YPF Light achieved solid operating and financial results in the third quarter of 2024 for a “excellent performance” of his renewable parksin addition to an increase in the thermal generation and in a reduction of debt collection times with Administrative Company of the Wholesale Electrical Market SA (Cammesa).
The company reported an adjusted EBITDA of US$98 million and a cash flow of US$35 million in the period, due to a 9% increase in thermal energy generation and a 12% increase in renewable generation.
As reported to Energy ReportEBITDA was practically unchanged compared to last year. Meanwhile, the solid operating performance of thermal and renewable assets was offset by lower accrued interest from Cammesadue to an improvement in collection days, and a lower price of the current PPA of the El Bracho thermal power plant in Tucumán.
YPF Luz: thermal energy generation
Specifically, YPF Luz announced that thermal energy generation grew by 9% compared to the third quarter of 2023, mainly due to the start-up of the Loma Campana I and II thermal power plantswhich were out of service last year, and greater electricity generation in Central Dock South.
YPF Luz: renewable energy generation
In addition, renewable energy generation increased by 12% thanks to the performance of wind farms Behr and Cañadón León Springs which were recognized as the parks with the best load factors in the country during September, and the commercial operation of the first stage of the wind farm General Levalle of 62 MW.
YPF Luz: cash flow and debt of Cammesa
The company also achieved a new quarter with positive cash flow, which amounted to US$35 million, and in the nine months of the year it accumulated more than US$100 million. These figures were driven by strong operating cash generation and an improvement in collection times. Cammesaachieving the reduction of the net debt of 7% compared to last yearwhen passing from US$720 million in the third quarter of 2023 US$670 million in 2024.
As this media was able to find out, Today Cammesa’s net debt with YPF Luz is the lowest in the last five years. The highest was in 2020 when it reached US$819 millionwhile the lowest in history was in 2017, with barely US$212 million.
“Cammesa’s collections improved substantially”they assure in the company of YPF. And they detailed that in 2023 the average annual delay in collections was 85 days, but that after the agreement with the Ministry of Economy by which Generation companies received AE38 sovereign bonds for the transactions that the electrical administrator owed for December 2023 and last January and February, Cammesa began paying after 50 days, very close to the contractual date of 42 days.
YPF Luz: projects underway
In relation to investment projects, during the third quarter YPF Luz continued with the construction of three 356 MW renewable projects:
• He General Levalle wind farm of 155 MW in the province of Córdoba, which will be fully operational before the end of the year.
• He CASA wind farm of 63 MW in the province of Buenos Aires, which reached a construction progress of 12% in the third quarter. The energy that this project will generate will be marketed in the Renewable Energy Term Market (MATER), of which 50% is already contractualized. Completion of the project is estimated for early 2026.
• The first stage of El Quemado solar parkin the province of Mendoza, which will have an initial installed power of 200 MW, which is equivalent to the energy used by more than 180,000 homes. Its launch is expected for the first half of 2026, with an estimated investment of US$170 million.
Additionally, last October The Burned submitted for consideration RIGI project (Incentive Regime for Large Investments), for a total power of up to 305 MW.
Source: Ambito
