On November 27th and 28th, 2025, the Secretary of Energy (the “SE”) published Resolutions 483/2025, 484/2025, 487/2025 and 488/2025 (“Resolution 483”, “Resolution 484”, “Resolution 487” and “Resolution 488”).
These measures are framed within the process of adapting the energy regulatory framework, initiated by Foundations Law 27,742, Decree 450/2025, and Resolution 400/2025 of the SE, which approved the “Rules for the Normalization of the Wholesale Electricity Market and its Progressive Adaptation” (the “WEM” and the “Rules”) (see our comments here, here and here).
In this regard, Resolutions 483, 484, 487 and 488 aim to adjust remunerations, prices, and subsidies, in order to allow electricity and natural gas prices to gradually reflect the real costs of production and maintain the economic sustainability of the energy sector.
The main aspects of each resolution are described below:
1. Resolution 483: Adjustments of remunerations for electricity generation in the spot market
For purposes of adapting the remuneration of electricity generators in the spot market to the guidelines set forth in the Rules, and gradually normalizing real production costs with generator remunerations, Resolution 483 establishes:
- Updates on the values to be applied in the determination of the remuneration of thermal generation in the Wholesale Electricity Market of Tierra del Fuego System.
- Updates on the remuneration scheme for those generators that do not have their availability of capacity and generated energy committed under contracts in the WEM, nor are authorized to participate in the spot market according to the Rules. These generators are thermal generation and hydroelectric generation plants.
- The maintenance of remuneration for the Alicurá, El Chocón-Arroyito, Cerros Colorados, and Piedra del Águila hydroelectric plants, in accordance with Resolution 331/2025 of the SE, until their privatization is completed or a specific regulation is published.
- The formula to calculate the amount that CAMMESA must deduct from the settlement of credits applied to generators fully authorized for the execution of major and/or extraordinary maintenance, until the total cancellation of financing for such maintenance is achieved.
- Application of a spot price value for the valuation of royalties and short-term reserve services in the WEM at fourteen thousand ninety-nine pesos per megawatt-hour (14,099 $/MWh), effective as of November 1, 2025.
2. Resolution 484: Call for public consultation regarding energy subsidies
Within the framework provided by Foundations Law, Decree 465/2024 and Decree 70/2023 (see our comments here), –which, among other matters, ordered the redetermination of the subsidy regime for end users–, Resolution 484 ordered a public consultation regarding the new energy subsidies project for all users of electricity services, piped natural gas, piped liquefied gas, and liquefied petroleum gas, until December 22nd, 2025.
3. Resolution 487: Determination of the price of natural gas
In accordance with the national energy sector emergency declared by Decree 55/2023 and extended until July 9th, 2026 and to enable that tariffs of the energy sector reflect the real costs of production, Resolution 487 established the price of natural gas to be paid by end users, effective as December 2025 in line with tariffs schemes to be published by ENARGAS.
4. Resolution 488: Adjustment of energy prices, capacity, and the public service of high-tension electricity transmission system
As provided by the Rules regarding the scheme of seasonal prices –and aiming to improve cost allocation among agents and provide economic predictability to strengthen the sustainability of the electricity market–, Resolution 488 updates the Reference Prices for Capacity, the Stabilized Price of Energy, and the Stabilized Price of Ancillary Services in the WEM and in the Wholesale Electricity Market of Tierra del Fuego System –as applicable.
Furthermore, Resolution 488 also establishes the values corresponding to each distribution agent of the WEM for the public service of high-tension electricity transmission and distribution, from December 1, 2025, to April 30, 2026.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra, María Paz Albar Díaz, Rocío Valdez, Victoria Barrueco, Sol Villegas Leiva, or Manuel Crespi.