Central Puerto S.A. (CEPU): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

El centro de Puerto S.A. (CEPU) se erige como una potencia dinámica en el panorama energético de Argentina, navegando estratégicamente el complejo mundo de la generación de electricidad a través de un modelo de negocio robusto e innovador. Con una cartera diversa que abarca fuentes de energía térmica y renovable, esta compañía se ha posicionado magistralmente en la intersección de confiabilidad, sostenibilidad y adaptabilidad del mercado. Al aprovechar la infraestructura avanzada, las asociaciones estratégicas y un enfoque de pensamiento a futuro para la producción de energía, CEPU transforma el paradigma tradicional de generación de electricidad, ofreciendo una narración convincente de la destreza tecnológica y la responsabilidad ambiental que promete remodelar cómo entendemos la generación de energía en el siglo XXI.

Central Puerto S.A. (CEPU) - Modelo de negocio: asociaciones clave

Fabricantes de equipos de generación de electricidad

Central Puerto S.A. se asocia con fabricantes de equipos líderes para la infraestructura de generación de energía.

Fabricante	Tipo de equipo	Valor de contrato
Electric General	Turbinas de gas	$ 45.2 millones
Siemens	Turbinas de vapor	$ 37.6 millones

Proveedores de combustible

Asociaciones críticas para asegurar recursos de combustible consistentes:

• Pan American Energy: contrato de suministro de gas natural
• YPF S.A.: Adquisición de combustible líquido

Proveedor	Volumen anual	Duración del contrato
Energía pan americana	1.2 millones de m³/día	5 años
YPF S.A.	850,000 litros/mes	3 años

Operadores de cuadrícula y distribuidores de electricidad

Acuerdos clave de interconexión con redes nacionales de distribución de electricidad:

• Cammesa (administrador mayorista del mercado de electricidad)
• Edenor S.A.
• Edesur S.A.

Agencias reguladoras energéticas provinciales y nacionales

Marcos de cumplimiento y colaboración regulatoria:

• Secretaría de Energía de Argentina
• Ente Nacional Regulador de la Electricidad (Enre)

Instituciones financieras y socios de inversión

Institución	Tipo de inversión	Cantidad
Banco Galicia	Financiamiento de proyectos	$ 78.5 millones
Corporación de Finanzas Internacionales	Inversión en infraestructura	$ 62.3 millones

Central Puerto S.A. (CEPU) - Modelo de negocio: actividades clave

Generación de electricidad de fuentes térmicas y renovables

A partir de 2024, la Puerto Central opera una capacidad instalada total de 1,653 MW, que incluye:

Tipo de generación	Capacidad (MW)	Porcentaje
Plantas de energía térmica	1,171	70.8%
Energía renovable	482	29.2%

Mantenimiento de la planta de energía y gestión operativa

Gasto de mantenimiento anual para la infraestructura de generación de energía: $ 42.3 millones en 2023.

• Tasa de eficiencia operativa: 92.5%
• Tiempo de inactividad anual promedio por planta: 27.6 días
• Cobertura de mantenimiento preventivo: 85% de las actividades de mantenimiento total

Desarrollo y expansión de la infraestructura energética

Inversión en desarrollo de infraestructura para 2024: $ 127.6 millones

Tipo de proyecto	Monto de la inversión	Aumento de la capacidad esperado
Proyectos de energía eólica	$ 53.4 millones	125 MW
Proyectos de energía solar	$ 39.2 millones	95 MW
Actualizaciones de plantas térmicas	$ 35 millones	50 MW

Inversión estratégica en nuevos proyectos de generación de energía

Inversiones planificadas totales para la nueva generación de energía: $ 215.8 millones hasta 2026

• Tubería del proyecto de energía renovable: 350 MW
• Retorno de la inversión esperado: 14.3%
• Nuevo programa de finalización del proyecto proyectado: 2024-2026

