History

Our company was established as Public Limited Company on July 21, 1992 under the name Empresa Distribuidora Norte Sociedad Anónima.  The process took place as part of the privatization of the Argentine state-owned electricity utility, Servicios Eléctricos del Gran Buenos Aires S.A. (SEGBA), which was divided into three electricity distribution companies, including Edenor, and four electricity generation companies.  On May 14, 1992, the Argentine Ministry of Economy and Public Works and Utilities approved the public sale of all of Edenor’s Class A shares, representing 51% of Edenor’s capital stock. An international investment holding which included EDF International S.A. (a subsidiary wholly-owned by Electricité de France S.A.) submitted a tender offer for said capital stock through EASA, and Argentine company. EASA resulted the successful bidder and in August of the same year it entered into a stock purchase agreement with the Argentine Government which granted Edenor with a concession to exclusively distribute electricity within the concession area for a period of 95 years. On September 1, 1992, EASA acquired Edenor’s Class A shares and became its controlling shareholder.

In June 1996, Edenor’s shareholders approved a change of the company’s name

Edenor’s shareholders approved a change of the company’s name to Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR S.A.)

2001: EDF International S.A. acquired the totality of EASA’s shares

2001: EDF International S.A. acquired the totality of EASA’s shares

  • EASA became a wholly-owned subsidiary of EDFI
  • EDFI acquired the totality of Class B shares, increasing to 90% its direct and indirect participation in Edenor
January 2002: National Congress enacted the Public Emergency Law

National Congress enacted the Public Emergency Law

  • Terms and conditions of the concession granted to the company were modified

  • Tariffs were renegotiated, distribution margins were suspended and price adjustment mechanisms were revoked  

2005 | Junio: Dolphin Energía S.A. and IEASA S.A. acquired the totality of EASA’s shares

Dolphin Energía acquired 90% and IEASA the remaining 10% of the capital share of EASA

  • On September 15, 2005, under the shares sale contract signed between EDFI and Dolphin and its subsequent partial assignments to IEASA, the formal takeover of Edenor by Dolphin took place.
January 2007: Edenor attested the “Memorandum of Agreement” with the National Government

Edenor attested the “Memorandum of Agreement” with the National Government.

  • The purpose was the adaptation of the Electricity Commercialization and Distribution Public Service Concession Contract.

  • The Government granted Edenor with a 28% distribution margin increase.

  • The Memorandum of Agreement considered a biannual adjustment of distribution own costs (MMC) for the transition period until the RTI process is carried out.

  • The ENRE only recognized and incorporated two MMC adjustments to the tariff.

April 2007: Edenor completed its Initial Public Offering of its common Class B shares

Edenor completed its Initial Public Offering (IPO) of its common Class B shares

  • Edenor’s shares listed on the stock exchange and the BCBA ender the “EDN” symbol
  • EASA maintained its 51% of Edenor’s common shares and approximately the 49% was held by investors
September 2007: Pampa Energía S.A. acquired the totality of Dolphin Energía’s and IEASA’s

Pampa Energía S.A. acquired the totality of Dolphin Energía’s and IEASA’s outstanding stock.

  • Edenor remained indirectly under Pampa’s control.  
October 2007: Edenor launched a Public Tender Offer (OPA) of its own shares

Edenor launched a Public Tender Offer (OPA) of its own shares

  • At December 2008, it acquired a total of 9.412.500 of Class B shares of a 1$ nominal value
  • As from December 2010 the composition of the Company’s capital stock is represented by 906.455.100 shares
November 2008: ANSES acquired 242.9 million Class B shares (26.8% of Capital Stock)

ANSES acquired 242.9 million of the Company’s Class B common shares, representing 26.8% capital stock.

  • The National Congress unified Argentina’s social security system in a State System administered by ANSES

Private retirement and pension managing companies transferred to ANSES the totality of the assets administered by them within the retirement saving framework

March 2011: Edenor acquired AEI Utilities, S.L.

Edenor acquired AEI Utilities, S.L. (“AEIU”) as acquiring party pursuant to the Pampa Energía – AEIU Agreement.

  • 182 million of  Emdersa’s common shares, representing 77,19% of its capital stock.

  • 29 million of AESEBA S.A’s common shares representing 99,99% of its capital stock.

  • Residual shares from Empresa Distribuidora de San Luis S.A. (“Edesal”); Emdersa Generación Salta S.A. (“EGSSA”); Empresa Distribuidora de Electricidad de la Rioja S.A. (“EDELAR”); Empresa de Sistemas Eléctricos Abiertos S.A. (“ESED”)

Between September 2011 - September 2013: Edenor sold its subsidiaries’ capital shares

Edenor sold its subsidiaries’ capital shares

September 2011: it approved Rovella Carranza S.A’s offer for Edesal acquisition.

October 2011: it approved the offer of its parent shareholder, Pampa Energía, for the acquisition of EGSSA

April 2012: it approved the offer submitted by Salta Inversiones Eléctricas S.A. (“SIESA”) for the acquisition of EDESAH and ESED

February 2013: it approved the offer submitted by Servicios Eléctricos Norte BA S.L. for the acquisition of AESEBA

February 2013: it approved the offer submitted by Energía Riojana S.A. (ERSA) and the Government of La Rioja province, for the acquisition of its indirect participation on Emdersa, Edelar’s parent company.  

