By means of Executive Order No. 564/2025 (the “Executive Order”), published in the Official Gazette on August 8, 2025, the Executive Branch ordered the transfer of the shares comprising the capital stock of the companies owned by Energía Argentina Sociedad Anónima (ENARSA) to the Secretary of Energy under the authority of the Ministry of Economy.
The companies affected by this measure are:
- Alicurá Hidroeléctrica Argentina S.A.;
- El Chocón Hidroeléctrica Argentina S.A.;
- Cerros Colorados Hidroeléctrica Argentina S.A.; and
- Piedra del Águila Hidroeléctrica Argentina S.A.
The sale of the shares comprising the capital stock of these companies shall be conducted through a competitive public tender, both domestic and international, under the modalities set forth in subsections 2) and 5) of Section 17 of Law No. 23,696 and its amendments, which shall be carried out in accordance with the procedure established in subsection 2 of Section 18 of said Law.”.
The current concessionaires may continue operating the hydroelectric complexes previously awarded to them, provided they submit a Letter of Adherence within five (5) calendar days from the entry into force of the Executive Order. This will allow them to continue operating under the concession until December 31, 2025, or until the completion of the aforementioned public tender process, whichever occurs first.
On the other hand, if the current concessionaires choose not to adhere, they shall continue generating electricity for a period of ninety (90) business days.
Within sixty (60) calendar days from the entry into force of the Executive Order, the Ministry of Economy, in coordination with the Temporary Special Executive Unit “Agency for the Transformation of State-Owned Enterprises”, shall call for a competitive and expedited domestic and international public tender without a base price, aimed at selling the controlling interest in the companies.
The Executive Order enters into force upon its publication in the Official Gazette.
By means of Executive Order 590/25, published in the Official Gazette on August 19, 2025, Executive Order 546/2025 was repealed due to a formal defect. Nevertheless, Executive Order 590/2025 replicates the content of the previous one
