Central Puerto Stock

Central Puerto S.A. operates as a power generation company in Argentina.

Segments

The company operates through three segments: Production of Electric Power from Conventional Sources; Production of Electric Power from Renewable Sources; and Natural Gas Transport and Distribution.

Production of Electric Power from Conventional Sources

This segment produces and sells electric power from conventional sources.

Production of Electric Power from Renewable Sources

This segment produces and sells electric power from renewable sources.

Natural Gas Transport and Distribution

This segment, through its equity investees companies belonging to ECOGAS Group, engages in the natural gas distribution public sector business in the Cuyo and Centro regions of Argentina; and the natural gas transport sector business through its equity investee Company Transportadora de Gas del Mercosur S.A., as well as resells certain gas transport and distribution capacity.

The company, through its equity investees, Termoelectrica Jose de San Martín S.A. and Termoelectrica Manuel Belgrano S.A., and its subsidiary, Central Vuelta de Obligado S.A., engages in the management and operation of thermal plants.

In the year ended December 31, 2022, the company generated a total of 17,484 net GWh of power, representing approximately 12.60% of the power generated by private sector generation companies in the country during such period. The company had an installed capacity of 4,809 MW as of December 31, 2022.

The company has a generation asset portfolio that is geographically and technologically diversified. The company's facilities are distributed across the city of Buenos Aires and the provinces of Buenos Aires, Córdoba, Mendoza, Neuquen, Río Negro and Santa Fe. The company uses conventional and renewable technologies (including hydro power) to generate power, and its power generation assets include combined cycle, gas turbine, steam turbine, co-generation, hydroelectric, and wind turbines.

In addition, the company participates in two arrangements known as the FONINVEMEM and the (the thermal plant Central Vuelta de Obligado) CVO Agreement (the Agreement for Project Management and Operation, Increase of Thermal Generation Availability and Adaptation of Remuneration for Generation 2008-2011 executed on November 25, 2010 among the Secretariat of Energy and Central Puerto along with other electric power generators), which are managed by CAMMESA at the instruction of the Secretariat of Electric Energy. The Argentine Government created the FONINVEMEM with the purpose of repaying power generation companies, like the company, the existing receivables for electric power sales between 2004 and 2011 and funding the expansion and development of new power capacity. The company has an equity interest in the companies that operate the FONINVEMEM and CVO Agreement's new combined cycle projects, which will be entitled to have an ownership of the combined cycle projects.

In the year ended December 31, 2022, the company sold approximately 75.97% of its electric energy sales (in MWh) under the Spot Sales. Sales under Spot Sales (the regulatory framework established under Resolution SE No. 95/13, as amended, and, from February 2017 to February 2019, regulated by Resolution SEE No. 19/17, from March 2019 to January 2020, regulated by Resolution No. 1/19 of the Secretariat of Renewable Resources and Electric Market of the National Ministry of Economy, from February 2020 to January 2021 regulated by Resolution SEE No. 31/20, from February 2021 to January 2022 regulated by Resolution SEE No. 440/21, from February 2022 to August 2022 by Resolution SEE No. 238/22 and since September 2022 regulated by Resolution SEE No. 826/22. Further, as of February 2023, Resolution SEE No. 59/23 is also applicable as a complementary regulation for combined cycle facilities) accounted for 39.62% of the company's revenues in the year ended December 31, 2022. Additionally, the company has sales under contracts (collectively to term market sales of energy under contracts with private and public sector counterparties, sales of energy sold under the Energía Plus, and sales of energy under the RenovAr Program), including term market sales under contract; MATER (Term Market for Renewable Energy Resolution No. 281-E/17) sales under contracts; Energía Plus (the regulatory framework established under Resolution SE No. 1281/06, as amended) sales under contract; and sales of energy under the RenovAr Program.

In the company's Luján de Cuyo plant, it is also permitted to sell a minor portion (up to 16 MW) of its generation capacity and electric power under negotiated contracts with private sector counterparties under the Energía Plus, to encourage private sector investments in new generation facilities. Energía Plus sales under contracts accounted for 0.10% of the company's electric power sales (in MWh) and 0.02% of its revenues for the year ended December 31, 2022.

