The norm, in detail
The Comahue returns to private hands: 4 dams awarded
Res. 2124/2025, Ministry of Economy (Official Gazette Dec 30, 2025)
in forceNATIONAL
Energy and natural resources
Res. 2124/2025 awards the four hydro plants on the Limay and the Neuquén: Piedra del Águila goes to Central Puerto for USD 245 M.
What changed and who it applies to
What changed
Award ('Adjudícanse', Art. 1) of the concessions for the 4 Comahue hydroelectric plants (Limay and Neuquén rivers), which the State had been operating under expired concessions: Piedra del Águila → CENTRAL PUERTO S.A. for USD 245,000,000; Alicurá → the EDISON INVERSIONES S.A.U. group + Energética del Norte + Consorcio de Empresas Mendocinas para Potrerillos + Edison Holding for USD 162,040,002.17; Cerros Colorados → the same Edison group for USD 64,174,002.32; El Chocón(-Arroyito) → the BML INVERSORA S.A.U. consortium + Energrain + Orazul Energy + Limabaz + BML Generadora + MSU Green Energy + BML Energía for USD 235,671,294. Total to the Treasury: USD 706,885,298.49. Handover of possession: Jan 8, 2026 at 12:00 (Art. 4), with no interruption of dispatch in the MEM. The 30-year term does NOT appear in the resolution's operative text: it comes from the bidding terms (Decretos 718/2024 and 590/2025). Combined installed capacity: ~4,170 MW (~10% of the system, press figure). verif Dec 30, 2025 ↗
In force
2025-12-30 (handover of possession: Jan 8, 2026) verif Jan 8, 2026 ↗
Are you in or out?
The new private operators (Central Puerto, the Edison group/CEMPPSA, the BML/MSU consortium); electromechanical, turbine, engineering and O&M SMEs and service companies in Neuquén and Río Negro; the two provinces (hydro royalties and their relationship with the concessionaires); the wholesale power market (MEM) and the Treasury. verif Dec 30, 2025 ↗
The norm
Resolución 2124/2025 of the Ministerio de Economía, signed by Caputo on Dec 29, 2025 and published in the BO (supplement) on Dec 30, 2025. Tender terms and framework: Decretos 718/2024 and 590/2025. verif Dec 30, 2025 ↗
Our reading
The State exits power generation and hands private operators a long-term horizon: USD 706 million in fresh cash for the Treasury, regulatory predictability and a repowering plan that reactivates the Comahue's electromechanical and O&M chain (R2/R5). thesis
Where it lands, province by province2
Neuquén All 4 plants sit on Neuquén rivers or shared ones: private operation with repowering commitments reactivates demand for electromechanical and O&M services in the province, and the royalties/water-fee relationship is now negotiated with private parties under a 30-year contract. favorable better export netback thesis
Río Negro It connects directly with Río Negro's Ley 5858 (a water fee of 1% of what the Comahue plants bill the MEM): with the private concessionaires operating since Jan 8, 2026, the accrual of that 1% is the signal to watch — it is the event that switches on the new provincial revenue stream. favorable better export netback thesis
The other rules on this subject38
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Hydrocarbons: the pre-export local offer fallsSE Res. 166/2026 (Official Gazette, Jul 22, 2026)in force
The State puts 16 high-voltage works out to tender, and six of them run through four of the five provincesRes. SE 202/2026 (Official Gazette, Aug 12, 2026), the Plan's first workin execution
End of segmentation: energy subsidies are targeted at those who need themDecreto 943/2025 (Official Gazette, Jan 2, 2026)in force
Ignacio Aredez· Chief analyst
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