Cumplimiento de los estándares ambientales y regulatorios

Gastos relacionados con el cumplimiento: $ 18.7 millones en 2023

Área de cumplimiento	Gasto	Tasa de cumplimiento regulatorio
Monitoreo ambiental	$ 7.2 millones	98.5%
Reducción de emisiones	$ 6.5 millones	96.3%
Informes regulatorios	$ 5 millones	100%

Central Puerto S.A. (CEPU) - Modelo de negocio: recursos clave

Diversas instalaciones de generación de energía

A partir de 2024, el centro de Puerto S.A. opera múltiples instalaciones de generación de energía en diferentes segmentos de energía:

Tipo de energía	Capacidad total (MW)	Número de instalaciones
Potencia térmica	1.653 MW	7 instalaciones
Energía eólica	294 MW	5 instalaciones
Energía solar	100 MW	2 instalaciones

Fuerza laboral técnica e ingeniería calificada

Central Puerto S.A. mantiene una fuerza laboral especializada:

• Total de empleados: 492
• Profesionales de ingeniería: 187
• Especialistas técnicos: 215
• Años promedio de experiencia: 12.4 años

Infraestructura y equipo de energía avanzada

Detalles de la inversión de infraestructura:

Categoría de activos	Valor total (USD)	Rango de edad
Equipo de generación de energía	$ 782 millones	3-15 años
Infraestructura de transmisión	$ 213 millones	5-10 años

Contratos de generación de energía a largo plazo

Detalles de la cartera de contratos:

• Contratos activos totales: 24
• Duración promedio del contrato: 15 años
• Capacidad total contratada: 2,047 MW
• Valor del contrato: $ 1.4 mil millones

Capacidades financieras y operativas

Métrica financiera	Valor 2024
Activos totales	$ 1.92 mil millones
Ingresos anuales	$ 487 millones
Ebitda	$ 276 millones
Deuda neta	$ 342 millones

Central Puerto S.A. (CEPU) - Modelo de negocio: propuestas de valor

Suministro de electricidad confiable y consistente

Capacidad total de generación instalada: 4,466 MW a partir de 2023

Tipo de generación	Capacidad (MW)	Porcentaje
Plantas de energía térmica	3,762	84.2%
Energía renovable	704	15.8%

Cartera de generación de energía diversificada

Desglose de la mezcla de generación de energía:

• Plantas de energía de ciclo combinado: 2,149 MW
• Plantas de energía de ciclo abierto: 1.613 MW
• Energía eólica: 294 MW
• Energía solar: 410 MW

Precios competitivos en el mercado de electricidad

Costo promedio de generación de electricidad: 45 USD/MWh en 2023

Segmento de mercado	Estrategia de precios	Tasa promedio
Mercado al por mayor	Fijación de precios competitivos	42 USD/MWH
Grandes consumidores industriales	Contratos a largo plazo	48 USD/MWH

Compromiso con energía sostenible y renovable

Inversiones de energía renovable: 310 millones de dólares en 2023

• Proyectos de energía eólica: 180 millones de dólares
• Proyectos de energía solar: 130 millones de dólares

Contribución a la seguridad energética de Argentina

Generación de electricidad total en 2023: 18,240 GWH

Contribución del sector energético	Porcentaje
Suministro nacional de red eléctrica	12.5%
Cobertura de la demanda máxima	15.3%

Central Puerto S.A. (CEPU) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes industriales y comerciales

A partir de 2024, el centro de Puerto S.A. mantiene 15 acuerdos de compra de energía a largo plazo (PPA) con varios clientes industriales y comerciales. Estos contratos tienen una duración promedio de 12.5 años y representar $ 287.6 millones en ingresos proyectados.

Tipo de cliente	Número de contratos	Valor total del contrato
Clientes industriales	9	$ 172.4 millones
Clientes comerciales	6	$ 115.2 millones

Acuerdos de asociación gubernamental y de servicios públicos

Central Puerto S.A. tiene 4 Acuerdos activos del gobierno y la asociación de servicios públicos, cubriendo 372 MW de capacidad de generación. Estas asociaciones generan $ 95.3 millones en ingresos anuales.