The company also produces steam. As of December 31, 2022, the company had an installed capacity of 465 tons per hour. Steam sales accounted for 4.84% of the company's revenues for the year ended December 31, 2022. The company's production of steam for the year ended December 31, 2022, was 1,960 thousand metric tons. The company's Luján de Cuyo plant supplies steam under negotiated contracts with YPF.

The company's Luján de Cuyo plant has a combined heat and power (CHP) unit in place, replacing the previous CHP, and supplies up to 125 metric tons per hour of steam to YPF's refinery in Luján de Cuyo under a steam supply agreement. This contract is denominated in U.S. dollars but can be adjusted in the event of variations in the U.S. dollar-denominated prices for fuel necessary for power generation.

The contract between the company and Transportadora de Gas del Sur (TGS) for the natural gas transportation capacity has remained effective after the sale of the La Plata plant. Pursuant to the terms of the company's agreement with YPF EE (YPF Energía Electrica S.A.), it resells its gas transportation capacity to YPF EE through the resale system established by Resolution ENARGAS 419/97. The company is effectively registered as natural gas trader.

The company also produces steam in the San Lorenzo cogeneration plant. As of December 31, 2022, the company had an installed capacity of 340 tons per hour. The company's production of steam for the year ended December 31, 2022, was 1,042 thousand metric tons.

In addition, the company has income derived from the operating fee that it receives for the management of the Central Vuelta de Obligado plant. The income from the management of the Central Vuelta de Obligado plant accounted for 1.73% of the company's revenues for the year ended December 31, 2022.

Two Siemens gas turbines stored in Germany, each with a capacity of 298 MW are sold. With respect to the GE gas turbine, which is already in Argentina, the company is considering it for potential projects in the future and analyzing other prospects. The company also owns 130 hectares of land in the north of the province of Buenos Aires, in a location that provides excellent conditions for fuel delivery and access to power transmission lines.

The company also owns long-term significant non-controlling investments in companies that have utility licenses to distribute natural gas through their networks in the provinces of Mendoza, San Juan, San Luis, Córdoba, Catamarca, and La Rioja. Considering its direct and indirect interests, the company holds a 21.58% equity stake in DGCU and a 40.59% equity stake in DGCE (Ecogas).

Ecogas has a gas distribution network covering 36,791 km and served approximately 1,418,983 customers as of December 31, 2022. In 2022, Ecogas (collectively to Distribuidora de Gas Cuyana (DGCU) and Distribuidora de Gas del Centro (DGCE)) distributed an average of 13.3 million cubic meters of natural gas per day.

Business Strategy

The company seeks to consolidate and grow its position in the Argentine energy industry by maintaining its existing asset base and by acquiring and developing new assets related to the sector.

The key elements of the company's strategy include consolidating its leading position in the energy sector; becoming a leading company in renewable energy in Argentina; and acquiring assets in the forestry sector.

Subsidiaries

Central Vuelta de Obligado S.A.

CVOSA (Central Vuelta de Obligado S.A.) is a private, unlisted company, engaged in managing the purchase of equipment and building, operating and maintaining the CVOSA power plant under a program substantially similar to the FONINVEMEM (Fondo para Inversiones Necesarias que Permitan Incrementar la Oferta de Energía Electrica en el Mercado Electrico Mayorista (the Fund for Investments Required to Increase the Electric Power Supply) and similar programs, including the CVO Agreement) program. In the year ended December 31, 2022, CVOSA accounted for a gain equaling 0.45% of the company's consolidated net income.

The company has 56.19 % of the voting rights in CVOSA, which grants it the power to unilaterally approve resolutions for which a majority is required at the relevant shareholders meeting.

Proener S.A.U.

