Following a controversial bidding process that excluded the provinces of Neuquén and Río Negro from participating, the national government finalized the awarding of concessions for four of the main hydroelectric dams in the Comahue region. The Piedra del Águila, Alicurá, and El Chocón power plants already have new operators, while the Cerros Colorados dam will determine its concessionaire in an upcoming re-bid.

The reprivatization process, which grants the operation of the power plants for 30 years, concluded with an initial revenue of US$642 million for the State, with an additional amount to be determined next week. This financial result aims to bolster the libertarian administration's goal of a fiscal surplus.

National capital in charge of energy

A key aspect of the final award is that the dams remained in the hands of Argentine capital groups , dismissing concerns about a complete handover to foreign operators:

Dam (Installed Capacity)

New Dealership

Winning Offer

Business Structure/Ties

Piedra del Águila (1,440 MW)

Central Puerto

US$245 million

Group with participation of Carlos Miguens, Guillermo Reca, the Ruete Aguirre brothers and the Escasany family.

El Chocón (1,200 MW + Arroyito)

BML Investor (MSU Group)

US$235.6 million

Belonging to MSU, commanded by businessman Manuel Santos Uribelarrea.

Alicurá (1,050 MW)

Edison Investments

$162,040,000

Led by brothers Juan and Patricio Neuss. Its shareholders also include businessmen Rubén Cherñajovsky, Luis Galli, Guillermo Stanley, Federico Salvai, and Carlos Giovanelli.

Cerros Colorados (472 MW)

Earring

Highest bid of US$41.6 million (BML)

It is decided in a "second round" between BML Inversora and Edison Inversiones.

Key Fact: Most of the winning companies already have experience in the Argentine energy sector. The Alicurá power plant was awarded to the Edison Inversiones group, headed by brothers Juan and Patricio Neuss, who have a significant pool of local shareholders, including businessmen Rubén Cherñajovsky, Luis Galli, Guillermo Stanley, Federico Salvai, and Carlos Giovanelli . The Central Puerto group is the current concessionaire of Piedra del Águila, while BML Inversora (MSU) acquired the controlling stake in Cerros Colorados four months ago.

Federal tensions and investment commitments

The sale process, expedited under regulations that excluded state-owned companies and set a 30-year deadline until 2056, generated significant tension with provincial governments. Both Neuquén and Río Negro expressed their opposition to the exclusion of state-owned companies from the management of a strategic resource located within their territories.

While the national administration remained firm in its decision for complete privatization, the tender documents included the obligation for the new operators to pay three sources of income to the provincial treasuries:

In addition to the payments, the new concessionaires must present and implement a comprehensive plan for works and equipment replacement to guarantee the extension of the useful life of the dams for another 30 years beyond 2056.

The awarding of the four hydroelectric plants, which together represent about 20% of the country's hydroelectric generation, marks a milestone in the energy policy of the Milei government, aligned with the elimination of state assets to obtain immediate tax revenue.