On January 28, 2025, the Secretary of Energy published Resolution 21/2025 (“Resolution 21”), which introduces the following key changes in the wholesale electricity market:

  1. Corporate PPA Market: Partially reinstates the Corporate PPA Market (“MAT”, or Mercado a Término) for thermal, hydroelectric and nuclear power plants with commercial date achieved after January 1st, 2025.
  1. Fuel management for Thermal Generators: As of March 1st, 2025, thermal generators operating in the Spot market (those without a PPA) will be allowed to manage their own fuel. The costs will be valued based on the reference price according to the variable production costs submitted, including transport and distribution costs, taxes and associated fees. CAMMESA will remain as the last-resort supplier, as well as the supplier of fuel for thermal generation PPAs.
  1. Phasing out the “Energy Plus” Regime: As of October 31st, 2025, the “Energy Plus” regime will be abrogated, although existing contracts will remain valid until their specified termination dates.

Resolution 21 is an initial but significant step in the National Government’s ongoing efforts to normalize the wholesale electricity market in a direction that fosters competition and private investment. As a result, additional and supplementary regulations are expected to be adopted in the short to medium term.

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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Victoria Barrueco, or Manuel Crespi.