Proener S.A.U. (Proener) is a private, unlisted company. The company holds a 100.00% interest in Proener S.A.U., a company engaged in investment activities, including the energy sector, both domestically in Argentina and internationally. In the year ended December 31, 2022, Proener S.A.U. accounted for a gain equaling 14.74% of the company's consolidated net income.

CP Renovables S.A.

CP Renovables S.A. (CP Renovables) develops, constructs, and operates renewable energy generation projects. As of December 31, 2022, the company directly owned a 96.14% interest in CP Renovables. The remaining interest is owned through CPR Energy Solutions S.A.U. (0.36%) and Vientos La Genoveva II S.A.U. (3.50%). CP Renovables S.A. invests in renewable energy assets. In the year ended December 31, 2022, CP Renovables S.A. and its subsidiaries accounted for a consolidated gain, equaling 24.98% of the company's consolidated net income.

CP Achiras S.A.U.

CP Achiras S.A.U. is a private, unlisted company. CP Renovables S.A. holds a 100% interest in the capital stock of CP Achiras S.A.U., a company engaged in the generation and commercialization of electric power through renewable sources. In the year ended December 31, 2022, CP Achiras S.A.U. accounted for a gain equaling 5.30% of the company's consolidated net income.

CPR Energy Solutions S.A.U.

CPR Energy Solutions S.A.U. is a private, unlisted company. CP Renovables holds a 100% interest in the capital stock of CPR Energy Solutions S.A.U., a company engaged in generation and commercialization of electric power through renewable sources. In the year ended December 31, 2022, CPR Energy Solutions S.A.U. account for a gain of 2.04% of the company's consolidated net income.

CP Patagones S.A.U.

CP Patagones S.A.U. is a private, unlisted company. CP Renovables holds a 100% interest in the capital stock of CP Patagones S.A.U., a company engaged in generation and commercialization of electric power through renewable sources.

CP La Castellana S.A.U. (CP La Castellana)

CP La Castellana is a private, unlisted company. CP Renovables holds a 100% interest in the capital stock of CP La Castellana, a company engaged in generation and commercialization of electric power through renewable sources. In the year ended December 31, 2022, CP La Castellana accounted for a gain equaling 18.08% of the company's consolidated net income.

Vientos La Genoveva S.A.U.

Vientos La Genoveva S.A.U. is a private, unlisted company. The company owns 100% of the equity interests in Vientos La Genoveva S.A.U., a company engaged in generation and commercialization of electric power through renewable sources. In the year ended December 31, 2022, Vientos La Genoveva S.A.U. accounted for a loss equaling 1.56% of the company's consolidated net income.

Vientos La Genoveva II S.A.U.

Vientos La Genoveva II S.A.U. is a private, unlisted company. CP Renovables S.A. holds 100% of the equity interests in Vientos La Genoveva II S.A.U. In the year ended December 31, 2022, Vientos La Genoveva II S.A.U. accounted for a gain equaling 5.96% of the company's consolidated net income.

CP Manque S.A.U.

CP Manque S.A.U. is a private, unlisted company. CP Renovables holds a 100% interest in the capital stock of CP Manque S.A.U., a company engaged in generation and commercialization of electric power through renewable sources. In the year ended December 31, 2022, CP Manque S.A.U. accounted for a loss equaling 1.48% of the company's consolidated net income.

CP Los Olivos S.A.U.

CP Los Olivos S.A.U. is a private, unlisted company. CP Renovables holds a 100% interest in the capital stock of CP Los Olivos S.A.U., a company engaged in generation and commercialization of electric power through renewable sources. In the year ended December 31, 2022, CP Los Olivos S.A.U. accounted for a gain equaling 2.57% of the company's consolidated net income.

Forestal Argentina S.A.

In December 2022, Proener, acquired 100.00% of the capital stock and votes of Forestal Argentina S.A. Forestal Argentina S.A. is a private, unlisted company, engaged in production and commercialization of forestry assets.

Loma Alta Forestal S.A.

In December 2022, Proener, acquired 100.00% of the capital stock and votes of Loma Alta Forestal S.A. Loma Alta Forestal S.A. is a private, unlisted company, a company engaged in production and commercialization of forestry assets.

