In force since Sep 29, 2026
ENARSA sells its stake in three thermal power plants
Decreto 1107/2026 (BO Sep 28, 2026)
in executionNATIONAL
State, institutions and security
Derives from: Privatizations: Belgrano Cargas kicks off
Decreto 1107/2026 authorizes the sale of 65.01% of Termoeléctrica Manuel Belgrano, 68.83% of José de San Martín and ENARSA's stake in Guillermo Brown, through an international tender.
The other rules on this subject27
Royalties are shared by population, not by where the field isLey provincial 2148 (enacted on 15-Nov-1995)in force
Private property: expropriation costs more and eviction speeds up (half-sanctioned)Bill PE-13/2026 (Mensaje 22/26) — first-round approval in the Senate; now in the Chamber of Deputies (file 0032-S-2026)pending
What changed and who it applies to
What changed
It opens the second stage of the ENARSA privatization and authorizes the sale of all its shares in Termoeléctrica Manuel Belgrano S.A. (65.01% of the capital) and in Termoeléctrica José de San Martín S.A. (68.83%), through a national and international public tender. It also authorizes the sale of its stake in the Central Termoeléctrica Guillermo Brown, which may not be less than 70% of the capital: first the plant's trust, which expired on Sep 30, 2026, has to be wound up and the shares subscribed in ENARSA's name. No shares are reserved for workers and there are no other preferences for employees, and the tender documents must respect the preemptive right of the other shareholders of each plant. verif Sep 28, 2026 ↗
In force
Sep 29, 2026, the day after publication (art. 7). The sale takes place once the tender documents are published, and as of Oct 2 the tender had not been called. verif Sep 29, 2026 ↗
Who it applies to
Private generators and funds that want to buy control of combined-cycle plants; the current minority partners in each plant, who hold a preemptive right and start with an advantage; and the maintenance and spare-parts suppliers of those plants, whose client becomes a private owner that will tender its own contracts. thesis Sep 28, 2026
The norm
Decreto 1107/2026 (DECTO-2026-1107-APN-PTE), signed on 09/25/2026 and published in the Boletín Oficial on 09/28/2026. It continues the ENARSA privatization begun by Decreto 286/2025. verif Sep 28, 2026 ↗
Our reading
thesis · R9 The State exits thermal generation where it was still the majority partner. For the combined-cycle maintenance supplier, what changes is who buys: a private owner with its own contract calendar. The window opens when the tender documents come out, and the current partners arrive with the preemptive right in their favor. thesis
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Analysis and curation: Ignacio Aredez
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Method and track record →- 20+ years in technology, 15 of them in data and AI, for clients across Europe and the Americas
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- Machine Learning (Google Cloud)
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