Edenor is the largest electricity distributor in Argentina, serving roughly nine million people across a 4,637-square-kilometre concession area in the northwest of Greater Buenos Aires and the northern part of the City of Buenos Aires. The company is in the second year of a five-year tariff review that is converting what was a chronically underfunded, debt-laden utility into a structurally profitable cash generator.
The distribution margin, the spread between what customers pay and what the company pays for energy, expanded seven percent in the first half of the year to ARS 747.7 billion, driven by automatic monthly tariff adjustments that have outpaced inflation. Net financial expenses fell twenty-eight percent in the quarter as the CAMMESA debt settlement plan continues to run off its interest burden.
First-half net income of ARS 157.1 billion set the tone for the period. A 94 percent EBITDA growth rate excluding a one-off CAMMESA settlement gain in the prior year reinforced it. The question the next year resolves is whether the Metrogas acquisition, an approximately dollar780 million natural gas distribution buyout from YPF, extends the tariff-normalization franchise into a second regulated asset class, a structural shift that reframes the entire equity.