Central Costanera S.A. (Central Costanera)

In February 2023, Proener acquired 75.68% of Central Costanera, which engages in the electric energy production and commercialization sector.

Affiliates

Termoelectrica Jose de San Martín S.A. (TJSM) and Termoelectrica Manuel Belgrano S.A. (TMB)

TJSM and TMB are private, unlisted companies, which are engaged in managing the purchase of equipment, and building, operating and maintaining the San Martín and Belgrano power plants, respectively, each constructed under the FONINVEMEM program.

As of December 31, 2022, the company had 9.627% of the voting rights in TJSM and 10.831% of the voting rights in TMB.

Ecogas Group - Inversora de Gas del Centro S.A. (IGCE)

IGCE is a private, unlisted company. Its only significant assets are a 55.29% interest in DGCE, a company engaged in the distribution of natural gas in the provinces of Córdoba, La Rioja, and Catamarca. and a 51.00% interest in DGCU, a company engaged in the distribution of natural gas in the provinces of Mendoza, San Juan, and San Luis.

As of December 31, 2022, the company held a 42.31% interest in IGCE and a direct 17.20% interest in DGCE. Therefore, the company holds, both directly and indirectly, a 40.59% of DGCE's capital stock and indirectly has a 21.58% interest in DGCU's capital stock.

In the year ended December 31, 2022, IGCE (including a direct interest in DGCE) accounted for a gain equaling 0.82% of the company's consolidated net income.

Energía Sudamericana S.A.

Energía Sudamericana S.A. is a private, unlisted company, engaged in natural gas commercialization. The company holds a 2.45% direct interest in the capital stock of Energía Sudamericana S.A., plus a 41.06% indirect interest in its capital stock, through its equity interest in IGCE.

COySERV S.A.

COySERV S.A. is a private, unlisted company, engaged in services and constructions related to the gas industry. The company holds a 32.21% indirect interest in the capital stock of COySERV S.A., through its equity interests in IGCE, DGCE (Distribuidora de Gas del Centro S.A.), and DGCU.

GESER S.A.U.

In March 2022, the company acquired an 8.599% interest in the related company GESER S.A.U., an entity controlled by IGCE. GESER S.A.U. is a private unlisted company, which is engaged in providing administrative services.

Transportadora de Gas del Mercosur S.A. (TGM)

TGM is a private, unlisted company. The company holds a 20.00% interest in the capital stock of TGM, which owns a natural gas pipeline extending from Aldea Brasilera (in the province of Entre Rios) to Paso de los Libres (in the province of Corrientes). In the year ended December 31, 2022, TGM accounted for a loss equaling 1.12% of the company's consolidated net income.

The remaining 80.00% is owned by Total Gas y Electricidad Argentina S.A. (32.68%), Tecpetrol S.A. (21.79%), RPM Gas S.A. (14.63%), and Compañía General de Combustibles S.A. (10.90%).

The pipeline is approximately 450 km long and its transportation capacity reaches up to 15 million cubic meters per day.

Business

All of the company's operations in the power generation sector are concentrated in thirteen plants in Argentina, and its portfolio can be divided into two types of electric power generation plants, such as electric power generation from conventional sources and electric power generation from renewable sources.

Electricity Generation from the company's Thermal Generation Plants

As of December 31, 2022, the company owned six thermal generation plants across four complexes, including Puerto Complex, Brigadier Lopez, Luján de Cuyo, and San Lorenzo.

Puerto Complex

The company's Puerto Complex is consisted of two facilities, Nuevo Puerto, including the Puerto combined cycle plant, and Puerto Nuevo (collectively, the Puerto Complex), located in the port of the city of Buenos Aires on the bank of the Río de la Plata. The two facilities are close to one another inside a complex of 246,475 square meters with a total installed capacity of 1,747 MW. Nuevo Puerto's facilities (which include both the Nuevo Puerto plant and the Puerto combined cycle plant) has 70,518 square meters. Puerto Nuevo has approximately 92,370 square meters.

