3/25/2023 0 Comments Transformers duly noted gifAs we have always said, we believe that subsidies should be directed towards those who need them instead of charging the cost of energy consumed by those who can afford it to the public purse. While we are well aware of the economic situation that led to the declaration of the state of emergency in energy matters, both in the country and in Province of Buenos Aires, it is our obligation to warn about the need to find, as soon as possible, a solution that will allow for the compliance with this Distributor’s obligations and rights within the applicable regulatory framework in pursuit of the objectives declared by the National and Provincial authorities, but ensuring the sustainability of the public service, object of the concession, without compromising eventual subsidies from the public coffers. In return, the Federal Government partially recognized the claim duly made by the Company -referred to in caption (i) above-, by fully offsetting pending obligations with the Wholesale Electricity Market (MEM) for electric power purchases made during the transition period, partially cancelling the mutuums for investments granted by CAMMESA also during that period, and cancelling penalties payable to the National Treasury all that for an approximate amount of ARS 6,900 million. The agreement implies for the Company disbursements for a total approximate amount of ARS 7,600 million, including the payment of the generated income tax. In 2013 for failure to comply with the obligations resulting from the Agreement on the Renegotiation of the Concession Agreement entered into on February 13, 2006, (ii) bound itself to settle debts for works and loans for consumption (“mutuums”) originated in the transition period, (iii) undertook to pay users certain penalty and compensation amounts related to that period, and (iv) agreed to make investments, in addition to those agreed upon in the Tariff Structure Review, aimed at improving the reliability and safety of the service.
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