Central Puerto S.A. (CEPU): Business Model Canvas [Jan-2025 Mis à jour]

Central Puerto S.A. (CEPU) est une centrale dynamique dans le paysage énergétique de l'Argentine, naviguant stratégiquement dans le monde complexe de la production d'électricité grâce à un modèle commercial robuste et innovant. Avec un portefeuille diversifié couvrant des sources d'énergie thermique et renouvelable, cette société s'est magistralement positionnée à l'intersection de la fiabilité, de la durabilité et de l'adaptabilité du marché. En tirant parti de l'infrastructure avancée, des partenariats stratégiques et une approche avant-gardiste de la production d'énergie, le CEPU transforme le paradigme traditionnel de la production d'électricité, offrant un récit convaincant de prouesses technologiques et de responsabilité environnementale qui promet de remodeler la façon dont nous comprenons la production d'électricité au 21e siècle.

Central Puerto S.A. (CEPU) - Modèle d'entreprise: partenariats clés

Fabricants d'équipements de production d'électricité

Central Puerto S.A. s'associe aux principaux fabricants d'équipements pour l'infrastructure de production d'électricité.

Fabricant	Type d'équipement	Valeur du contrat
Électrique générale	Turbines à gaz	45,2 millions de dollars
Siemens	Turbines à vapeur	37,6 millions de dollars

Fournisseurs de carburant

Partenariats critiques pour obtenir des ressources en carburant cohérentes:

• Énergie panaméricaine: contrat d'approvisionnement en gaz naturel
• YPF S.A.: Aachat de carburant liquide

Fournisseur	Volume annuel	Durée du contrat
Énergie panaméricaine	1,2 million de m³ / jour	5 ans
YPF S.A.	850 000 litres / mois	3 ans

Opérateurs de grille et distributeurs d'électricité

Accords d'interconnexion clés avec les réseaux nationaux de distribution d'électricité:

• CAMMESA (Administrateur du marché de l'électricité en gros)
• Edenor S.A.
• Edesur S.A.

Agences de réglementation de l'énergie provinciale et nationale

Cadres de conformité et de collaboration réglementaires:

• Secrétaría de Energía de Argentine
• Ente Nacional Regulador de la Electricidad (Enre)

Institutions financières et partenaires d'investissement

Institution	Type d'investissement	Montant
Banco Galicia	Financement du projet	78,5 millions de dollars
Corporation financière internationale	Investissement en infrastructure	62,3 millions de dollars

Central Puerto S.A. (CEPU) - Modèle d'entreprise: Activités clés

Production d'électricité à partir de sources thermiques et renouvelables

En 2024, Central Puerto exploite une capacité totale installée de 1 653 MW, ce qui comprend:

Type de génération	Capacité (MW)	Pourcentage
Centrales thermiques	1,171	70.8%
Énergie renouvelable	482	29.2%

Entretien et gestion opérationnelle des centrales électriques

Dépenses de maintenance annuelles pour les infrastructures de production d'électricité: 42,3 millions de dollars en 2023.

• Taux d'efficacité opérationnelle: 92,5%
• Temps d'arrêt annuel moyen par plante: 27,6 jours
• Couverture de maintenance préventive: 85% des activités de maintenance totales

Développement et expansion des infrastructures énergétiques

Investissement dans le développement des infrastructures pour 2024: 127,6 millions de dollars

Type de projet	Montant d'investissement	Augmentation de la capacité attendue
Projets d'énergie éolienne	53,4 millions de dollars	125 MW
Projets d'énergie solaire	39,2 millions de dollars	95 MW
Amélioration des plantes thermiques	35 millions de dollars	50 MW

Investissement stratégique dans de nouveaux projets de production d'électricité

Investissements planifiés totaux pour une nouvelle production d'électricité: 215,8 millions de dollars à 2026

• Pipeline de projet d'énergie renouvelable: 350 MW
• Retour sur investissement attendu: 14,3%
• Chronologie de l'achèvement du nouveau projet projeté: 2024-2026

Conformité aux normes environnementales et réglementaires

Dépenses liées à la conformité: 18,7 millions de dollars en 2023

Zone de conformité	Dépense	Taux de conformité réglementaire
Surveillance environnementale	7,2 millions de dollars	98.5%
Réduction des émissions	6,5 millions de dollars	96.3%
Représentation réglementaire	5 millions de dollars	100%

Central Puerto S.A. (CEPU) - Modèle d'entreprise: Ressources clés

Diverses installations de production d'électricité

En 2024, Central Puerto S.A. exploite plusieurs installations de production d'électricité dans différents segments d'énergie:

Type d'énergie	Capacité totale (MW)	Nombre d'installations
Puissance thermique	1 653 MW	7 installations
Énergie éolienne	294 MW	5 installations
Énergie solaire	100 MW	2 installations

Travail technique et ingénierie qualifié

Central Puerto S.A. maintient une main-d'œuvre spécialisée:

• Total des employés: 492
• Professionnels d'ingénierie: 187
• Spécialistes techniques: 215
• Années moyennes d'expérience: 12,4 ans

