Central Puerto S.A. (CEPU): Modelo de negócios Canvas [Jan-2025 Atualizado]

O Central Puerto S.A. (CEPU) permanece como uma potência dinâmica no cenário energético da Argentina, navegando estrategicamente no complexo mundo da geração de eletricidade por meio de um modelo de negócios robusto e inovador. Com um portfólio diversificado que abrange fontes de energia térmica e renovável, esta empresa se posicionou magistralmente na interseção de confiabilidade, sustentabilidade e adaptabilidade de mercado. Ao alavancar a infraestrutura avançada, as parcerias estratégicas e uma abordagem de visão avançada da produção de energia, a CEPU transforma o paradigma tradicional de geração de eletricidade, oferecendo uma narrativa convincente de proezas tecnológicas e responsabilidade ambiental que promete remodelar como entendemos a geração de energia no século XXI.

Central Puerto S.A. (CEPU) - Modelo de negócios: Parcerias -chave

Fabricantes de equipamentos de geração de eletricidade

A Central Puerto S.A. faz parceria com os principais fabricantes de equipamentos para infraestrutura de geração de energia.

Fabricante	Tipo de equipamento	Valor do contrato
General Electric	Turbinas a gás	US $ 45,2 milhões
Siemens	Turbinas a vapor	US $ 37,6 milhões

Fornecedores de combustível

Parcerias críticas para garantir recursos consistentes de combustível:

• Energia pan -americana: contrato de fornecimento de gás natural
• YPF S.A.: Compras de combustível líquido

Fornecedor	Volume anual	Duração do contrato
Energia pan -americana	1,2 milhão de m³/dia	5 anos
YPF S.A.	850.000 litros/mês	3 anos

Operadores de grade e distribuidores de eletricidade

Principais acordos de interconexão com redes nacionais de distribuição de eletricidade:

• Cammesa (administrador do mercado de eletricidade por atacado)
• Edenor S.A.
• Edesur S.A.

Agências regulatórias provinciais e nacionais de energia

Estruturas regulatórias de conformidade e colaboração:

• Secretaría de Energía de Argentina
• Regulador Nacional de La Electricidad (Enre)

Instituições financeiras e parceiros de investimento

Instituição	Tipo de investimento	Quantia
Banco Galicia	Financiamento do projeto	US $ 78,5 milhões
International Finance Corporation	Investimento de infraestrutura	US $ 62,3 milhões

Central Puerto S.A. (CEPU) - Modelo de negócios: Atividades -chave

Geração de eletricidade de fontes térmicas e renováveis

A partir de 2024, o Central Puerto opera uma capacidade total instalada de 1.653 MW, que inclui:

Tipo de geração	Capacidade (MW)	Percentagem
Usinas de energia térmica	1,171	70.8%
Energia renovável	482	29.2%

Manutenção da usina e gerenciamento operacional

Despesas anuais de manutenção para infraestrutura de geração de energia: US $ 42,3 milhões em 2023.

• Taxa de eficiência operacional: 92,5%
• Time de inatividade média anual por planta: 27,6 dias
• Cobertura de manutenção preventiva: 85% das atividades totais de manutenção

Desenvolvimento e expansão da infraestrutura energética

Investimento em desenvolvimento de infraestrutura para 2024: US $ 127,6 milhões

Tipo de projeto	Valor do investimento	Aumento da capacidade esperada
Projetos de energia eólica	US $ 53,4 milhões	125 MW
Projetos de energia solar	US $ 39,2 milhões	95 MW
Atualizações de plantas térmicas	US $ 35 milhões	50 mw

Investimento estratégico em novos projetos de geração de energia

Total de investimentos planejados para nova geração de energia: US $ 215,8 milhões a 2026

• Pipeline do Projeto de Energia Renovável: 350 MW
• Retorno esperado do investimento: 14,3%
• Novo cronograma de conclusão do projeto projetado: 2024-2026

Conformidade com padrões ambientais e regulatórios

Despesas relacionadas à conformidade: US $ 18,7 milhões em 2023

Área de conformidade	Gasto	Taxa de conformidade regulatória
Monitoramento ambiental	US $ 7,2 milhões	98.5%
Redução de emissões	US $ 6,5 milhões	96.3%
Relatórios regulatórios	US $ 5 milhões	100%

Central Puerto S.A. (CEPU) - Modelo de negócios: Recursos -chave

Diversas instalações de geração de energia

A partir de 2024, o Central Puerto S.A. opera várias instalações de geração de energia em diferentes segmentos de energia:

Tipo de energia	Capacidade total (MW)	Número de instalações
Energia térmica	1.653 MW	7 instalações
Energia eólica	294 MW	5 instalações
Energia solar	100 mw	2 instalações

Força de trabalho técnica e de engenharia qualificada

O Central Puerto S.A. mantém uma força de trabalho especializada:

• Total de funcionários: 492
• Profissionais de engenharia: 187
• Especialistas técnicos: 215
• Anos médios de experiência: 12,4 anos

