YPF Luz is Argentina's largest pure-play power generation company. The company develops, owns, and operates 17 electricity generation assets using thermal and renewable technologies. Its fleet includes gas-fired power plants, wind farms, and solar farms, alongside cogeneration plants that produce steam for industrial use. YPF Luz sells electricity through long-term USD-denominated power purchase agreements (PPAs) and in the spot market. Key customers include the Argentine wholesale market administrator, CAMMESA, the company's parent, YPF, and various large private industrial users. The business model for thermal generation relies primarily on capacity payments, where YPF Luz receives fixed payments for maintaining plant availability. In contrast, the renewable segment generates revenue through energy payments based on the volume of electricity actually delivered. The company's growth strategy focuses on organic development, maintaining a pipeline of solar, wind, and battery storage projects. YPF Luz is also transitioning toward bilateral contracting with private customers and self-managing fuel procurement as the Argentine regulatory environment shifts toward deregulation. The company prioritizes high availability factors for its thermal fleet and high load factors for its renewable assets to drive its performance within the Argentine grid.