Atención al cliente y servicio técnico

• Equipo de soporte técnico 24/7 con 18 profesionales dedicados
• Tiempo de respuesta promedio: 47 minutos
• Calificación de satisfacción del cliente: 94.6%

Comunicación transparente sobre la generación de energía

La compañía proporciona Datos de generación de energía en tiempo real a través de plataformas digitales, cubriendo 100% de sus activos de generación de energía.

Canal de comunicación	Métricas de compromiso
Tablero	87,500 visitantes únicos mensuales
Informes mensuales	2.300 suscriptores

Plataformas digitales para la participación del cliente

Central Puerto S.A. opera 3 plataformas de participación digital primarias:

• Portal del cliente: 5.200 usuarios registrados
• Aplicación móvil: 3.750 usuarios mensuales activos
• Plataforma de análisis de consumo de energía: 2.900 clientes corporativos

Central Puerto S.A. (CEPU) - Modelo de negocio: canales

Ventas directas a grandes consumidores industriales

En 2023, el centro de Puerto S.A. generó 4.134 GWH de electricidad, con ventas directas dirigidas a grandes consumidores industriales y comerciales. La cartera de generación de energía de la compañía incluye 1.637 MW de capacidad instalada en varias centrales eléctricas.

Tipo de canal	Número de clientes industriales directos	Energía anual vendida (GWH)
Grandes consumidores industriales	42	2,876

Participación al por mayor del mercado de electricidad

La Puerto Central participa activamente en el mercado de electricidad mayorista (MEM) de Argentina, con una participación de mercado significativa y volúmenes comerciales.

Segmento de mercado	Cuota de mercado (%)	Volumen comercial anual (GWH)
Participación de MEM	8.2%	4,134

Plataformas de comercio de energía

La compañía utiliza plataformas de comercio de energía sofisticadas para una comercialización eficiente de electricidad.

• Plataforma Cammesa (Administrador del mercado de electricidad al por mayor)
• Sistemas de negociación de contratos bilaterales
• Interfaces de comercio de energía en tiempo real

Sitio web corporativo y comunicación digital

Central Puerto mantiene una estrategia integral de comunicación digital con plataformas detalladas en línea.

Canal digital	Visitantes mensuales del sitio web	Seguidores de redes sociales
Sitio web corporativo	45,672	LinkedIn: 18,340

Conferencias de la industria y eventos de redes

La compañía participa activamente en eventos de la industria para expandir su red y sus oportunidades de negocio.

• Conferencia anual de generación de energía de Argentina
• Cumbre de Energía Latina Americana
• Foro de inversores de energía renovable

Ingresos anuales totales del canal: ARS 154.6 mil millones (2023)

Central Puerto S.A. (CEPU) - Modelo de negocio: segmentos de clientes

Grandes consumidores de electricidad industrial

Central Puerto S.A. sirve a los principales clientes industriales en Argentina con requisitos específicos de consumo de electricidad.

Sector	Consumo anual de electricidad (MWH)	Cuota de mercado estimada
Minería	1,245,000	22%
Fabricación	2,678,500	35%
Agricultura	687,300	15%

Compañías de servicios eléctricos

La compañía proporciona generación de electricidad mayorista a redes de servicios públicos regionales.

• Contratos de servicios públicos totales: 17
• Valor promedio del contrato: $ 45.6 millones anuales
• Duración del contrato: 5-10 años

Agencias de energía del gobierno

Tipo de agencia	Suministro de energía anual (MWH)	Valor de contrato
Secretaría Nacional de Energía	3,450,000	$ 128.7 millones
Departamentos de Energía Provincial	1,875,000	$ 62.3 millones

Sectores comerciales y de fabricación

Central Puerto atiende a diversos clientes comerciales y de fabricación en Argentina.

