The norm, in detail
The Comahue returns to private hands: 4 dams awarded in concession
Res. 2124/2025, Ministry of Economy (Official Gazette Dec 30, 2025)
in forceNATIONAL
Energy and natural resources
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 (Decrees 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 ↗
Who it affects
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 Law 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 subject28
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 prior domestic-offer step for exports is goneSE Res. 166/2026 (Official Gazette, Jul 22, 2026)in force
End of segmentation: energy subsidies are targeted at those who need themDecree 943/2025 (Official Gazette, Jan 2, 2026)in force
Ignacio Aredez· Chief analyst
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