On Wednesday, Economía published Resolution 58/2024, resolving the pending payment for December and January with the bono AE38. However, this payment method has been met with rejection from AGEERA, a group of electric generators consisting of companies like Pampa, AES, and Central Puerto. In a letter to Minister of Economy Luis Caputo, AGEERA President Gabriel Baldassarrea outlined several reasons for rejecting the payment method.
The generators stated that the payment with bonds compromises their contractual rights and violates their right to private property. They argued that it impacts their financial commitments and reduces their remuneration. Furthermore, they pointed out that the payment method affects the legal certainty in the wholesale electricity market and has a strong impact on future investments. The total debt that Cammesa has with energy and oil generators amounts to $1.07 billion, which the Treasury will have to address.
The companies argued that the contracts with CAMMESA were signed within the framework of investment promotion regimes, and any unilateral modification would have a significant impact on the electricity market and future investments. They find it unacceptable that the Government tied the payment of February debts to companies accepting payment of previous months’ debts through bonds when funds were available to pay them. Many generators have been forced to defer essential payments and maintenance, affecting the operational continuity of the system.
In conclusion, AGEERA warns that this situation not only affects their financial capabilities but also compromises their normal development as well as critically compromises operational continuity in the system. Their stance reflects concerns about how this Government’s payment method impacts not only them but also future investments in the electricity market