Infrastructure et équipement d'énergie avancée

Détails de l'investissement des infrastructures:

Catégorie d'actifs	Valeur totale (USD)	Tranche d'âge
Équipement de production d'électricité	782 millions de dollars	3-15 ans
Infrastructure de transmission	213 millions de dollars	5-10 ans

Contrats de production d'électricité à long terme

Détails du portefeuille de contrats:

• Contrats actifs totaux: 24
• Durée du contrat moyen: 15 ans
• Capacité contractuelle totale: 2 047 MW
• Valeur du contrat: 1,4 milliard de dollars

Capacités financières et opérationnelles

Métrique financière	Valeur 2024
Actif total	1,92 milliard de dollars
Revenus annuels	487 millions de dollars
EBITDA	276 millions de dollars
Dette nette	342 millions de dollars

Central Puerto S.A. (CEPU) - Modèle d'entreprise: propositions de valeur

Alimentation électrique fiable et cohérente

Capacité de production totale installée: 4 466 MW en 2023

Type de génération	Capacité (MW)	Pourcentage
Centrales thermiques	3,762	84.2%
Énergie renouvelable	704	15.8%

Portfolio de production d'énergie diversifiée

Réflexion de mixage de production d'énergie:

• Cycle de cycle combiné: 2 149 MW
• Cycle de cycle ouvert: 1 613 MW
• Énergie éolienne: 294 MW
• Énergie solaire: 410 MW

Prix ​​compétitifs sur le marché de l'électricité

Coût moyen de production d'électricité: 45 USD / MWh en 2023

Segment de marché	Stratégie de tarification	Taux moyen
Marché de gros	Prix ​​compétitifs	42 USD / MWH
Grands consommateurs industriels	Contrats à long terme	48 USD / MWH

Engagement envers les énergies durables et renouvelables

Investissements en énergie renouvelable: 310 millions USD en 2023

• Projets d'énergie éolienne: 180 millions USD
• Projets d'énergie solaire: 130 millions USD

Contribution à la sécurité énergétique de l'Argentine

Production totale d'électricité en 2023: 18 240 GWh

Contribution du secteur de l'énergie	Pourcentage
National Electricity Grid Supply	12.5%
Couverture de demande de pointe	15.3%

Central Puerto S.A. (CEPU) - Modèle d'entreprise: Relations clients

Contrats à long terme avec des clients industriels et commerciaux

Depuis 2024, Central Puerto S.A. maintient 15 accords d'achat d'électricité à long terme (APP) avec divers clients industriels et commerciaux. Ces contrats ont une durée moyenne de 12,5 ans et représenter 287,6 millions de dollars de revenus prévus.

Type de client	Nombre de contrats	Valeur totale du contrat
Clients industriels	9	172,4 millions de dollars
Clients commerciaux	6	115,2 millions de dollars

Accords de partenariat gouvernemental et utilitaire

Central Puerto S.A. a 4 Accords de partenariat actif et de partenariat utilitaire, couvrant 372 MW de capacité de production. Ces partenariats génèrent 95,3 millions de dollars de revenus annuels.

Support client et service technique

• Équipe de support technique 24/7 avec 18 professionnels dévoués
• Temps de réponse moyen: 47 minutes
• Évaluation de satisfaction du client: 94.6%

Communication transparente sur la production d'énergie

La société fournit Données de production d'énergie en temps réel via des plates-formes numériques, couvrant 100% de ses actifs de production d'électricité.

Canal de communication	Métriques d'engagement
Tableau de bord en ligne	87 500 visiteurs uniques mensuels
Rapports mensuels	2 300 abonnés

Plateformes numériques pour l'engagement des clients

Central Puerto S.A. exploite 3 plates-formes d'engagement numériques primaires:

• Portail client: 5 200 utilisateurs enregistrés
• Application mobile: 3 750 utilisateurs mensuels actifs
• Plateforme d'analyse de consommation d'énergie: 2 900 clients d'entreprise

Central Puerto S.A. (CEPU) - Modèle d'entreprise: canaux

Ventes directes aux grands consommateurs industriels

En 2023, Central Puerto S.A. Le portefeuille de production d'électricité de la société comprend 1 637 MW de capacité installée dans diverses centrales électriques.

Type de canal	Nombre de clients industriels directs	Énergie annuelle vendue (GWH)
Grands consommateurs industriels	42	2,876

Participation du marché en gros de l'électricité

Central Puerto participe activement au marché de la vente en gros de l'Argentine (MEM), avec des parts de marché importantes et des volumes de trading.

Segment de marché	Part de marché (%)	Volume commercial annuel (GWH)
Participation MEM	8.2%	4,134

Plateformes de trading d'énergie

La société utilise des plateformes de trading d'énergie sophistiquées pour une commercialisation efficace de l'électricité.

• Plateforme CAMMESA (Administrateur du marché de l'électricité en gros)
• Systèmes de trading de contrats bilatéraux
• Interfaces de trading d'énergie en temps réel

Site Web d'entreprise et communication numérique

Central Puerto maintient une stratégie de communication numérique complète avec des plateformes en ligne détaillées.