Nuevo Puerto is located at Av. Thomas Edison 2001/2151 in the city of Buenos Aires in the northern part of the complex and has two conventional steam turbine generator sets (steam turbine units 5 and 6). The plant can run on natural gas and fuel oil and has an installed capacity of 360 MW.

The Puerto combined cycle plant has an installed capacity of 798 MW and is composed of two General Electric 9FA gas turbines, two heat recovery steam generators, and a General Electric D11 steam turbine. The Puerto combined cycle plant is one of the most modern and efficient plants in Argentina and can run on natural gas and gas oil.

Puerto Nuevo is located at Av. Thomas Edison 2701 in the city of Buenos Aires in the southern part of the complex and has three conventional steam turbine generator sets (steam turbine units 7, 8 and 9). The plant is capable of running on natural gas and fuel oil and has an installed capacity of 589 MW.

Location: The Puerto Complex is located inside the port of the city of Buenos Aires and has a right-of-way to use the port facilities, allowing it to receive and store fuel on a large scale.

The Puerto Complex's location on the bank of the Río de la Plata is also convenient in terms of water supply, which is a basic input for the company's plants.

The company owns the property where the Nuevo Puerto, Puerto combined cycle and Puerto Nuevo plants are located.

Supply: The electric power produced at each plant is delivered to the SADI through a transformer belonging to the company's generation units. The transformer adjusts the generator output voltage to the voltage required by the network. The electric power is delivered at 132 KV sub-stations neighboring the plants, which are operated by Edenor S.A. (the holder of the electric power distribution concession in the area where the Puerto Complex is located).

Luján de Cuyo Plant

The Luján de Cuyo plant is located in Luján de Cuyo, Mendoza and has an installed capacity of 576 MW.

Technology: The Luján de Cuyo plant has eleven generating units, seven gas turbines, three steam turbines, and a mini-hydroelectric turbine. The plant has a total installed capacity of 576 MW.

The main generator is a combined cycle unit composed of a Siemens gas turbine (TG25) and a Sköda steam turbine (TV15).

The plant also has a combined heat and power (CHP) unit in place. This unit supplies up to 125 tons per hour of steam to YPF's refinery in Luján de Cuyo under a steam provision contract. The plant has two Siemens gas turbines (TG26 and TG27) and two heat recovery steam generators.

The Luján de Cuyo plant also has two Alstom-branded Frame5-type gas turbines (TG23 and TG24). The Luján de Cuyo plant also had an ABB combined cycle unit in place composed of two gas turbines (TG21, TG22) and a steam turbine (TV14), which operates on natural gas or gas oil, or on blends of gas oil and biodiesel (up to 30.00%).

A mini hydroelectric turbine is operated under the GENREN program, a renewable energy program sponsored by the Ministerio de Planificación (Planning Ministry), (the Secretariat of Electric Energy). The operation consists of a turbine and a 1 MW Ossberger generator and relies on the waterfall inside the Luján de Cuyo plant's premises to generate energy. The waterfall is connected to the Mendoza River, and the water from the waterfall is channeled towards the plant to cool the steam turbine condensers.

Location: The plant is located inside the Provincial Industrial Park in Luján de Cuyo, Mendoza.

Supply: The electric power generated by the units installed in the Luján de Cuyo plant is delivered to the SADI through a connection between the network and the Luján de Cuyo 132 KV sub-station, which is adjacent to the plant. The sub-station is operated by Distrocuyo, an operator of the trunk pipeline system from the Cuyo region. Steam is delivered to YPF pursuant to separate contract (apart from the La Plata plant YPF agreement) through a short pipeline that connects the company's Luján de Cuyo plant with YPF's adjacent Luján de Cuyo refinery.

YPF is required to supply natural gas to be used on-site, and, in the event of a shortage, YPF is required to supply gas oil for up to 45 days per year. The location of the YPF-owned Luján de Cuyo refinery makes the logistics process easier due to the proximity of the Luján de Cuyo refinery to the Luján de Cuyo plant.

