Enel Generacion Costanera SA

What it is

Central Costanera runs a single large plant on the Buenos Aires waterfront composed of four conventional steam units (661 MW) and two combined-cycle blocks (277 MW and 851 MW), totalling 1,789 MW of installed capacity — about 4% of Argentina’s national grid and 5% of the country’s total thermal generation.

Alongside generation, the company sells engineering, consultancy, and management services for power plants. The company was formerly known as Enel Generación Costanera S.A. and changed its name to Central Costanera S.A. in March 2023.

Who owns it

In February 2023, Proener S.A.U. — a wholly owned Argentine investment vehicle of Central Puerto — bought 75.68% of Central Costanera from Enel Argentina for US$48 million.

Proener S.A.U. remains the controlling shareholder, holding 75.68% of the ordinary shares.

The structured data shows insiders (Proener / Central Puerto) at 71.94%, with institutional investors at just 0.5%, leaving a free float of roughly 28%. Central Puerto, the ultimate parent, is itself listed on both the Buenos Aires and New York stock exchanges.

Who runs it

The general manager of Central Costanera previously served as national director of thermal generation at the Argentine Secretariat of Electric Energy and as executive vice president of CAMMESA, the country’s wholesale electricity market administrator. Central Puerto’s investor-relations page identifies this individual as the current general manager, but does not publish a full name in the publicly accessible section — this detail is not disclosed in available sources.

The board is appointed by Proener S.A.U. in line with its controlling stake; no separate CFO for Central Costanera is disclosed in public filings.

The money, in plain words

Revenue has grown fast from a very low base: net sales rose 46% in 2025, and in the 2024 annual accounts revenue reached ARS 110bn (~US$75.6m), up 8.7% from ARS 102bn (US$70 mn) in 2023 — itself a massive jump from just ARS 16bn (US$11 mn) in 2022 (our calculations). The 2023 loss year — a net loss of ARS 118bn (US$81 mn) — reflected the heavy restructuring costs and Enel group debt forgiveness tied to the ownership change, not operating failure.

On a trailing twelve-month basis the company now earns about 14 cents of profit from every peso of sales — a net margin of 13.9%, solid for a regulated Argentine generator. For every peso of equity owners hold, it earns about 15 back per year — a return on equity of 14.8%, respectable in this sector.

The balance sheet carries essentially no disclosed financial debt, and cash on hand is minimal (ARS 135m / ~US$92,000), meaning the company is self-funded and lean (our calculation).

At a price-to-earnings ratio of 21.5×, the market is pricing in continued recovery, not just current profits. No dividend is being paid.

What it is doing now

In February 2024, Central Costanera filed with Argentina’s official gazette for the decommissioning of two ageing steam units — COSTTV04 (120 MW) and COSTTV06 (350 MW) — together removing 470 MW of older, less efficient capacity. This shrinks the plant’s headline size but improves the efficiency and dispatch competitiveness of what remains.

A deep maintenance and rehabilitation programme on the Buenos Aires Combined Cycle unit has been underway, delivering a 78% increase in generation from that block year-on-year. The new owner is investing in reliability, not adding new capacity.

What to watch

• Tariff reform: Argentine electricity prices are set by the government; any move toward market-rate remuneration under President Milei’s deregulation agenda would directly lift revenue per megawatt-hour.
• Decommissioning execution: Retiring 470 MW of old steam capacity is both a cost-saving and a regulatory event; how smoothly it proceeds will test management’s relationship with Argentina’s grid operator CAMMESA.
• Dividend resumption: With no debt and improving margins, the first dividend announcement would be a clear signal that Central Puerto considers the turnaround complete.
• Currency risk: All revenue is in Argentine pesos; the 13.9% TTM net margin reads very differently once inflation and any future devaluation are factored in by dollar-based investors.

This is news, not investment advice.