The lack of resources to finance these purchases that arrive by boat has generated uncertainty in the sector, especially among distributors.
Recent increases in rates have only validated the wholesale prices established in contracts between oil companies and distributors, but have not reflected the additional cost of imports, which is usually higher than local production.
Resolution 41/2024 of the Ministry of Energy, issued at the end of March, did not transfer this estimated cost of imports to end users, which has generated concern in the sector. If the Ministry of Economy does not intervene to cover this difference with subsidies, the sector’s economic contracts could be at risk.
At the beginning of April, the public company Energía Argentina (Enarsa) acquired the first 10 shipments of imported gas for an average value of US$9.99 per million BTU. However, subsequent tenders in the Electronic Gas Market (Megsa) were deserted, since no distributor came forward to buy the gas due to uncertainty about whether they will be able to pass on this additional cost to end users.
Law 24,076 establishes that distributors cannot earn or lose money from the gas component, which complicates the situation for these companies. Despite the investments authorized by the Government for the maintenance and improvement of networks, the increase in import costs endangers the financial stability of the sector.
With increases expected in May and uncertainty about passing on import costs to end users, the situation becomes even more complicated. The entry into force of winter prices will raise the cost of gas, which could generate the need for additional increases in rates if the economic conflict over imports is resolved in favor of its transfer to users.
In this context, the launch of the Presidente Néstor Kirchner Gasoducto de Vaca Muerta could offer some relief by reducing dependence on imports, although the situation remains uncertain.
