Energy Sector Faces Financial Uncertainty as Former Macri Official Warns of Delays in Public Spending

The former official of Mauricio Macri has warned clients to be cautious and expect delays in public spending during a crisis. He questioned whether the government would prioritize paying retirees or energy companies when faced with a lack of funds. The debt for electricity subsidies, which was expanded in early 2024, has caused tension between the government and energy companies. The debt with electricity generators amounts to around $1.3 billion, while gas producers are owed an additional $900 million.

The delay in payments from the government has led to concerns about legal security and supply risks for heavily leveraged companies like Central Puerto, Pampa Energía, YPF Luz, and others. These companies are heavily reliant on loans from international banks and have expressed concerns about the government’s default on payments.

Pampa Energy and AES, two major players in the sector, have sent statements to the National Securities Commission to clarify their situations and debts. Both companies insist they currently have no financial problems but warn that prolonged delays in payments could impact their operations. They argue that the decision to stop paying subsidies to achieve fiscal surplus has caused debts to accumulate, leading to tensions in the sector.

Cammesa, a company with equal ownership between the Ministry of Energy, generators, transporters, distributors, and users, acts as a financial intermediary in the energy market. The company has raised concerns about the lack of real surplus in public spending due to unpaid energy subsidies. They argue that if these subsidies had been paid, public spending would have increased significantly in the sector.

The Renovador Front and the General Confederation of Labor have also raised concerns about the lack of real surplus in public spending due to unpaid energy subsidies. They argue that if these subsidies had been paid, public spending would have increased significantly in the sector. In conclusion, the delay in payments from the government to energy companies has raised concerns about legal security