New Energy Resolution

Alicurá, Chocón-Arroyito, Piedra del Águila and Cerros Colorados: What the operational, scheduling, dispatch and measurement regime will look like

Following the transfer of shareholding control to the new concessionaires—Edison Inversiones, BML Inversora, and Central Puerto—the Secretariat of Energy set the operational parameters that the hydroelectric complexes must follow.

by Lucía Martínez

Transfer of shareholding control to new concessionaires Edison Inversiones, BML Inversora and Central Puerto. — -

The Secretariat of Energy, through Resolution 19/2026, approved the operational, scheduling, dispatch, measurement, and settlement framework for the Alicurá, El Chocón-Arroyito, Piedra del Águila, and Cerros Colorados hydroelectric complexes. The move comes as control of these plants is transferred to new private concessionaires under the Wholesale Electricity Market (MEM).

The regulation is retroactive to Jan. 9, 2026, the date the concessionaires formally took possession: Edison Inversiones S.A.U. (Alicurá and Cerros Colorados), BML Inversora S.A.U. (El Chocón-Arroyito), and Central Puerto S.A. (Piedra del Águila).

The resolution complements the transitional framework established by Resolution 7/2026 and closes the regulatory cycle initiated by the Ministry of Economy’s National and International Public Tender.

Each plant’s output is divided into two segments under the 30-year concession contracts, with technical annexes and contractual schedules:

  • Regulated portion (energy and capacity subject to contractual remuneration):
    • Energy: Settled at PreEneGe (guaranteed base energy price) and PreEneOp (operational price), adjusted annually using the U.S. Producer Price Index (PPI) and Consumer Price Index (CPI).
    • Capacity: Recognized according to actual availability (measured per CAMMESA procedures), multiplied by the Base Price and kFM factor (firm availability or committed capacity).
    • Payments in foreign currency: Processed via the contractual mechanism or, subsidiarily, at the Central Bank of Argentina’s official selling rate on the last business day of the month of the provisional Economic Transactions Document (DTE).
  • Unregulated portion (energy and capacity not subject to contract): Freely marketable by concessionaires in the forward market or MEM spot market, subject to general market rules and Resolution 400/2025 (bilateral and spot commercialization framework post-reform).

CAMMESA Role and Royalty Settlement

CAMMESA retains full responsibility for:

  • Economic scheduling and dispatch, prioritizing hydraulic availability and technical constraints.
  • Generation measurement, including telemetry and data validation.
  • Transaction calculation and settlement in the MEM, including allocation between regulated and unregulated segments.
  • Determination and payment of hydroelectric royalties to Neuquén and Río Negro provinces, with segregated accounting to ensure traceability and oversight by provincial and national authorities.

The framework is established under the concession contracts issued by Decree 718/2024 and subsequent amendments, whose reversal and re-award generated approximately $707 million in state revenue.

The concessionaires also committed to additional investment in maintenance, modernization, and improved availability. Officials told Shale24 that the resolution consolidates an orderly transition to a private operation model for Comahue’s hydroelectric segment—a key source of base and reserve generation for Argentina’s interconnected system—ensuring continuity of dispatch, predictable remuneration, and alignment with MEM goals of legal certainty and economic efficiency post-privatization.

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