On Tuesday, September 30, 2025, Decree No. 695/2025 (the “Decree”), issued by the National Executive Branch (“NEB”), was published in the Official Gazette, whereby the procedure for the partial privatization of the company NUCLEOELÉCTRICA ARGENTINA S.A. (“NASA”) was authorized.
NASA is a corporation established in 1994 pursuant to Decree No. 1540/94, which is responsible for the operation and maintenance of the three nuclear power plants currently operating in the country, namely: Atucha I (Province of Buenos Aires), Atucha II (Province of Buenos Aires), and Embalse (Province of Córdoba). Likewise, it is in charge of managing projects related to these plants and the commercialization of the electric power generated by them through the Wholesale Electricity Market (“MEM”).
By virtue of Article 8 of Law– Bases and Starting Points for the Freedom of Argentines Act – NASA was declared a company “subject to partial privatization”. It is important to note that, as these are partial privatizations, the National Government shall retain control or a majority participation in the company’s share capital.
Within this framework, the Ministry of Economy, with the prior intervention of the Temporary Special Executing Unit — “Agency for the Transformation of State-Owned Companies” (the “Agency”), submitted to the NEB a report containing a concrete proposal regarding the process and modality for the privatization of the company.
On this basis, the PEN authorized the partial privatization of NASA through the sale of 44% of its shares by means of a public tender, and the implementation of a Participated Ownership Program covering 5% of the share capital, which shall enjoy preferential rights within the framework of the present privatization. The remaining 51% will remain under ownership of the National Government.
Furthermore, the Ministry of Economy, in its capacity as the implementing authority and with the prior intervention of the Agency, is empowered to issue all complementary and operational regulations necessary to ensure compliance with the provisions of this Decree.
This Decree entered into force on October 1, 2025.