Canal numérique	Visiteurs mensuels du site Web	Abonnés des médias sociaux
Site Web de l'entreprise	45,672	LinkedIn: 18 340

Conférences de l'industrie et événements de réseautage

La société s'engage activement dans des événements de l'industrie pour élargir ses opportunités de réseau et d'entreprise.

• Conférence annuelle de génération de puissance de l'Argentine
• Sommet de l'énergie latino-américaine
• Forum des investisseurs en énergies renouvelables

Revenu annuel du canal annuel: 154,6 milliards ARS (2023)

Central Puerto S.A. (CEPU) - Modèle d'entreprise: segments de clientèle

Grands consommateurs d'électricité industrielle

Central Puerto S.A. dessert les principaux clients industriels en Argentine avec des exigences spécifiques de consommation d'électricité.

Secteur	Consommation d'électricité annuelle (MWH)	Part de marché estimé
Exploitation minière	1,245,000	22%
Fabrication	2,678,500	35%
Agriculture	687,300	15%

Entreprises de services publics électriques

La société fournit une production d'électricité en gros aux réseaux de services publics régionaux.

• Total des contrats d'utilité: 17
• Valeur du contrat moyen: 45,6 millions de dollars par an
• Durée du contrat: 5-10 ans

Agences énergétiques gouvernementales

Type d'agence	Approvisionnement énergétique annuel (MWH)	Valeur du contrat
Secrétariat national de l'énergie	3,450,000	128,7 millions de dollars
Départements de l'énergie provinciale	1,875,000	62,3 millions de dollars

Secteurs commerciaux et manufacturiers

Central Puerto dessert divers clients commerciaux et manufacturiers à travers l'Argentine.

• Clients commerciaux totaux: 423
• Consommation annuelle moyenne d'électricité par client: 1,2 million de kWh
• Couverture sectorielle: 67% du marché commercial argentin

Réseaux régionaux de distribution d'électricité

Région	Couverture réseau	Distribution d'énergie annuelle
Buenos Aires	45%	4 567 000 MWh
Patagonie	22%	2 345 000 MWh
Central Argentine	33%	3 678 000 MWh

Central Puerto S.A. (CEPU) - Modèle d'entreprise: Structure des coûts

Dépenses opérationnelles de la centrale électrique

Dépenses opérationnelles totales pour 2022: 222,6 millions USD

Catégorie de dépenses	Montant (USD)
Coûts de main-d'œuvre	48,3 millions
Frais administratifs	37,5 millions
Frais généraux opérationnels	136,8 millions

Coûts d'approvisionnement en carburant

Dépenses annuelles d'approvisionnement en carburant: 315,4 millions USD

• Gaz naturel: 189,2 millions USD
• Diesel: 86,7 millions USD
• Charbon: 39,5 millions USD

Investissements d'entretien et d'infrastructure

Investissement total d'infrastructure pour 2022: 156,9 millions USD

Type d'investissement	Montant (USD)
Équipement électrique	98,3 millions
Infrastructure de grille	58,6 millions

Frais de conformité réglementaire

Coûts de conformité totaux: 42,1 millions USD

• Conformité environnementale: 22,6 millions USD
• Règlement sur la sécurité: 12,5 millions USD
• Dépenses juridiques et de déclaration: 7 millions USD

Investissements de recherche et développement

Dépenses de R&D pour 2022: 18,7 millions USD

Zone de focus R&D	Investissement (USD)
Technologies d'énergie renouvelable	12,3 millions
Amélioration de l'efficacité	6,4 millions

Central Puerto S.A. (CEPU) - Modèle d'entreprise: Strots de revenus

Ventes d'électricité sur le marché du gros

En 2023, Central Puerto a généré 5 811 GWh d'électricité, les revenus de gros sur le marché atteignant 225,7 millions USD.

Segment de marché	Revenus (USD)	Pourcentage
Marché de l'électricité en gros	225,700,000	52.3%

Contrats de production d'électricité à long terme

La Société a obtenu des accords d'achat d'électricité à long terme (APP) avec une capacité totale contractée de 1 284 MW.

• Contrats d'énergie thermique: 759 MW
• Contrats d'énergie renouvelable: 525 MW

Ventes de certificats d'énergie renouvelable

Central Puerto a généré 1 054 GWh provenant de sources renouvelables en 2023, permettant des ventes de certificats d'énergie renouvelable.

Source renouvelable	Génération (GWH)	Revenu du certificat (USD)
Énergie éolienne	704	18,300,000
Énergie solaire	350	9,100,000

Paiements de capacité des opérateurs de réseau

Les paiements de capacité en 2023 ont totalisé 47,5 millions USD pour maintenir la stabilité du réseau.

Trading d'énergie et participation au marché

Les revenus de négociation d'énergie ont atteint 32,6 millions USD grâce à des interactions stratégiques sur le marché.

Activité commerciale	Revenus (USD)
Trading d'énergie à court terme	22,600,000
Services auxiliaires	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.