Central Puerto(US:CEPU)2024-06-06 20:13Capacity and Generation - The Puerto complex has a current installed capacity of 1,747 MW, including steam turbines and a Combined Cycle plant[4]. - The Group operates thermal generation plants with installed capacities of 865 MW, 873 MW, and 816 MW through equity investees and subsidiaries[5]. - The Costanera thermal station has an installed power capacity of 1,131 MW and two combined cycle plants with an installed power capacity of 1,128 MW[6]. - The "Parque Solar San Carlos" solar power station project, with a capacity of 10 MW, was awarded in 2022 and will be built in Salta province[24]. Energy Pricing and Remuneration - The price for energy generated from non-conventional energy sources is fixed at 28 USD/MWh[42]. - The DIGO price for energy capacity is set at 7,000 USD/MW-month during peak demand months and 5,500 USD/MW-month during the remaining months[43]. - The new remuneration component for energy generated during the first 50 hours of maximum thermal requirement (MTR) was introduced, with different prices based on the season and energy delivered[44]. - A 20% retroactive increase in power and energy remuneration values was ordered as of September 1, 2022, followed by increases of 10% on December 1, 2022, 25% on February 1, 2023, and 28% on August 1, 2023[47]. - A 23% increase in remuneration for power and energy for generation not committed under contracts was established as of September 1, 2023[77]. - A significant 74% increase in power and energy remuneration values for generation not committed under contracts was established as of February 1, 2024[78]. - Resolution No. 869/2023 established a 28% increase in remuneration for power and energy from November 1, 2023[102]. Financial Performance and Reporting - The financial statements for December 31, 2023, were restated to reflect changes in the general purchasing power of the Argentine peso, in accordance with IAS 29[85]. - The Group's consolidated financial statements are presented in Argentine pesos, rounded to the nearest thousand (ARS 000)[104]. - The most relevant revenue source for the Group is the commercialization of energy produced in the spot market, with CAMMESA as its main customer[145]. - Revenues from energy, power, and steam sales are calculated based on prices established in contracts or prevailing market prices, including unbilled amounts at the reporting period's end[146]. - The Group recognizes sales revenue based on the effective power of its machines and the energy supplied, with billing done monthly by CAMMESA[125]. Taxation and Legal Matters - The statutory tax rate for the Group for the fiscal year 2023 is detailed in Note 22[148]. - The Company collected an income tax refund of 67,612 (historical values) plus interest on March 21, 2024, related to the fiscal period 2010[155]. - As of December 31, 2023, the asset for income tax credits amounts to 156,882, down from 750,327 in 2022[187]. - The Company filed a recovery action for income tax for the fiscal year 2015, amounting to 129,231 (historical values) unduly paid[185]. - The recovery action for income tax for the fiscal year 2016 is for 189,376 (historical values) unduly paid[186]. - The Group applies significant judgment in identifying uncertainties on income tax treatment, particularly regarding inflation adjustments[154]. - The Company has ongoing legal actions regarding income tax recoveries for multiple fiscal years, including 2009, 2011, and 2012[182]. Asset Management and Impairment - The depreciation of property, plant, and equipment is calculated on a straight-line basis over their estimated useful lives, with specific rates for different asset types[193]. - The Group assesses for impairment of property, plant, and equipment and intangible assets at each reporting period-end, estimating the asset's recoverable amount if indications of impairment exist[198]. - The recoverable amount is determined as the higher of fair value less costs to sell and value-in-use, calculated for individual assets or cash-generating units (CGUs) as applicable[198]. - Fair value less costs to sell is determined using recent market transactions or appropriate valuation models, verified by valuation multiples and other fair value indicators[199]. - Impairment calculations are based on detailed budgets and forecasts prepared separately for each CGU to which individual assets are allocated[200].