Central Puerto is Argentina's largest private electricity generator, with 6,933 MW of installed capacity supplying roughly 13% of the country's total electricity. The company owns and operates a diversified fleet across three technology types: thermal (~86% of capacity), hydroelectric (~21%), and renewables (~8%). The thermal fleet is the core of the business, comprising five combined-cycle and steam turbine complexes running primarily on natural gas. The flagship hydro asset is Piedra del Águila (1,440 MW), one of Argentina's largest hydro plants, for which Central Puerto won a new 30-year concession in early 2026. The renewables portfolio includes seven wind farms and three solar farms totaling roughly 570 MW. Central Puerto sells electricity through two main channels: spot-market sales into Argentina's Wholesale Electricity Market (WEM), with CAMMESA as de facto counterparty, and long-term PPAs with CAMMESA, large industrial users, and electricity distributors. Two cogeneration plants also sell industrial steam to YPF and T6 Industrial under long-term contracts. Profitability is driven by plant availability and dispatch efficiency, hydrology at Piedra del Águila, and fuel cost management. A key regulatory shift occurred in late 2025, when the Milei administration's Resolution 400/25 moved spot pricing from peso-denominated government-set rates to US dollar-denominated, marginal-cost pricing — a change management expects to drive meaningful earnings improvement. Central Puerto is also growing via battery energy storage projects and evaluating additional government asset privatizations. Outside power generation, the company holds a forestry business (~160,000 hectares) and early-stage minority stakes in silver and lithium mining projects.