AES · 10-Q · 2026Q3 · Full report

Argentina Energy Deregulation

AES CORP · 2026-11-03 · Importance 39 · Surprise 42

Argentina’s Law 27,742, enacted in July 2024, initiated broad economic and energy-sector reforms, while Energy Secretariat Resolution 21/2025 was issued on January 28, 2025 to reform the wholesale electricity market. Decree 450/25, issued July 4, 2025, began a 24-month transition to deregulate the electricity market and promote private contracting and competition. Resolution 400/25 took effect November 1, 2025, introducing more competitive price signals, decentralized fuel management, and reduced subsidies. AES says the changes may profoundly affect the sector but that their impact on its consolidated results, cash flows, and financial condition cannot yet be predicted.

Key facts

• Argentina’s July 4, 2025 Decree 450/25 initiated a 24-month transition to reform and deregulate its electricity market, encouraging private contracting and competition in generation and commercialization. source
• Argentina’s Resolution 400/25, effective November 1, 2025, introduced more competitive price signals, decentralized fuel management, and reduced subsidies; AES says the impact of these regulations on consolidated results, cash flows, and financial condition cannot yet be predicted. source
• AES says continued Argentine peso devaluation could increase inflation, worsen Argentina's risk profile, and significantly affect its results of operations. source