Edenor advances on $780 million Metrogas purchase

Empresa Distribuidora y Comercializadora Norte (Edenor) moved closer to completing its $780 million purchase of Metrogas and Metroenergía from state energy company YPF. On 8 September 2026, Minister of Economy Luis Caputo published Resolution 1469/2026 in the Official Gazette, suspending a legacy regulatory order that had mandated YPF to divest the gas distributor.

The suspension pauses enforcement of a 2016 order based on Article 34 of Law 24,076, which bars gas producers from holding controlling stakes in distributors. The freeze remains in place until the sale to Edenor is completed or until the Plan Gas.Ar framework ends on 31 December 2028, whichever comes first. State oil firm YPF had accepted Edenor's offer on 10 August.

The Ministry noted that approximately 68% of gas produced between January 2024 and March fell under Plan Gas.Ar contracts, and Metrogas conducted no spot purchases from YPF in 2024 and 2025. These conditions limited risks of preferential dealing, making an immediate forced divestment unnecessary while Edenor works through final transaction approvals.

The transaction still requires regulatory clearance from the new Ente Nacional Regulador del Gas y la Electricidad (ENRGE) under Articles 34 and 38 of Law 24,076. In addition, the deal depends on the national government granting a 20-year extension to the Metrogas concession, which currently expires in December 2027, extending its operating rights through 2047.