In force since Jan 8, 2026
Comahue dams: all four plants move to private concession
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.
The other rules on this subject43
The State reorders the trunk gas pipelines and forces firm transportation contracts to be redrawnRes. SE 66/2026 (Official Gazette, Mar 13, 2026) + Res. ENARGAS 409/2026in execution
Hydrocarbons: the pre-export local offer fallsSE Res. 166/2026 (Official Gazette, Jul 22, 2026)in force
What changed and who it applies to
What changed
Award ('Adjudícanse', art. 1) of the shares of the four concession companies of the Comahue hydroelectric plants (Limay and Neuquén rivers), which the State had created through ENARSA and NASA to take over the plants when the 1993 concessions expired: Piedra del Águila → CENTRAL PUERTO S.A. for USD 245,000,000; Alicurá → EDISON INVERSIONES S.A.U. + 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 → BML Inversora S.A.U. + Energrain + Orazul Energy Generating + Orazul Energy Cerros Colorados + Limabaz + BML Generadora + MSU Green Energy + BML Energía for USD 235,671,294. Total to the Treasury: USD 706,885,298.49, payable by Jan 6, 2026. Handover of possession: Jan 8, 2026 at 12:00 (art. 4). The 30-year term does NOT appear in the operative text: it comes from the bidding terms (Decretos 718/2024 and 590/2025) verif. Combined installed capacity: some 4,170 MW, about 10% of the system prob. verif Dec 30, 2025 ↗
In force
2025-12-30 (handover of possession: Jan 8, 2026) verif Jan 8, 2026 ↗
Who it applies to
The awardees: Central Puerto at Piedra del Águila, which it already operated; the Edison group with CEMPPSA at Alicurá and Cerros Colorados; and the BML/MSU consortium at El Chocón. The provinces of Neuquén and Río Negro, which signed the transfer contracts, and the Treasury, which collects the price verif. Indirectly affected: electromechanical, turbine, engineering and maintenance SMEs and service companies in the two provinces, and the wholesale power market thesis. 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
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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
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Analysis and curation: Ignacio Aredez
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