The State authorizes the sale of Enarsa and redefines its role in the energy sector.
With the publication of Decree 286/2025, the national government authorized the total privatization of Energía Argentina S.A. (Enarsa), marking a structural change in the management of energy assets in the country. The measure includes, among other things, the sale of the state's stake in Citelec S.A., controlling shareholder of Transener, the company that operates more than 85% of the country' s high voltage electric transmission system.
The process will be carried out by national and international public bidding, without preferential mechanisms for provinces or employees, and contemplates an expected income of at least 200 million dollars for the operation. The Ministry of Economy and the Agency for the Transformation of Public Companies emphasized that the decision aims to organize public finances, encourage private investment and modernize critical infrastructure.
An energy map under review
Enarsa currently concentrates 15 business units, including gas pipelines such as the Perito Moreno and NOA pipelines, thermal power plants (Manuel Belgrano and José de San Martín), hydroelectric dams (Néstor Kirchner and Jorge Cepernic), and even functions related to the import of liquefied natural gas (LNG). It also has a direct participation in the company Transener, through its 26.3% shareholding in Citelec.
During 2023, Enarsa received more than $1.23 billion in transfers from the Treasury, which, according to official reports, represented one of the highest operating deficits in the public sector. This situation prompted a review of its role within the new energy spending and regulation scheme.
Investment, innovation and signals to the market
The sale of Enarsa's assets is part of the strategy promoted by the Ley de Bases y Puntos de Partida, which contemplates a restructuring of the State and the redefinition of its business functions. From the Executive's point of view, the objective is to reduce the tax burden without compromising energy development, channeling efforts towards a regulatory model that allows private participation in key infrastructure.
This perspective has already had precedents in recent decisions such as the sale of IMPSA for US$ 27 million in February 2025 and the conversion of Yacimientos Carboníferos Río Turbio (YCRT) into a corporation, as a prelude to future tenders. In addition, the framework is complemented by the Large Investment Incentive Regime (RIGI), which promotes energy, mining and transportation projects for more than US$ 12 billion.
Reactions and projections
Internationally, the announcement generated positive movements in the markets. Shares of Argentine energy companies and sovereign bonds rose on the New York Stock Exchange, interpreted as signs of confidence in the new direction. Regulatory experts highlight that a well supervised private management could improve operating efficiency, boost strategic projects such as Vaca Muerta, and dynamize the national energy supply.
The importance of guaranteeing regulation and tariff control mechanisms, as well as ensuring quality and access standards for users, has been raised from different sectors. Legal challenges related to strategic assets have also been pointed out, especially after judicial experiences such as the YPF case.
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