The Executive seeks to attract private investment to expand and modernize the Argentine nuclear plan
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The national government confirmed that it will begin a partial privatization process ofNucleoeléctrica Argentina (NASA), the state-owned company that manages the country's nuclear power plants. The decision, which is part of the Ley Bases, will be implemented through a decree that will be announced in the coming days, according to presidential spokesperson Manuel Adorni.
"The decree that initiates the partial privatization process of Nucleoeléctrica Argentina will be signed", Adorni stated during his regular press conference.
The official specified that the State will offer for sale "44% of the shares in a block, through a national and international public tender", while confirming that the Government will retain the majority of shares. "The remaining 51% will remain in the hands of the national State", he detailed.
Central Nuclear Embalse - Córdoba.
The scheme, designed by Milei's government and promoted by Diego Chaher, head of the Public Companies Transformation Agency, also includes a"participatory ownership program of up to 5% of the share capital", which will allow the company's employees to become shareholders, according to information from the Secretariat of Energy.
Nucleoeléctrica Argentina is responsible for operating the three nuclear power plants currently in operation in the country: Atucha I, Atucha II, and Embalse. Together, the plants generate 1,763 MW of installed capacity and account for 7% of the national electricity supply. For this reason, the company is among the few state-owned firms with an operating surplus. During the first quarter of 2025, it recorded a positive financial result of $17.234 billion. Estimates by sector analysts value the company at up to US$1 billion.
The current shareholding structure of NASA is distributed among the Ministry of Economy(79%), the National Atomic Energy Commission(20%), and Energía Argentina (Enarsa). To carry out the privatization, these agencies will transfer their holdings to the Secretariat of Energy, which will become the authority responsible for the process.
According to Adorni, the incorporation of private capital is part of the strategic objectives of the national nuclear plan. "The decision to privatize the company responds to one of the main objectives of the Argentine nuclear plan, which is to promote private investment within the sector", he stated. Among the goals the Government seeks to achieve are "the construction of the first Argentine modular reactor, the extension of the lifespan of our plants, and the promotion of uranium mining".
El Complejo Nuclear Atucha - Atucha II.
A statement from the Secretariat of Energy detailed that NASA had received in 2023"non-reimbursable capital transfers from the national State amounting to $700 million (approximately US$2 million as of November of that year)". However, in 2024, no such funds were allocated in line with the new financing scheme. "In 2024, on the other hand, it did not receive any transfer, which marks a shift in financing policy toward a model with greater private participation", the agency highlighted.
The same document specified that the entry of private investment will make it possible to finance key projects, including the extension of the useful life of the Atucha I Nuclear Power Plant, whose return to the market is scheduled for 2027, and the expansion of the dry storage system for spent fuel elements (ASECG II).
The scheme will ensure the necessary funds for strategic projects, diversify risks, and guarantee the continuity of operations in an efficient and competitive manner.
Adorni, meanwhile, recalled that the process is part of a broader policy of transformation of public companies: "All public companies are subject to an unavoidable privatization process", within the framework of the agenda promoted by Minister of Economy Luis Caputo and the head of the Public Companies Transformation Agency, Diego Chaher.