Brigadier López Plant

Brigadier López power plant is located in the Sauce Viejo Industrial Park, in the city of Sauce Viejo, Santa Fe. The plant has an installed capacity of 281 MW.

Technology: The Brigadier Lopez Power Plant has one operating power generation unit, with 281 MW of installed capacity (which could reach up to 420 MW of total capacity, operating as a combined cycle unit). This generating unit is composed of a modern Siemens Gas Turbine (TG01) model SGT5-4000 F and an air-cooled Siemens power generator, model SG 1000A. The Gas Turbine can operate both on natural gas and gas oil (diesel oil).

Location: The plant is located in the Sauce Viejo Industrial Park, nearby many other industrial facilities.

Supply: The electric power generated by the units installed in the Brigadier Lopez power plant is delivered to the SADI (the Argentine Interconnection System), first through a high voltage power transformer, and then through the Brigadier Lopez 132 kV power sub-station.

San Lorenzo

San Lorenzo power plant is located near San Lorenzo city in the Province of Santa Fe. This is a greenfield cogeneration project, with a total installed capacity of 391 MW and a steam generation capacity of 370 tn/h.

Technology: San Lorenzo power plant is a Siemens combined cycle able to generate up to 391 MW, with a 291 MW Gas turbine and a 100 MW Steam turbine. By electric output regulation, the plant can supply up to 370 tn/h of steam to the company's neighbour customer, T6 Industrial S.A. Gas turbine can operate on natural gas or gas oil.

Supply: The electric power generated by the units installed in the San Lorenzo plant is delivered to the SADI through two connections. The steam turbine generator is connected by a 132 KV cable with San Lorenzo Substation (EPESF facility) and the gas turbine generator is connected by a 500 KV line to TRANSENER facilities.

Fuel and Water Supply for Thermal Generation

The company's conventional resource plants operate on three different types of fuel, such as natural gas in all units, fuel oil in the steam turbines exclusively, and gas oil in the gas turbines and combined cycle units. In addition, a mix of bio-diesel and gas oil may be used in certain percentages in the company's dual combined cycle units.

Electricity Generation from the company's Hydroelectric Complex

Piedra del Águila

The Piedra del Águila hydroelectric complex is the largest private sector hydroelectric generation complex in Argentina. It is located approximately 1,200 kilometers to the southwest of Buenos Aires. Piedra del Águila has an installed capacity of 1,440 MW from four 360 MW generating units.

Piedra del Águila has a gravity dam made of concrete, with a maximum height of 170 meters from its foundation, a power plant with four generating turbines of 360 MW each, intake and pipeline work, a spillway with an unloading capacity of 10,000 cubic meters per second, river diversion works, unloading equipment with a capacity of 1,500 cubic meters per second, and construction facilities, including access roads, a bridge and electric power supply. Water resources allow Piedra del Águila to generate an average of 4,472 GWh per year.

The Dam: The Piedra del Águila dam is composed of approximately 2.8 million cubic meters of waterproof concrete. It is 860 meters long and approximately 170 meters high (from its foundation). The storage capacity of the dam totals 12 billion cubic meters, out of which 6 billion cubic meters are usable, which would allow for 45 days' generation at a capacity of 1,440 MW on a 24-hour basis.

The Power Plant: The hydroelectric generation plant is located at the foot of the dam and has four Francis-type turbines with corresponding generators, transformers for each generator and operating, and control and auxiliary equipment. The turbines are hydraulic turbines composed of vertical axes with a spiral steel casing. Each turbine has a rated capacity of 360 MW and a rated hydraulic load of 350 cubic meters per second and is designed to rotate at 125 rpm.

Each generator has a corresponding set-up transformer of 500 kV, which consists of a dual guide rod system, with a single SF-6 iron-isolated switch, to which all generating units are connected. The switch is connected to the SADI's transformer substation through two transmission lines. Energy is delivered at Piedra del Águila's 500 KV plant, which is operated by Compañía de Transporte de Energía Electrica en Alta Tensión S.A. (Transener), which owns, operates, and maintains the largest high voltage electric power transmission system in Argentina.