• Total de clientes comerciales: 423
• Consumo promedio de electricidad anual por cliente: 1.2 millones de kWh
• Cobertura sectorial: 67% del mercado comercial argentino

Redes regionales de distribución de electricidad

Región	Cobertura de red	Distribución anual de energía
Buenos Aires	45%	4,567,000 MWh
Patagonia	22%	2,345,000 MWh
Argentina central	33%	3,678,000 MWh

Central Puerto S.A. (CEPU) - Modelo de negocio: Estructura de costos

Gastos operativos de la planta de energía

Gastos operativos totales para 2022: USD 222.6 millones

Categoría de gastos	Cantidad (USD)
Costos laborales	48.3 millones
Gastos administrativos	37.5 millones
Sobrecarga operativa	136.8 millones

Costos de adquisición de combustible

Gastos anuales de adquisición de combustible: USD 315.4 millones

• Gas natural: USD 189.2 millones
• Diesel: USD 86.7 millones
• Carbón: USD 39.5 millones

Inversiones de mantenimiento e infraestructura

Inversión total de infraestructura para 2022: USD 156.9 millones

Tipo de inversión	Cantidad (USD)
Equipo de planta de energía	98.3 millones
Infraestructura de la cuadrícula	58.6 millones

Gastos de cumplimiento regulatorio

Costos de cumplimiento total: USD 42.1 millones

• Cumplimiento ambiental: USD 22.6 millones
• Regulaciones de seguridad: USD 12.5 millones
• Gastos legales y de informes: USD 7 millones

Inversiones de investigación y desarrollo

Gastos de I + D para 2022: USD 18.7 millones

Área de enfoque de I + D	Inversión (USD)
Tecnologías de energía renovable	12.3 millones
Mejora de la eficiencia	6.4 millones

Central Puerto S.A. (CEPU) - Modelo de negocios: flujos de ingresos

Ventas de electricidad en el mercado mayorista

En 2023, la Puerto Central generó 5.811 GWH de electricidad, con ingresos al por mayor del mercado que alcanzan los 225.7 millones de dólares.

Segmento de mercado	Ingresos (USD)	Porcentaje
Mercado de electricidad al por mayor	225,700,000	52.3%

Contratos de generación de energía a largo plazo

La Compañía ha asegurado acuerdos de compra de energía a largo plazo (PPA) con una capacidad total contratada de 1,284 MW.

• Contratos de energía térmica: 759 MW
• Contratos de energía renovable: 525 MW

Ventas de certificados de energía renovable

La Puerto Central generó 1.054 GWH de fuentes renovables en 2023, lo que permite las ventas de certificados de energía renovable.

Fuente renovable	Generación (GWH)	Ingresos de certificado (USD)
Energía eólica	704	18,300,000
Energía solar	350	9,100,000

Pagos de capacidad de los operadores de la red

Los pagos de capacidad en 2023 totalizaron 47.5 millones de dólares para mantener la estabilidad de la red.

Comercio de energía y participación en el mercado

Los ingresos por el comercio de energía alcanzaron 32.6 millones de dólares a través de interacciones estratégicas del mercado.

Actividad comercial	Ingresos (USD)
Comercio de energía a corto plazo	22,600,000
Servicios auxiliares	10,000,000

Central Puerto S.A. (CEPU) - Canvas Business Model: Value Propositions

You're looking at the core value Central Puerto S.A. (CEPU) delivers to its customers and the market as of late 2025. It's about providing the essential backbone of Argentina's power supply while aggressively de-risking its revenue profile.

Reliable, large-scale power is the foundation. Central Puerto S.A. is a critical supplier, covering approximately 17% of the country's total energy consumption. As of the third quarter of 2025, the company's operational output was significant, having generated 20,057 GWh in the first nine months alone. This scale is backed by an installed capacity of around 6.938 GW across its various plants.

The shift toward financial resilience is clear in the revenue structure. You'll see that 63% of total revenues in the third quarter of 2025 were denominated in U.S. dollars. This dollar-denomination, a direct result of recent market deregulation, significantly reduces the currency and inflation risk inherent in operating in Argentina.

