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Energy tension: April appears to be the deadline month if the Government continues to step on payments and doubts about Cammesa grow - Infobae
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Tensión energética: abril asoma como el mes límite si el Gobierno sigue pisando los pagos y crecen las dudas sobre Cammesa
La transportista Transener avisó que no tiene recursos financieros para pagar gastos y sueldos, y sumó una luz roja más a un sector en problemas. Los planes del gobierno y las preocupaciones crecientes de las empresas
www.infobae.com
March 07, 2023
The transport company Transener warned that it does not have financial resources to pay expenses and salaries, and added one more red light to a sector in trouble. Government plans and growing concerns of companies
By Sebastian Catalano
An overwhelming sight of saturated electrical outlets, a dangerous scenario of energy overload in narrow spaces. The importance of electrical safety in everyday life. - (Illustrative image Infobae)
As Infobae reported a week ago, companies in the energy sector are on alert. The complaints before the Wholesale Electricity Market Administration Company (Cammesa) are increasingly eloquent and in the industry they reiterate that there is a break in the payment chain due to lack of funds that the State has to make through that intermediary. In this context of extreme tension there are also doubts about the future of Cammesa.
Yesterday a red light went on when Transener warned its investors that due to the financial crisis caused by the lack of transfers from the National Treasury, it will not be able to meet the payment of its operational and salary obligations on time. Transener, the only high-voltage transmission company in the country, belongs in equal parts to the national state and Pampa Energía, Marcelo Mindlin 's holding company . Already in this month of March it had paid salaries to the staff in two parts.
Furthermore, times seem to shorten at the speed of light. “April is the limit, then we will see what happens. The transporters and generators can't stand it. If the funds do not appear, everything could begin to suffer, and there may even be some commitment in the supply,” they said yesterday in one of the largest firms in the market.
Electricity generation and transportation companies are the most financially exposed due to the lack of contributions from the State. They are the ones that depend almost 100% on Cammesa payments. Among the first we can count Central Puerto, Pampa and Enel and others that generate thermal, nuclear, hydroelectric and renewable energy. In the latter are the aforementioned Transener and also Transba, Transcuyo, Traspa, Epen and others.
Transener warned that it does not have financial resources for expenses and salaries
The firms assure that a good part of the financial surplus that President Javier Milei and Minister Luis Caputo celebrated came at the expense of “stepping on” payments to the sector.
In addition, gas producers do not charge PlanGas either. Among them are YPF, Pluspetrol, from Techint; PAE, Pampa Energía, Vista and others. They are companies with a little more financial backing, but they also complained loudly by letter – as this media reported last week – to the Ministry of Energy about the lack of payments.
According to sector sources, Cammesa's total debt would have already exceeded 1 billion pesos. In the Energy Secretariat, headed by Eduardo Rodríguez Chirillo , meanwhile, they swear that there is no break in payments and that in recent weeks they transferred to Cammesa some $300,000 million (50% of the January debt, according to official sources) . Three companies that Infobae spoke with yesterday claimed to have not charged anything yet. Cammesa receives funds from the State and the distributors. You are, in addition, paying close to 10% monthly of what you owe.
“The generators don't give more. Without payments the core of your business breaks. And the same thing happens with carriers, but faster because they have lower margins. In the coming weeks, the most notable conflicts may begin: without funds it is difficult to send energy to the grid... unless the shareholders of the companies put money out of their pockets,” explained an important executive in the sector who asked for the name of the company to be reserved. he.
There is another part of the explanation that raises concerns for the near future. Between January and May, the generators carry out maintenance work on their “machines” (the plants that produce electricity) in order to reinforce winter consumption. Between June and August, if there is a lack of gas for generation, as is usually the case, these machines will have to use liquid fuel (diesel and fuel oil), which requires more from the engines. That is why preventive maintenance is vital.
“If things are not resolved, generation problems will arise. Not necessarily entry cuts, but there may be fewer deliveries to the system,” said another executive. And he warned: “Generation is a service of public interest, but it is not a public service. That is, they are not required to send energy to the system. They could stop doing it at any time if they don't get paid.”
Cammesa
Meanwhile, the sector expects total deregulation. It would be imminent. The Government wants Cammesa to return to its original role, only as an intermediary, and for distributors and generators to freely negotiate the energy and fuel they need. How and at what prices? It's not clear yet. What will happen until the rate increase without subsidies is level with the sector's expenses? It is not known either. The State will have to give answers.The Government hopes to have at least a transitional role in the coming months. Today it was learned that the state company Enarsa began the process to tender the purchase of liquefied gas (LNG) ships. For now there are 10, much less than what was imported in previous years.
The Secretary of Energy, Eduardo Rodríguez Chirillo
Either way, Cammesa will no longer be what it was. Days ago, for example, the Legal and Contracts areas were completely dismantled. In the sector, meanwhile, they already describe it as a company in default, whose debts would be consolidated to the Government. If that happens, Milei officials will have to sit down with generators, transporters and producers to see how those debts are paid off. In this context, companies will have more to lose than to gain.
The Transener letter
As stated, Transener warned that it does not have funds to pay expenses and salaries. In the letter that he sent yesterday to the National Securities Commission (CNV) and the local Stock Exchange, whose reference is “Cash situation”, he detailed the context he is going through. He argued that 95% of its financial resources come from Cammesa and that “non-compliance translates into the definancing of the Company.”A recent meeting of the Cammesa Executive Committee is also mentioned in which there were also no certainties about future payments.
“The lack of resources in Cammesa to meet the usual commitments is a consequence of the delay in payments by the distributors – who to date have paid only 49% of what is owed, together with the lack of the necessary contributions from the Treasury. National to cover the subsidies granted. To date, 50% of the invoice for services provided in November and the total for December 2023 are pending payment, for a total of $11.9 billion plus interest, with the January 2024 invoice close to due, and without certainty. regarding future payments,” detailed the letter signed by José Santiago Refort , Head of Market Relations for the company.
“Having notified ENRE, Cammesa and the National Energy Secretariat about the aforementioned situation, we have not received certainty and therefore, we have informed the authorities that if we do not collect at least one complete transaction during March, Transener will not be able to cancel their operational and salary obligations on time,” concluded the carrier, which turned on new red lights in a sector in tension.