To operate the plant, the company mainly monitors the water flow, the electric power generation and the related equipment.

The HPDA (Hidroelectrica Piedra del Águila S.A.) Concession Agreement: The company has a concession agreement with the Argentine Government that expires on December 28, 2023 (the HPDA Concession Agreement). Under the HPDA Concession Agreement, the company is entitled to generate and sell electric power and use certain state-owned property, including the plant and its water resources.

Electricity Generation from the company's Wind Generation Plants

As of December 31, 2022, the company operated seven wind farms: La Castellana I and II and Achiras, Manque, Los Olivos, and La Genoveva I and II.

La Castellana I Wind Farm

La Castellana I is a wind farm operated by CP La Castellana S.A.U., a wholly-owned subsidiary of CP Renovables, in which the company has a majority interest. The wind farm is located in the south of the province of Buenos Aires. It has a total installed capacity of 100.8 MW, from 32 wind turbines, supplied from Nordex-Acciona, of 3.15 MW each.

Achiras Wind Farm

Achiras is a wind farm operated by CP Achiras S.A.U., a wholly-owned subsidiary of CP Renovables, in which the company has a majority interest. The wind farm is located in the east of the province of Córdoba. It has a total installed capacity of 48 MW, from 15 wind turbines, supplied from Nordex-Acciona, of 3.2 MW each.

La Castellana II Wind Farm

La Castellana II is a wind farm operated by CPR Energy Solutions S.A.U., a wholly-owned subsidiary of CP Renovables, in which the company has a majority interest. The wind farm is located in the south of the province of Buenos Aires. It has a total installed capacity of 15.2 MW, from 4 wind turbines, supplied by Vestas, of 3.6 MW each.

Manque Wind Farm

Manque is a wind farm operated by CP Manque S.A.U., a wholly-owned subsidiary of CP Renovables, in which the company has a majority interest. The wind farm is located in the east of the province of Córdoba. It has a total installed capacity of 57 MW, from 15 wind turbines, supplied by Vestas, of 3.8 MW each.

Los Olivos Wind Farm

Los Olivos is a wind farm operated by CP Los Olivos S.A.U., a wholly-owned subsidiary of CP Renovables, in which the company has a majority interest. The wind farm is located in the east of the province of Córdoba. It has a total installed capacity of 22.8 MW, from 6 wind turbines, supplied from Vestas, of 3.8 MW each.

La Genoveva I Wind Farm

La Genoveva I is a wind farm operated by Vientos La Genoveva I S.A.U., in which the company has a majority interest. The wind farm is located in the south of the province of Buenos Aires. It has a total installed capacity of 88.2 MW, from 21 wind turbines, supplied from Vestas, of 4.2 MW each.

La Genoveva II Wind Farm

La Genoveva II is a wind farm operated by Vientos La Genoveva II S.A.U., in which the company has a majority interest. The wind farm is located in the south of the province of Buenos Aires. It has a total installed capacity of 41.8 MW, from 11 wind turbines, supplied by Vestas, of 3.8 MW each.

Market Area and Distribution Network

Market Area

The company's power generation plants are located at various locations in Argentina. All of them are connected to the SADI, enabling coverage for residential and industrial users nationwide.

Puerto plants: The Puerto Nuevo, Nuevo Puerto and Puerto combined cycle plants are situated in a unique location within the port of the city of Buenos Aires, one of the most populated metropolitan areas in the world.

Piedra del Águila Hydroelectric Complex: The Piedra del Águila hydroelectric complex is located on the Limay river, which serves as the border between the provinces of Río Negro and Neuquen. The dam is close to the city of Neuquen and is able to supply energy to cities far from the complex through existing transmission lines.

Brigadier López Plant: The Brigadier López Plant is located in the province of Santa Fe, near the city of Sauce Viejo.

