Investor Presentaiton
AES ARGENTINA
EXTERNAL ENVIRONMENT
ENERGY SECTOR UPDATE =
GENCOS
TARIFF
NCRE
VACA MUERTA
Secretary of Energy updated the tariff (in ARS$) of the legacy assets (Res. 238/2022) which were
under Res. 440/2021 with the following main considerations:
Tariff adjustment from Feb to May: +30% vs Res 440/2021.
Tariff adjustment from Jun onwards: +43% vs Res 440/2021 (+10% vs May Tariff).
Elimination of capacity payment adjustment by last 12-month capacity factor.
▸ This Resolution impacts on 26.5 GW of installed capacity which provides -47% of annual generation
and represents an increase in the cost of the whole sector of ~US$450mn.
Total RENOVAR and MATER: 6.6 GW(*).
▸ Total Constructed as of Mar-22: 4.2 GW; Under construction: 0.5 GW
Not constructed/pending of definition: 1.9 GW (due to financial issues.)
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▸ During the coming years, no new RENOVAR auctions are expected. Only quarterly MATER tenders
(limited due to transmission constraints).
Vaca Muerta development has shown a rebound in its gas production since the Plan GasAr was
launched at the beginning of 2021, after the impact of the decrease of investments during 2019 & 2020.
Total Production 1Q 2022 +18% vs 1Q 2021 (107 Mcmd); NQN 1Q 2022: +31% vs 1Q 2022 (83
Mcmd) (**)
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(*) RENOVAR: 5.2 GW (Includes Res 202 projects); MATER: 1.4 GW (3Q 2021);
(**) Secretary od Energy (SESCO data).
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