Electricity generators in AGEERA have refused to pay Cammesa’s overdue debt with bonds that are trading at only half their value. In response, Economía published Resolution 58/2024, which resolved the pending payment for December and January with a bond AE38, representing a 50% reduction in the debt for energy subsidies that the government owes to electricity generators and gas producers. However, AGEERA disagrees with this payment method and claims it violates their contractual rights and private property.
In a letter to Minister of Economy Luis Caputo, AGEERA President Gabriel Baldassarrea outlined several reasons for rejecting the payment method. These include its impact on financial commitments, remuneration, legal certainty in the wholesale electricity market, investment promotion regimes, and future investments. The companies argue that any unilateral modification of contracts signed within these regimes would have significant consequences on the electricity market and future investments.
The total debt that Cammesa has with energy and oil generators amounts to $1.07 billion, which will need to be addressed by the Treasury. Many generators have been forced to defer essential payments and maintenance due to this situation, affecting operational continuity in the system.
In conclusion, AGEERA’s stance reflects concerns about the impact of the government’s payment method on the electricity market and future investments while upholding legal security and contractual rights of electric power producers.