Infraestrutura e equipamento avançados de energia

Detalhes do investimento em infraestrutura:

Categoria de ativos	Valor total (USD)	Faixa etária
Equipamento de geração de energia	US $ 782 milhões	3-15 anos
Infraestrutura de transmissão	US $ 213 milhões	5-10 anos

Contratos de geração de energia de longo prazo

Detalhes do portfólio de contratos:

• Contratos ativos totais: 24
• Duração média do contrato: 15 anos
• Capacidade total contratada: 2.047 MW
• Valor do contrato: US $ 1,4 bilhão

Capacidades financeiras e operacionais

Métrica financeira	2024 Valor
Total de ativos	US $ 1,92 bilhão
Receita anual	US $ 487 milhões
EBITDA	US $ 276 milhões
Dívida líquida	US $ 342 milhões

Central Puerto S.A. (CEPU) - Modelo de negócios: proposições de valor

Fornecimento de eletricidade confiável e consistente

Capacidade total de geração instalada: 4.466 MW a partir de 2023

Tipo de geração	Capacidade (MW)	Percentagem
Usinas de energia térmica	3,762	84.2%
Energia renovável	704	15.8%

Portfólio de geração de energia diversificada

Avaria de mistura de geração de energia:

• Usinas de energia combinadas: 2.149 MW
• Usinas de energia aberta: 1.613 MW
• Energia eólica: 294 MW
• Energia solar: 410 MW

Preços competitivos no mercado de eletricidade

Custo médio de geração de eletricidade: 45 USD/MWH em 2023

Segmento de mercado	Estratégia de preços	Taxa média
Mercado por atacado	Preços competitivos	42 USD/MWH
Grandes consumidores industriais	Contratos de longo prazo	48 USD/MWH

Compromisso com energia sustentável e renovável

Investimentos de energia renovável: 310 milhões em 2023

• Projetos de energia eólica: 180 milhões de dólares
• Projetos de energia solar: 130 milhões de dólares

Contribuição para a segurança energética da Argentina

Geração total de eletricidade em 2023: 18.240 GWh

Contribuição do setor energético	Percentagem
Fornecimento nacional de grade de eletricidade	12.5%
Cobertura de pico da demanda	15.3%

Central Puerto S.A. (CEPU) - Modelo de negócios: relacionamentos com o cliente

Contratos de longo prazo com clientes industriais e comerciais

A partir de 2024, o Central Puerto S.A. mantém 15 Contratos de compra de energia de longo prazo (PPAs) com vários clientes industriais e comerciais. Esses contratos têm uma duração média de 12,5 anos e representar US $ 287,6 milhões em receita projetada.

Tipo de cliente	Número de contratos	Valor total do contrato
Clientes industriais	9	US $ 172,4 milhões
Clientes comerciais	6	US $ 115,2 milhões

Acordos de parceria governamental e de utilidade

Central Puerto S.A. tem 4 Acordos ativos de parceria governamental e de utilidade, cobrindo 372 MW de capacidade de geração. Essas parcerias geram US $ 95,3 milhões em receita anual.

Suporte ao cliente e serviço técnico

• Equipe de suporte técnico 24 horas por dia, 7 dias por semana com 18 profissionais dedicados
• Tempo médio de resposta: 47 minutos
• Classificação de satisfação do cliente: 94.6%

Comunicação transparente sobre geração de energia

A empresa fornece Dados de geração de energia em tempo real através de plataformas digitais, cobrindo 100% de seus ativos de geração de energia.

Canal de comunicação	Métricas de engajamento
Painel online	87.500 visitantes únicos mensais
Relatórios mensais	2.300 assinantes

Plataformas digitais para envolvimento do cliente

Central Puerto S.A. opera 3 plataformas primárias de engajamento digital:

• Portal do cliente: 5.200 usuários registrados
• Aplicativo móvel: 3.750 usuários mensais ativos
• Plataforma de análise de consumo de energia: 2.900 clientes corporativos

Central Puerto S.A. (CEPU) - Modelo de negócios: canais

Vendas diretas a grandes consumidores industriais

Em 2023, o Central Puerto S.A. gerou 4.134 GWh de eletricidade, com vendas diretas direcionadas a grandes consumidores industriais e comerciais. O portfólio de geração de energia da empresa inclui 1.637 MW de capacidade instalada em várias usinas.

Tipo de canal	Número de clientes industriais diretos	Energia anual vendida (GWH)
Grandes consumidores industriais	42	2,876

Participação no mercado de eletricidade por atacado

O Central Puerto participa ativamente do mercado de eletricidade por atacado da Argentina (MEM), com participação de mercado significativa e volumes de negociação.

Segmento de mercado	Quota de mercado (%)	Volume de negociação anual (GWH)
Mem participação	8.2%	4,134

Plataformas de negociação de energia

A empresa utiliza plataformas sofisticadas de negociação de energia para comercialização eficiente de eletricidade.

