Electric Companies Refuse Cut, Citing Contract and Property Rights Violation

AGEERA, a group of electric generators, has sent a letter to Minister of Economy Luis Caputo refusing to pay Cammesa’s overdue debt with bonds that trade at half their value. The companies claim that the payment method violates their right to private property and affects their contractual rights. In response to the pending payment for December and January, Economía published Resolution 58/2024, which resolved the issue with the bono AE38, representing a 50% reduction in the debt for energy subsidies owed by the Government to electricity generators and gas producers.

AGEERA President Gabriel Baldassarrea outlined several reasons for rejecting the payment method in a note to Minister Caputo. He stated that it impacts the financial commitments of the generators and reduces their remuneration. The companies argue that any unilateral modification of contracts signed within investment promotion regimes would have a significant impact on the electricity market and future investments. They find it unacceptable that the Government tied the payment of February debts to companies accepting payment of previous months’ debts through bonds when funds were available to pay them. Many generators have been forced to defer essential payments and maintenance, affecting the operational continuity of the system.

In conclusion, AGEERA warns that the situation not only affects their financial capabilities but also compromises their activity’s normal development and critically compromises the operational continuity of the system. Their stance reflects concerns about the impact of government payment methods on future investments in renewable energy sources, urging for a resolution that upholds legal security and protects their contractual rights while allowing for responsible management of public finances.

By Samantha Johnson

As a content writer at newsnmio.com, I craft engaging and informative articles that aim to captivate readers and provide them with valuable insights. With a background in journalism and a passion for storytelling, I thoroughly enjoy delving into diverse topics, conducting research, and producing compelling content that resonates with our audience. From breaking news pieces to in-depth features, I strive to deliver content that is both accurate and engaging, constantly seeking to bring fresh perspectives to our readers. Collaborating with a talented team of editors and journalists, I am committed to maintaining the high standards of journalism upheld by our publication.

Leave a Reply