Exceptional Payment Scheme for the Balance of Economic Transactions in the Wholesale Electricity Market (WEM)
Public Law and Power departments report | Exceptional Payment Scheme for the Balance of Economic Transactions in the Wholesale Electricity Market (WEM)
On May 8, 2024, Resolution No. 58 and Resolution No. 66 of the Secretary of Energy of the Ministry of Economy (the “Resolution”) were published in the Official Gazette, whereby it is ordered:
a. To establish an exceptional, transitory, and unique payment scheme for the balance of economic transactions of the Wholesale Electricity Market (“WEM”) from December 2023, January 2024, and February 2024 (the “Owed Periods”), corresponding to the creditors of the WEM in order to restore the payment chain of current economic transactions, and with the purpose of preserving the supply of the public electricity service.
b. To instruct the Wholesale Electricity Market Administration Company (CAMMESA by its Spanish acronym) to prepare and determine, with each of the creditors of the WEM, within 5 business days as of May 8 of this year, the amounts corresponding to each of the creditors for the economic transactions of the Owed Periods. In the event of disagreements regarding the amounts due to the WEM creditors, the differences may be submitted to the dispute resolution procedures provided for in the regulatory and/or contractual provisions applicable to the mentioned transactions.
c. Once the amounts are determined, through the signing of the respective individual agreements, the settlements will be paid as follows:
c.1. The settlements of the WEM creditors for the economic transactions of December 2023 and January 2024 will be paid within 10 business days from the date of the individual agreements by delivering USD 2038 L.A. BONDS, in accordance with the instructions and methodology that the Secretary of Energy will establish for this purpose.
c.2. The settlements of the WEM creditors for the economic transaction of February 2024 will be paid with the funds available in the bank accounts enabled at CAMMESA.
d. To instruct CAMMESA to prepare and determine, with each of the debtors of the WEM, within 5 business days as of May 8 of this year, the amounts corresponding to each of them, corresponding to the invoices for the sale of electric energy, due in February, March, and April 2024, respectively.
d.1. The invoices of the WEM debtors due in February and March 2024 will be fully paid through the payment plans that CAMMESA agrees with each debtor agent, which must adhere to the following conditions: Banco Nacion market rate and a term of 48 months.
d.2. The invoices of the WEM debtors due in April 2024 must be fully paid within 30 calendar days as of May 8 of this year.
d.3. Invoices due in May 2024 must be fully paid under the terms and conditions established in the current regulations.
d.4. Non-compliance with the provisions of subsections (2) and (3) will disqualify the debtor agent from entering into payment agreements under the conditions established in subsection (a) or will result in the expiration of the agreement if it predates the non-compliance.
We remain at your disposal for any additional information you may require.
Oscar Aguilar Valdez
José Carlos Cueva
Santiago Barbarán