Edenor is Argentina's largest electricity distribution company, serving roughly 3.4 million users across a 4,637 sq km concession area covering northwestern greater Buenos Aires and northern Buenos Aires City, with a population of about 9 million. Edenor holds an exclusive geographic concession running to 2087, making it a regulated monopoly with no direct competition within its territory. Edenor purchases electricity wholesale from generators through Argentina's Wholesale Electricity Market, managed by CAMMESA, and distributes it via its own network of substations and distribution lines to residential, commercial, and industrial customers. Residential users account for roughly 89% of the user base and about 46% of electricity sales. Edenor's tariff has two components: an energy cost pass-through, where Edenor recovers wholesale electricity costs from end users with no commodity price risk, and a regulated distribution margin (the VAD), which covers network costs and a regulated return and is the core driver of profitability. Because Argentina has persistently high inflation, the frequency and size of VAD adjustments directly determines whether Edenor's real margins expand or erode. Edenor's profitability is also affected by energy losses — total losses ran at 15.7% in 2025 against a 10% recoverable benchmark — and by service quality penalties imposed by the regulator. Beyond its core distribution business, Edenor is pursuing diversification into energy generation through a subsidiary, Edenor Tech, and submitted a binding offer in April 2026 to acquire a 50% stake in Citelec, the holding company that controls Transener, Argentina's dominant high-voltage transmission company.