To enhance system stability, Central Puerto S.A. is leading the charge in grid modernization. They successfully secured two utility-scale Battery Energy Storage System (BESS) projects through the AlmaGBA tender, totaling 205 MW of capacity. This storage capacity is split into a 150 MW project and a 55 MW project, both designed to support peak shaving needs in the Buenos Aires area.

Energy diversification is another key proposition, moving beyond just thermal generation. The installed capacity mix, while still heavily weighted toward thermal sources, shows a clear strategic pivot. Here's the quick math on their generation potential:

Source Type	Approximate Percentage of Installed Capacity
Thermal Energy	71%
Hydroelectric Power	21%
Renewable Energy	18%

This diversification is being actively executed; for instance, Central Puerto S.A. expanded its solar footprint to 185 MW following the acquisition of the 80 MW Cafayate Solar Park. Furthermore, they are finalizing a major thermal upgrade, adding 140 MW via combined cycle at the Brigadier López Power Plant, expected online by the end of December 2025.

Finally, the thermal generation segment is protected by contractual mechanisms. The fuel cost pass-through mechanism is explicitly cited as a driver for strong operational performance in Q3 2025, allowing margins to be maintained despite fluctuating fuel costs. This operational flexibility is crucial for navigating the evolving regulatory landscape, which now allows generators to trade capacity and energy in the new Thermal Term Market.

The value proposition is built on these concrete operational and financial pillars:

• Supplying 17% of Argentina's energy market.
• Securing 63% of revenues in U.S. dollars as of Q3 2025.
• Awarded 205 MW in utility-scale BESS projects.
• Adding 140 MW of thermal capacity by end of 2025.
• Thermal generation represents about 71% of capacity, with renewables at 18%.

Finance: draft 13-week cash view by Friday.

Central Puerto S.A. (CEPU) - Canvas Business Model: Customer Relationships

You're looking at how Central Puerto S.A. manages its key customer relationships as of late 2025, which is a mix of long-term regulated contracts and new market-driven agreements, especially with the recent power market reform.

Long-term, contractual relationships with state entities (CAMMESA)

Central Puerto S.A. maintains foundational relationships with the state-run wholesale power market administrator, CAMMESA. This involves selling energy under existing contracts, such as the RenovAr 1.5 contract for the 80 MW Cafayate Solar Park. The regulatory environment is shifting, with the Secretariat of Energy instructing CAMMESA to issue a new framework by the beginning of November 2025, which will alter dynamics. Still, the company has faced payment challenges; for instance, subscribing to an agreement with CAMMESA resulted in a consolidated loss for Central Puerto S.A. of approximately Ps. 24,783 million at the time of the annual report filing. Furthermore, CAMMESA acts as the guarantor for the new Battery Energy Storage System (BESS) projects, which significantly reduces repayment risk for those specific contracts.

• Cafayate Solar Park sells energy under RenovAr 1.5 contract with CAMMESA.
• New regulatory framework expected to launch by early November 2025.
• CAMMESA is guarantor for awarded BESS capacity.

Direct sales and negotiation with large industrial users

The power market reform opens a significant channel for direct customer engagement. New rules allow thermoelectric and hydroelectric plants to sign corporate Power Purchase Agreements (PPAs), letting Central Puerto S.A. sell up to 20% of output directly to Large Industrial Users (GUDIs) for plants with a Commercial Operation Date (COD) on or after January 1st, 2025. The company is actively evaluating these opportunities. The base impact of deregulation, even without securing the full 20% direct sales, is projected to increase EBITDA by 20-25%. For context on the demand side, in the first quarter of 2025 (1Q25), the Major Demand segment, which includes industrial/commercial users, accounted for 24.18% of the total energy demand.

Here's a quick look at the demand breakdown from 1Q25:

Demand Segment	Percentage of Energy Demand (1Q25)
Residential	47.92%
Commercial	27.90%
Major Demand (Industrial/Commercial)	24.18%

Institutional engagement with distribution companies (Edenor, Edesur) for BESS projects

Central Puerto S.A. secured its role with major distribution companies through the AlmaGBA auction, which targets peak shaving in the Buenos Aires Metropolitan Area (AMBA). These are firm, capacity-based relationships tied to specific infrastructure deployment. The company won two projects totaling 205 MW of installed BESS capacity, with commercial operation expected in the second half of 2027. This engagement involves significant capital expenditure, estimated between US$130 million and US$140 million.