May 2013: Edenor offset its debt registered within the National Program for the Rational and Efficient Use of Energy (PUREE) in consideration of the adjustments owed resulting from MMC.

  • Approved by the Secretariat of Energy, pursuant to Resolution No 250/2013

The PUREE was a program implemented by the National Government in 2003, aimed at controlling the increases of electricity demand.

November 2012: The ENRE established that Edenor would charge a fixed and variable fee

The ENRE established that Edenor would charge a fixed and variable fee differentiated by customer category on account of increases not granted by MMC

  • In accordance with Resolution ENRE No 347/2012

  • Said charges were identified in the invoices sent to users and deposited in a special account administered by a trustee

  • These were exclusively applied to finance infrastructure and to the corrective maintenance of premises

May 2013: Edenor offset its PUREE debt

May 2013: Edenor offset its debt registered within the National Program for the Rational and Efficient Use of Energy (PUREE) in consideration of the adjustments owed resulting from MMC

  • Approved by the Secretariat of Energy, pursuant to Resolution No 250/2013

  • The PUREE was a program implemented by the National Government in 2003, aimed at controlling the increases of electricity demand

February 2015: Partial recognition of PUREE funds on account of a future ITR

The Secretariat of Energy authorized Edenor to consider as part of its income the funds resulting from PUREE, on account of a future ITR

  • Pursuant to to Resolution SE No 32/2015

January 2016: The Ministry of Energy and Mining carried out all necessary steps to ...

The Ministry of Energy and Mining carried out all necessary steps to conclude with the RTI process in December 2016, and the ENRE published a new tariff schedule on account of RTI.

  • Pursuant to Resolution ME&M No 7/2016 and Resolution ENRE No 1/2016

February 2017: The RTI process was completed and a new tariff schedule was published

The RTI process was completed and a new tariff schedule was published.

  • Pursuant to Resolution ENRE No 63/2017

  • A VAD increase of 98% was granted for the 2017-2021 five-year period in three stages: 42% in February '17; 18% in November '17; 18% in February '19.

  • It was decided that the difference in the VAD resulting from the gradual application of the tariff increase shall be recovered in 48 installments as from February 2018.

A non-automatic biannual Distribution Own Cost (CPD) adjustment mechanism based on the IPC and IPIM evolution was established.

December 2017: The ENRE published the new tariff Schedule

The ENRE published the new tariff Schedule, taking into account the second stage of the VAD increase jointly with the CPD increase.

  • Pursuant to Resolution ENRE No 603/2017

  • The second stage of the VAD 18% increase was applied, deferring it from November 2018 to December 2018.

  • A 11,6% CPD increase corresponding to the biannual adjustment mechanism was applied for the 2017 Jan-Jun period, deferring it from August 2018 to December 2018.

  • The deferral effect amounted a total of ARS 753,9 million, which were invoiced in two installments in December 17 and January 2018.

December 2017: 

The merger by absorption between Central Térmica Loma de la Lata S.A. (“CTLL”), as merging and surviving company, and EASA and IEASA S.A. as the merged/absorbed companies was approved.

December 2017: The merger CTLL, EASA amd IEASA was approved

The merger by absorption between Central Térmica Loma de la Lata S.A. (“CTLL”), as merging and surviving company, and EASA and IEASA S.A. as the merged/absorbed companies was approved

February 2018: The ENRE approved the third VAD increase, CPD update and the E factor

The ENRE approved the VAD increase third stage, jointly with the CPD increase and the stimulus factor effect

  • Pursuant to Resolution ENRE No 33/2018

  • The 18% VAD increase third stage was applied.

  • A 11,9% CPD increase corresponding to the biannual adjustment mechanisms for the 2017 July December period was applied.

  • A 2,51% tariff reduction on the corresponding tariff correspond to the stimulus factor was applied.

The amount of ARS 6.343,4 million was established as the deferral effect to be collected as from February 2018 in 48 installments corresponding to the VAD increases gradual application.

May 2018: First Acquisition of Own Shares Program

Acquisition of Own Shares Program

  • Maximum amount: up to US$ 40 million;
  • Number and maximum prices: portfolio shares may not exceed, as a whole, the limit of 10% of the capital stock and a price payable by the shares of up to ARS 60 per share in Bolsas y Mercados Argentinos S.A. (BYMA) and US$ 55 per ADR in the New York Stock Exchange (NYSE).
  • Term: 120 calendar days as from the first business day following the date of publication of the Company’s decision to acquire own shares

July 11th, 2018: The early termination of the acquisition of own shares was approved by the Board of Directors.

A total of 645,891 ADRs (equivalent to 12,917,820 class B common shares) for the sum of US$ 28,371,156 have been acquired under this program in the NYSE.           

