The norm, in detail
End of segmentation: energy subsidies are targeted at those who need them
Decree 943/2025 (Official Gazette, Jan 2, 2026)
in forceNATIONAL
Energy and natural resources
What changed and who it applies to
What changed
A simple decree (art. 99 items 1 and 2 of the Constitution — NOT a DNU), issued after public consultation under the energy emergency. It unifies into a single regime (SEF) the residential subsidies for electricity, natural gas, undiluted propane by network and LPG in 10-kg cylinders (art. 1). It eliminates the N1/N2/N3 segmentation of Decree 332/2022 — which art. 20 repeals — and replaces it with a single category of households requiring assistance. It creates the Registry of Focalized Energy Subsidies (ReSEF), replacing the RASE. Eligibility criterion: net household income at or below 3 Total Basic Baskets (CBT) for an INDEC 'Household 2', with cross-checked asset controls (SINTyS). Subsidized electricity blocks (art. 4): 300 kWh/month in high-demand months (January, February, May, June, July, August and December) and 150 kWh/month in mild months (March, April, September, October and November), with a base discount of 50%; for piped gas the subsidy concentrates in April-September. Former beneficiaries of the HOGAR program are folded in; 6-month window to register. The exclusion criterion for owning a car 3 years old or newer is NOT in the decree: it belongs to later implementing rules (unconfirmed in our own primary source). verif · Jan 2, 2026 ↗
In force
2026-01-02 verif · Jan 2, 2026 ↗
Who it affects
Households receiving energy subsidies nationwide; electricity and gas distributors; the national Treasury (energy subsidies are the largest line item among economic subsidies). For the investor: it improves the energy price signal and the sector's fiscal sustainability. verif · Jan 2, 2026 ↗
The norm
Decreto 943/2025 of the National Executive Branch, signed on Dec 31, 2025 and published in the Boletín Oficial on Jan 2, 2026 (signed by Milei/Adorni/Caputo). verif · Jan 2, 2026 ↗
Our reading
Less across-the-board subsidy, more of a real price signal: energy stops being artificially cheap for those who can pay for it, assistance concentrates on the households that need it, and one of the largest holes in public spending gets trimmed. Fiscal anchor and tariff honesty in a single move (R1 · lowers country risk). thesis
Where it lands, province by province1
Neuquén Tariff normalization sustains the price signal that makes Vaca Muerta gas profitable without cross-subsidies: a smaller gap between the regulated price and the real cost = more predictable demand for the contracts of Neuquén's producers. favorable lowers country risk 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
The Comahue returns to private hands: 4 dams awarded in concessionRes. 2124/2025, Ministry of Economy (Official Gazette Dec 30, 2025)in force
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading