YPF Luz is Argentina's largest pure-play power generation company. YPF Luz operates a portfolio of thermal and renewable energy assets, including gas-fired plants, wind farms, and solar projects. YPF Luz sells electricity through three channels: long-term government contracts with the market administrator CAMMESA, private bilateral agreements with industrial clients, and spot market sales. The business model for thermal assets relies on capacity payments for keeping plants available to generate power. In contrast, renewable energy revenue is volumetric and depends on actual generation from wind and solar resources. YPF Luz also sells steam to industrial refineries. All revenues are denominated in U.S. dollars to protect YPF Luz from local currency devaluation. The YPF Luz growth strategy focuses on developing a pipeline of new wind, solar, and battery storage projects. YPF Luz is expanding YPF Luz presence in the private market by targeting electricity demand from mining, data centers, and oil and gas operations. YPF is the controlling shareholder and the largest commercial customer for YPF Luz, purchasing both electricity and steam for YPF industrial processes.