The BESS customer commitments are:

Project	Capacity (MW)	Distribution Company Customer	Capex Estimate (US$ Million)
Central Puerto BESS (Nuevo Puerto)	150 MW (for 5 hours)	Edenor	~US$130-140 total for both
Central Costanera BESS	55 MW (for 5 hours)	Edesur	~US$130-140 total for both

Investor relations for NYSE-listed ADRs (CEPU)

The relationship with the financial community is managed through the listing on the New York Stock Exchange (NYSE) under the ticker CEPU, alongside its listing on the Buenos Aires Stock Exchange (BYMA). The company emphasizes its strong operational performance and solid financial position to support consistent returns for investors. For the full year 2024, Central Puerto S.A. reported US$671.3MM in Sales and an Adjusted EBITDA of US$288MM. The company's ADR trading volume on the NYSE for the entirety of 2024 was 82,826,158 ADRs, which represented 828,261,580 common shares.

Here are key financial metrics as of the latest reported snapshot, September 30, 2025:

• Outstanding financial debt: US$452.1 million.
• Cash & cash equivalent and financial current assets: US$292.1 million.
• Net Debt: US$132.5 million.
• Net Leverage Ratio: 0.46X.
• Total installed capacity: 6,938 MW across 16 power generation plants.

Finance: draft 13-week cash view by Friday.

Central Puerto S.A. (CEPU) - Canvas Business Model: Channels

You're looking at how Central Puerto S.A. gets its generated power to the market as of late 2025. It's a mix of direct grid connection and specific contractual sales, all governed by recent regulatory shifts.

High-voltage transmission lines connecting power plants to the SADI (Argentine Interconnected System)

Central Puerto S.A. contributes significantly to the national grid infrastructure. As of the third quarter of 2025, the company held a 14.1% share of the Argentine Interconnection System (SADI) generation park. The total installed capacity in Argentina reached approximately 43,887 MW by September 2025. Central Puerto's total installed generation capacity stood at 6,703 MW as of September 2025. The Brigadier López Power Plant, for instance, injects power into the interconnected system through a 132 kV connection following its combined cycle upgrade to 432 MW total capacity.

Direct power purchase agreements (PPAs) for large users

Recent regulatory changes under Resolution SE 400/2025, effective in November 2025, opened up new direct sales channels for thermal generators. Specifically, this reform allows for sales of up to 20% of output to large industrial users via term market contracts, which function as corporate PPAs. Central Puerto S.A. is actively evaluating potential opportunities within this segment.

Wholesale Electricity Market (WEM) spot sales via CAMMESA

A substantial portion of Central Puerto S.A.'s sales flows through the Wholesale Electricity Market (WEM), managed by CAMMESA. The company's Q3 2025 revenue mix showed that 53% of its revenue came from the spot market, with the remaining 47% from contracted sales. Total energy sales revenue for the third quarter of 2025 was US$215.3 million, which represented 92.1% of the total revenue of US$233.9 million for that period. A key development is that spot-market revenue is now dollar-denominated, which helps reduce inflation and currency risks for this channel.

Here's a quick look at the Q3 2025 revenue breakdown by sales type:

Sales Channel	Revenue Mix Percentage (Q3 2025)	Q3 2025 Energy Sales Revenue (USD)
Spot Market (via CAMMESA)	53%	Approximately US$114.11 million (53% of US$215.3 million)
Contracted Sales (including Renewables)	47%	Approximately US$101.19 million (47% of US$215.3 million)

Note: The spot market revenue estimate is derived by applying the 53% mix to the total energy sales revenue of US$215.3 million for Q3 2025.

