The sale of Enarsa shares in Citelec could contribute more than USD 200 million to the Treasury
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The national government launched the privatization process of the country's largest electric power transmission company, Transener, in a new sign of progress in the economic program promoted by President Javier Milei to reduce the distortive presence of the state in the economy and restore a leading role to private capital.
The initiative was formalized through Resolution 2090/2025 of the Ministry of Economy, published in the Official Gazette, which authorizes the sale of the shares that the state holds in the company through Energía Argentina (Enarsa). The process will be carried out through a National and International Public Tender, with a deadline for the submission of bids on March 23, through the official Contrat.Ar platform.
El Gobierno avanza con la licitación para privatizar Transener.
According to official and private estimates, the transaction could bring the state more than 200 million dollars, with a base price set at USD 205 million. Moreover, according to the company's market capitalization, the total value of the state's stake could climb to USD 330 million. The Executive's objective is to complete the process during the first half of 2026.
Transener is a key piece of the Argentine energy system: it operates more than 12,400 kilometers of high-voltage lines and guarantees the transmission of electricity throughout the national territory. Its shareholding structure is complex. 51% of class A shares belongs to Citelec, a company controlled in equal parts by Enarsa and Pampa Energía, while the remaining 49% is publicly traded and is distributed among private investors, the Sustainability Guarantee Fund of ANSES and a small percentage held by Citelec itself.
In practical terms, Enarsa holds 25.5% of class A shares and an additional minority stake in the public offering. When the ANSES stake is added, the national state currently concentrates around 46% of Transener. At this stage, only Enarsa's shares will be put up for sale, while the FGS will maintain, for the moment, its stake.
El Gobierno avanza con la licitación para privatizar Transener.
The privatization of Transener is part of a broader government strategy to reorganize the role of the state. Unlike other recent initiatives —such as concessions for national highways or hydroelectric dams—, in this case it is a direct sale of shares and not a concession of public assets. The company is already privately managed and has a solid financial situation, with normalized revenues after the Five-Year Tariff Review and outstanding levels of operational efficiency.
These decisions aim at an economic model with less state intervention, greater private investment and clear rules of the game.
