The electric generators, organized in AGEERA, have sent a letter to Minister of Economy Luis Caputo rejecting the payment of Cammesa’s overdue debt with bonds that are trading at half their value. Economía published resolution 58/2024 on Wednesday, which resolves the pending payment for December and January with the bono AE38, representing a 50% reduction in the debt for energy subsidies owed by the Government to electricity generators and gas producers.
AGEERA, which includes companies such as Pampa, AES, and Central Puerto, disagrees with this payment method as they claim it affects the contractual rights of the generators and violates their right to private property. The letter, signed by the president of AGEERA, Gabriel Baldassarre, was also sent to the Secretary of Energy, Eduardo Rodríguez Chirillo, and the general manager of Cammesa, Jorge Garavaglia.
Among the reasons cited for opposing the payment method chosen by the Government, the generators claim that it negatively impacts their operation, maintenance, and investment programs, increasing the risk of the electrical system. They also argue that it alters contracts awarded in public bidding processes, discouraging future investments.
The total debt owed by Cammesa to energy and oil generators until last month reached $1.07 billion. The companies stress that the contracts with Cammesa were signed under investment promotion regimes in a sector lacking private investment conditions due to price distortions caused by subsidies. They warn that unilateral modifications to contracts and acquired rights would have a significant impact on the electricity market and future investments.
The companies highlight their concerns about the lack of payments affecting their financial capabilities and compromising the operational continuity of the system. They express frustration with the Government’s decision to tie February debts to companies accepting payment of December and January debts through bonds, despite Cammesa having funds available to pay them since mid-April.