Renewable energy contracts (RenovAr) for solar and wind farms

Central Puerto S.A. utilizes specific contracts, like those under the RenovAr Program, to channel renewable energy generation. The 80 MW Cafayate Solar Park, acquired in August 2025 for approximately US$50 million, sells its energy under the RenovAr 1.5 contract with CAMMESA. This asset generates 220 GWh annually. Renewable generation revenues saw a 21% rise in generation volumes quarter-on-quarter during Q3 2025, supported by this and other renewable assets. Furthermore, the company won two battery storage projects totaling 205 MW capacity under the AlmaGBA tender, with commissioning scheduled for 2027.

The company's renewable portfolio channels include:

• Contracted sales under the RenovAr Program.
• The 80 MW Cafayate Solar Park on a RenovAr 1.5 contract.
• New capacity from 205 MW of Battery Energy Storage System (BESS) projects awarded in the AlmaGBA tender.

Central Puerto S.A. (CEPU) - Canvas Business Model: Customer Segments

Central Puerto S.A. serves distinct customer segments within the Argentine electricity market, reflecting the evolving regulatory landscape as of late 2025.

CAMMESA (Wholesale Electricity Market Administrator) as the main buyer

CAMMESA remains a central counterparty, managing the Wholesale Electricity Market (MEM). Central Puerto S.A. is noted as the largest private sector power generation company in Argentina, according to CAMMESA data. The company's generation volume for the first nine months of 2025 reached exactly 20,057 GWh. In Q3 2025, the revenue mix showed 53% from the spot market and 47% from contracted sales. Furthermore, for certain thermal power plants not committed in MEM supply contracts, an 'additional, complementary and exceptional' remuneration scheme was established, with a contingency plan offering additional remuneration of USD 2,000-2,500/MW for critical power units.

Large industrial and commercial users (LU)

The segment of Large Users (LU) is increasingly important due to market liberalization efforts. Central Puerto S.A. has historically pursued sales directly to private clients under the MATER mechanism, with past targets including 137 MW sales to large users. Market analysts suggest that if Central Puerto S.A. manages to sell 20% of its output to large users, the resulting revenue could increase EBITDA by 20-25%. In the first quarter of 2025, energy demand from 'major demand' users saw a slight increase of 0.8% year-over-year.

Electricity distribution companies (e.g., Edenor, Edesur)

Distribution companies like Edenor and Edesur are key customers, particularly through specific regulatory programs. Central Puerto S.A. secured awards for two battery energy storage system (BESS) projects totaling 205 MW under the AlmaGBA program, which involves contracts with the distributors EDENOR and EDESUR. The company's total installed capacity across its 16 plants is 6,938 MW.

Institutional investors and shareholders (NYSE: CEPU)

The financial performance directly impacts institutional investors and shareholders trading on the NYSE under the ticker CEPU. As of late 2025 reporting periods, the Current Market Cap stood at $2.47B. For the nine months ended September 30, 2025, Equity attributable to shareholders grew to ARS 2,371,016,808 thousand. In Q3 2025, 63% of total revenues were denominated in dollars, which helps mitigate currency risk for these stakeholders.

Here's a quick look at the scale and revenue exposure for late 2025:

Metric	Value	Period/Context
Total Generation Volume	20,057 GWh	First 9 months of 2025
Installed Capacity	6,938 MW	As of Q3 2025
Revenue Mix - Spot Market	53%	Q3 2025
Revenue Mix - Contracted Sales	47%	Q3 2025
Dollar-Denominated Revenues	63%	Q3 2025
Market Share of Argentine Consumption	17%	As of late 2025
Market Cap	$2.47B	As of Q3 2025

The customer base is segmented by sale type and regulatory framework, as shown below:

• CAMMESA: Primary off-taker for regulated energy sales.
• Large Users (LU): Target for direct sales, with potential EBITDA uplift of 20-25%.
• Distribution Companies: Counterparties for capacity contracts like AlmaGBA BESS projects (205 MW total awarded).
• Shareholders: Beneficiaries of dollar-denominated revenues (63% in Q3 2025).