San Lorenzo Plant: The San Lorenzo Plant is located in the Province of Santa Fe, near the City of San Lorenzo.

Luján de Cuyo Plant: The Luján de Cuyo plant is located within YPF's Luján de Cuyo refinery and supplies steam to such refinery. This location enables it to obtain gas oil supplies from the refinery itself in case of natural gas shortages.

La Castellana I and II Wind Farms: La Castellana I and II wind farms are located in the province of Buenos Aires, near the cities of Villarino and Bahía Blanca.

La Genoveva I and II Wind Farms: La Genoveva I and II wind farms are located in the province of Buenos Aires, near the town of Cabildo and the city of Bahía Blanca.

Achiras Wind Farm: Achiras wind farm is located in the province of Córdoba, near the city of Achiras.

Manque Wind Farm: Manque wind farm is located in the province of Córdoba, near the city of Achiras.

Los Olivos Wind Farm: Los Olivos wind farm is located in the province of Córdoba, near the city of Achiras.

Manuel Belgrano Plant: The Manuel Belgrano plant is located in the province of Buenos Aires, near the city of Campana.

San Martín Plant: The San Martín Plant is located in the province of Santa Fe, near the city of Timbúes.

Vuelta de Obligado Plant: The Vuelta de Obligado Plant is located in the province of Santa Fe, near the city of Timbúes.

Central Costanera Plant: The Central Costanera plant is located in the city of Buenos Aires.

Distribution Network

All of the company's plants are connected to the SADI, which allows it to reach almost all the users in the country. The SADI permits interaction among all agents in the Argentine WEM (the Argentine Mercado Electrico Mayorista, the wholesale electric power market) and allows generating companies to dispatch power to Large Users and distributors through the transmission companies. The system is regulated and allows participation of all WEM agents (generators, transmission companies, distributors, Large Users and the Argentine Government through CAMMESA), thus preventing discrimination among any involved participants. The company's thermal power plants are strategically located in important city centers or near some of the system's largest customers (e.g., YPF's refineries), which constitutes a significant competitive advantage.

Customers

The company's main clients include Compañía Administradora del Mercado Mayorista Electrico Sociedad Anónima (CAMMESA); Lsg Sky Chefs Argentina S.A.; Pet Foods Saladillo Sa; Biosidus S.A.; Ceres Agropecuaria S.A.; Aces - Hospital Universitario Austral; N Ferraris Sa; Marlew S.A.- Avellaneda; T.D.A. Anodizado S.A.; Cervecería y Maltería Quilmes S.A.I.C.A. y G.; PBBPolisur S.A.; Aguas y Saneamientos Argentinos S.A.; Minera Alumbrera Limited; Rayen Cura S.A.I.C.; Banco de Galicia y Buenos Aires S.A.; PBBPolisur S.A.; Metrive S.A.; Pet Food Saladillo S.A.; Banco Supervielle S.A.; T6 Industrial S.A.; YPF S.A. (YPF); and Fideicomiso Central Vuelta de Obligado.

Seasonality

Water levels generally increase between May and December due to the winter rains and the spring thaw, and the company is able to produce more energy over such periods. Wind speed is generally higher between May and September, and the company is able to produce more energy over such periods.

Competition

The company's primary competitors in the electric power generation market are the Enel group (Enel Generación Costanera S.A., Central Dock Sud S.A., and Enel Generación El Chocón S.A.), AES Argentina Generación S.A. (an affiliate of the AES Corporation), Pampa Energía S.A, and YPF EE S.A.

Environment

Pursuant to Section 22 of Argentina's Environmental Policy Law No. 25,675, any individual or legal entity, whether public or private, engaged in activities that endanger the environment, ecosystems and their constituent elements, including the company, must carry insurance for an amount sufficient to cover the cost of repairing the damages such individual or legal entity may cause. The company fully complies with this regulation.

History

Central Puerto S.A. was founded in 1898. The company was incorporated pursuant to Executive Decree No. 122/92 in 1992.