Central Puerto's Q2 2025: Key Contradictions in Hydro Auctions, Capital Expenditure, and Project Timelines

Hydro auction pricing and participation, Brigadier López availability, market deregulation progress, capital expenditure expectations, and Central Costanera Project Timeline and Costs are the key contradictions discussed in Central Puerto's latest 2025Q2 earnings call.



Q2 Financial Performance:
- Central Puerto's adjusted EBITDA was $61.4 million in Q2 2025, a 32% decrease compared to the previous quarter and 35% above the second quarter of the previous year.
- The decrease was primarily due to seasonality of capacity charges and scheduled maintenance of Central Costanera Mitsubishi combined cycle and steam turbine 6.

Capacity and Project Growth:
- The company is building an additional 155 megawatts of installed capacity, with the majority coming from Brigadier Lopez combined cycle and San Carlos solar project.
- Both projects are expected to reach commercial operation before year-end, reflecting the company's growth strategy.

Operational Efficiency and Maintenance:
- Central Costanera Mitsubishi combined cycle and steam turbine 6 experienced availability rates of 73% and 60% respectively, with an average thermal availability rate of 68%.
- The maintenance works were necessary to improve operational efficiency and standards.

Regulatory and Market Environment:
- The National Executive Branch released Decree #476, which grants an additional 90-day extension for the Piedra del Aguila concession and opens the possibility for further extensions.
- The Energy Secretariat allowed monthly adjustments to peso-denominated electricity spot prices to reflect inflation.