August 2018: The merger by absorption between Pampa Energía and CTLL (absorbed)

August 2018: The merger by absorption between Pampa Energía, as merging and surviving company and CTLL as the merged/absorbed company took place

  • Pampa Energia continues to be Edenor’s controlling party, however, in a direct manner
August 2018: CPD increase for the 2018 January-June period

The ENRE approved the CPD increase for the 2018 January-June period.                                                                                                          

  • Pursuant to Resolution ENRE No208/18                                                                                          

  • The 15,85% increase to be applied in two stages, 7,925% in August 2018 and 7,925% in February 2019 was approved                                                                   

The deferral effect caused by the gradualism of the increase application will be collected in 6 installments as from February 2019

December 2018: Second Acquisition of Own Shares Program

Acquisition of Own Shares Program

  • Maximum amount: up to ARS 800 million.

  • Number and maximum prices: portfolio shares may not exceed, as a whole, the limit of 10% of the capital stock and a price payable by the shares of up to US$ 1.5 per share in Bolsas y Mercados Argentinos S.A. (BYMA) and US$ 30 per ADR in the New York Stock Exchange (NYSE).

  • Term: 120 calendar days as from the first business day following the date of publication of the Company’s decision to acquire own shares.

A total of 449,676 ADRs (equivalent to 8,993,520 class B common shares) for the sum of US$ 11,908,902 have been acquired under this program in the NYSE.    

January 2019: VAD updates for the first and second semesters of 2018

January 2019: ENRE approved the VAD updates for the second semester of 2018 and the pending update corresponding to the first semester of the same year

  • Pursuant to Resolution No. 27/2019                                                                                                                                                                                                               

  • A 32% CPD increase was applied correspinding to the period form Jul-Dec 2018 and the pending aumount corresponding to the Jan-Jun 2018 period                                                                                                         

  • The cost of deferrals for the August 2018 - February 2019 period and for the month of February 2019, in the amount of ARS 1,005 million and ARS 841 million respectively, were to be recoverable in 5 installments payable as from March 2019

  • the partial recognition of the appeal filed by Edenor to Resolution No. 208/2018, which acknowledges costs not previously passed on to tariffs, was recognized in ARS 51 million payable in 5 installments as from March 2019

  • 1.59% “E”-factor adjustment was deducted from the cumulative inflation update

April 2019: Third Acquisition of Own Shares Program

Acquisition of Own Shares Program

  • Maximum amount: up to ARS 800 million.
  • Number and maximum prices: portfolio shares may not exceed, as a whole, the limit of 10% of the capital stock and a price payable by the shares of up to US$ 1.15 per share in Bolsas y Mercados Argentinos S.A. (BYMA) and US$ 23 per ADR in the New York Stock Exchange (NYSE).

  • Term: 120 calendar days as from the first business day following the date of publication of the Company’s decision to acquire own shares.

June 12th, 2019: The early termination of the acquisition of own shares was approved by the Board of Directors.

A total of 97,463 ADRs (equivalent to 1,949,260 class B common shares) for the sum of US$ 1,689,194 have been acquired under this program in the NYSE.        

May 2019: Transfer of jurisdiction & Liabilities Regularization Agreement

Transfer of jurisdiction & Liabilities Regularization Agreement

  • Edenor entered into an agreement for the Implementation of the jurisdiction’s transfer of the public electricity distribution service from the National Government to the Province of Buenos Aires and the Autonomous City of Buenos Aires.

  • The public service rendered by Edenor will continue to be governed by its concession contract, and by applicable legal national and regulatory principles.

  • Edenor entered into a Liabilities Regularization Agreement with the Secretary of Energy on behalf of the National Government, thus terminating the pending reciprocal claims originated in the 2006-2016 transition period.

December 2019: Law of Social Solidarity and Productive Recovery

Law of Social Solidarity and Productive Recovery

  • It maintained the current Tariff rates as of May 2019 and began a process of renegotiation of the Integral Tariff Review for a maximum of 180 days.

  • Empowered the National Executive Branch to invene the ENRE for one year.

  • Suspended the process of the jurisdiction transfer to the Province and City of Buenos Aires. Edenor remains under National jurisdiction.

March-September 2020: Mandatory service for vulnerable users and tariff freeze extension

Mandatory service for vulnerable users and tariff freeze extension

  • Within the framework of the health emergency declared due to COVID-19, through Decree number 311 and its subsequent modifications through decrees 543 and 756, mandatory service for vulnerable useres was ordered.

  • In turn, through Decree number 543, the term of the tariff freeze imposed by the law of social solidarity and productive recovery was extended for an additional period of 180 days.

2020 | December: Start of the ITR renegotiation (decree 1020/2020)

Decree 1020/2020:

  • Start of the ITR renegotiation

  • Extension of the term of the tariff freeze imposed by the law of social solidarity and productive recovery for an additional period of 90 days.

  • In turn, the Enre's intervention term is extended for an additional period of one year.
2021 | April: Trasitory VAD update Res. ENRE N°107/2021

ENRE Resolution N° 107/2021:

  • Transitory VAD update of 20.9% for readings as from May 1st

  • 9% impact in tariff for users