On January 29, 2025, CAMMESA published on its website complementary information to Resolution 21/2025 of the Secretary of Energy (“SE”) (the “Resolution 21”) (Available comments on this regulation here).
Among the published documentation, there is a note sent by the SE to CAMMESA (the “SE Note”) outlining the need for gradual normalization to encourage investment and reliability of the Wholesale Electricity Market (“WEM”).
Attached to the SE Note are the Guidelines for the Normalization of the WEM and its Progressive Adaptation (the “Guidelines”) prepared by the SE, which detail the modifications in fuel management, demand in the WEM, determination of prices and operation of both the Corporate PPA Market (“MAT”) and the Spot Market.
Additionally, the SE enclosed a Technical Report on the WEM situation (the “Technical Report”). This Technical Report analyzes regulatory and operational aspects to meet regulatory objectives, focusing on system transparency and efficiency, decentralization of CAMMESA, energy prices, fuel management review, Spot Market and MAT mechanisms adaptation, and infrastructure planning.
Associations represented in CAMMESA have thirty (30) days from January 30, 2025, to provide non-binding opinions on these documents for the WEM normalization process. At the same time, CAMMESA will have forty-five (45) days to prepare: a) a detailed report with a dispatch and transactional management plan; b) an analysis of the impact of the measures on the supply and demand of the WEM, and c) a report on the considerations of the WEM Associations.
Finally, the SE announced the issuance of new regulations for the normalization of the WEM to be effective as of November 1, 2025, regardless of the possible anticipated measures to eliminate restrictions.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Victoria Barrueco and/or Manuel Crespi.