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Excerpt from buenosairesherald.com
Power companies in the AGEERA electricity generators’ association have rejected Economy Minister Luis Caputo’s proposal to use bonds to pay power wholesaler CAMMESA’s debt of over US$1 billion.
On Wednesday, the Government formalized the regime to pay CAMMESA’s debt to generator companies via resolution 58/2024 of the Energy Secretariat, which was published in the Official Gazette.
The government’s proposal, conceived by Caputo, consists of paying the debt for energy subsidies — with a 50% write-off — via a dollar-denominated bond, the AE38. This would defer overdue payments from December and January. The debt totals AR$1,100 billion (US$1.2 billion at the official rate, US$1 billion at the MEP rate), the resolution says.