthly on the basis of the Consumer Price Index (“IPC”) and the Wholesale Price Index (“WPI”) published by the INDEC, by applying the following adjustment factor:



To access the annexes, please click here.

The new administration had made a move in the same direction in December of last year, when Resolution No. 70/2018 of the Federal Secretary of Energy was repealed and article 8 of Resolution No. 95/2013 of the former Energy Secretariat was reinstated, with CAMMESA becoming once more the sole dispatcher of fuels for power generation. 

The Resolution will have a direct impact (an estimated 300 million USD per annum) on generators dispatching spot (or without PPA contracts), which represent approximately 65% of the total power offer.    

For more information, please contact Francisco J. Romano and Diego A. Rivera at the PAGBAM Energy Department.

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