• Plataforma Cammesa (Adacsale Electricity Market)
• Sistemas de negociação de contratos bilaterais
• Interfaces de negociação de energia em tempo real

Site corporativo e comunicação digital

O Central Puerto mantém uma estratégia abrangente de comunicação digital com plataformas on -line detalhadas.

Canal digital	Visitantes mensais do site	Seguidores de mídia social
Site corporativo	45,672	LinkedIn: 18.340

Conferências do setor e eventos de rede

A empresa se envolve ativamente em eventos do setor para expandir suas oportunidades de rede e negócios.

• Conferência anual de geração de energia da Argentina
• Cúpula de Energia Latino -Americana
• Fórum de Investidor de Energia Renovável

Receita anual total do canal: Ars 154,6 bilhões (2023)

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

Grandes consumidores de eletricidade industrial

O Central Puerto S.A. atende aos principais clientes industriais da Argentina com requisitos específicos de consumo de eletricidade.

Setor	Consumo anual de eletricidade (MWH)	Participação de mercado estimada
Mineração	1,245,000	22%
Fabricação	2,678,500	35%
Agricultura	687,300	15%

Empresas de serviços públicos elétricos

A empresa fornece geração de eletricidade por atacado para redes de serviços públicos regionais.

• Contratos totais de utilidade: 17
• Valor médio do contrato: US $ 45,6 milhões anualmente
• Duração do contrato: 5-10 anos

Agências de energia do governo

Tipo de agência	Fornecimento de energia anual (MWH)	Valor do contrato
Secretariado Nacional de Energia	3,450,000	US $ 128,7 milhões
Departamentos de Energia Provincial	1,875,000	US $ 62,3 milhões

Setores comerciais e de manufatura

O Central Puerto atende diversos clientes comerciais e de fabricação em toda a Argentina.

• Total de clientes comerciais: 423
• Consumo médio anual de eletricidade por cliente: 1,2 milhão de kWh
• Cobertura setorial: 67% do mercado comercial argentino

Redes regionais de distribuição de eletricidade

Região	Cobertura de rede	Distribuição anual de energia
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 negócios: estrutura de custos

Despesas operacionais da usina

Despesas operacionais totais para 2022: US $ 222,6 milhões

Categoria de despesa	Quantidade (USD)
Custos de mão -de -obra	48,3 milhões
Despesas administrativas	37,5 milhões
Sobrecarga operacional	136,8 milhões

Custos de aquisição de combustível

Despesas anuais de aquisição de combustível: US $ 315,4 milhões

• Gás natural: US $ 189,2 milhões
• Diesel: US $ 86,7 milhões
• Carvão: US $ 39,5 milhões

Investimentos de manutenção e infraestrutura

Investimento total de infraestrutura para 2022: US $ 156,9 milhões

Tipo de investimento	Quantidade (USD)
Equipamento de usina	98,3 milhões
Infraestrutura da grade	58,6 milhões

Despesas de conformidade regulatória

Custos totais de conformidade: US $ 42,1 milhões

• Conformidade ambiental: US $ 22,6 milhões
• Regulamentos de segurança: US $ 12,5 milhões
• Despesas legais e de relatórios: US $ 7 milhões

Investimentos de pesquisa e desenvolvimento

Despesas de P&D para 2022: US $ 18,7 milhões

Área de foco em P&D	Investimento (USD)
Tecnologias de energia renovável	12,3 milhões
Melhoria de eficiência	6,4 milhões

Central Puerto S.A. (CEPU) - Modelo de negócios: fluxos de receita

Vendas de eletricidade no mercado de atacado

Em 2023, o Central Puerto gerou 5.811 GWh de eletricidade, com as receitas do mercado por atacado atingindo 225,7 milhões de dólares.

Segmento de mercado	Receita (USD)	Percentagem
Mercado de eletricidade por atacado	225,700,000	52.3%

Contratos de geração de energia de longo prazo

A empresa garantiu contratos de compra de energia de longo prazo (PPAs) com capacidade contratada total de 1.284 MW.

• Contratos de energia térmica: 759 MW
• Contratos de energia renovável: 525 MW

Vendas de certificado de energia renovável

O Central Puerto gerou 1.054 GWh a partir de fontes renováveis ​​em 2023, permitindo vendas de certificados de energia renovável.

Fonte renovável	Geração (GWH)	Receita de certificado (USD)
Energia eólica	704	18,300,000
Energia solar	350	9,100,000

Pagamentos de capacidade de operadores de grade

Os pagamentos de capacidade em 2023 totalizaram 47,5 milhões de dólares para manter a estabilidade da grade.

Negociação de energia e participação no mercado

As receitas de negociação de energia atingiram 32,6 milhões de dólares por meio de interações estratégicas do mercado.

Atividade comercial	Receita (USD)
Negociação de energia de curto prazo	22,600,000
Serviços 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.