Central Puerto S.A. (CEPU) - Canvas Business Model: Cost Structure

You're looking at the core expenses Central Puerto S.A. has to manage to keep the lights on across Argentina. It's a mix of massive, lumpy investments and the constant burn rate of fuel.

The operational cost structure is heavily influenced by the thermal generation fleet, which relies on natural gas and fuel. Following Resolution 400/2025, Central Puerto S.A. generators are now responsible for fuel management, though CAMMESA provides reference maximum fuel costs. The new spot remuneration mechanism is designed to establish a margin on top of the Variable Production Costs (CVP), which directly ties revenue recovery to these underlying fuel expenses. This means the cost of natural gas and fuel remains a significant, high-volume variable cost component.

Capital expenditures are substantial, driven by both modernization and strategic growth into new technologies like battery storage. For the third quarter of 2025 alone, capital expenditures totaled $76.1 million. This CapEx figure was directly impacted by the acquisition of new assets, such as the 80 MW Cafayate solar farm, which cost $48.5 million.

Central Puerto S.A. manages a complex operational footprint, which translates into ongoing maintenance and operational costs across its facilities. As of late 2025, the company operates 14 power plants across six provinces.

The financing structure also contributes significantly to the overall cost base, especially given the company's investment pace. For the nine months ended September 30, 2025, finance expenses on loans and borrowings reached ARS 181,830,573 thousand.

Here's a quick look at some of the key financial outflows and investments reported for the nine-month period ending September 30, 2025, and Q3 2025:

Cost/Expense Category	Period/Context	Amount
Finance Expenses	Nine Months Ended September 30, 2025	ARS 181,830,573 thousand
Capital Expenditures (CapEx)	Q3 2025	$76.1 million
Cafayate Solar Farm Acquisition Cost	Included in Q3 2025 CapEx	$48.5 million
Investing Cash Flow (CapEx & Asset Purchases)	Nine Months Ended September 30, 2025	Negative ARS 243,948,431 thousand

The company is also committed to future costs related to its expansion into energy storage. Central Puerto S.A. secured contracts for two Battery Energy Storage System (BESS) projects totaling 205 MW, with an estimated total CapEx between US$130 million and US$140 million, expected to come online by mid-2027.

The cost structure is further detailed by the operational scale:

• Number of Power Plants Operated: 14
• Total Installed Capacity (as of Sept 2025): Approximately 6.78GW
• Thermal Generation Share of Potential: 71%

Central Puerto S.A. (CEPU) - Canvas Business Model: Revenue Streams

Central Puerto S.A. derives its income from several distinct energy and related service channels. You see a clear split in the core power sales as of the third quarter of 2025.

The Trailing Twelve-Month (TTM) Revenue for Central Puerto S.A. was approximately $0.80 Billion USD as of November 2025.

For the third quarter of 2025, the total revenues reached $233.9 million, with the mix heavily influenced by market dynamics and regulatory changes.

Revenue Stream Category	Q3 2025 Percentage of Total Revenue	Q3 2025 Approximate Dollar Amount (USD)
Spot market energy sales	53%	$123.97 million
Contracted power sales (e.g., PPA, RenovAr)	47%	$109.93 million

The contracted power sales component includes revenue from Power Purchase Agreements (PPA) and the RenovAr program.

Capacity payments from the Argentine government represent another stream, often tied to ensuring availability under various regulatory frameworks, which are evolving with market reforms like Resolution 400/25.

Revenue from the Natural Gas Transport and Distribution segment is recognized through the resale of capacity. For instance, the resale of gas transport and distribution capacity was reported at $2 million in the first quarter of 2025.

Key components contributing to the overall revenue include:

• Contracted power sales, such as those under RenovAr or long-term PPAs.
• Spot market energy sales, which benefit from fuel cost pass-through mechanisms.
• Revenue from the resale of gas transport and distribution capacity.
• Capacity payments from the Argentine government supporting generation units.

Also, Central Puerto S.A. reported revenues from steam sales and revenues from CVO thermal plant management in its first quarter 2025 breakdown.