ENARSA: The government begins its privatization with the sale of shares in Transener

The national government formalized the start of the privatization process of Energía Argentina S.A. (ENARSA) this Friday, one of the main state-owned companies in the energy sector, through Resolution 1050/2025 signed by the Minister of Economy, Luis Caputo. The first stage will be carried out through the sale, via a national and international public tender, of the shares that ENARSA holds in Compañía Inversora en Transmisión Eléctrica (CITELEC), which controls Transener, the largest high-voltage electricity transmission company in the country.

This measure is part of the Ley Bases and its regulatory decrees, which enabled the full privatization of ENARSA, and represents a key step within the official strategy to reduce the State's presence in strategic companies and encourage private investment.

What the sale of CITELEC means

ENARSA owns 50% of CITELEC, which in turn holds 52.65% of Transener's shares. Through this structure, the State indirectly controls 26.32% of the main operator of the Argentine electricity transmission system, responsible for more than 14,000 kilometers (8,699 miles) of high-voltage lines, which represents 85% of the national grid.

The government expects to obtain at least USD 200 million from this operation, although that number could increase after the tariff review and if macroeconomic stability is maintained. The State's participation also indirectly extends to other companies such as Transener Internacional Ltda. and Transba S.A.

How the process will unfold

The process will be led by the Public Companies Transformation Agency, under the Ministry of Economy, and must be completed within a maximum period of eight months. The Undersecretariat of Electric Energy will prepare the technical documentation for the tender, which will be carried out through the digital platform CONTRAT.AR. The intervention of the ministry's legal service and the hiring of a public bank to appraise the shares are planned, since the National Appraisal Tribunal declined to do so.

In addition, it was clarified that the provisions on employee stock ownership will not apply, which means that employees will not have a preferential purchase option for the shares.

A structural reform underway

This privatization is part of Javier Milei's government plan to advance structural reforms that promote an economy with less direct State participation and a greater role for private capital, especially in key sectors such as energy.

The divestment in ENARSA will take place in stages, through the progressive disposal of its 15 business units.