"A key element of this friendship is the considerable, sustainable contributions of US companies who invest in Argentina," said the ambassador, who also stressed that his country is still Argentina's top foreign investor. Contact online >>
"A key element of this friendship is the considerable, sustainable contributions of US companies who invest in Argentina," said the ambassador, who also stressed that his country is still Argentina''s top foreign investor.
"We want to thank AES and all American companies investing in the country, proving the US is committed to Argentina''s growth and prosperity. AES'' mission is clear: to improve people''s lives through sustainable, reliable and safe energy solutions in countries all over the world, and that is exactly what they are doing here," said the diplomat standing in one of the corners of the palace''s emblematic ballroom.
Guests at the event included Alejandro Díaz and Facundo Minujín, CEO and president of AmCham respectively; Gabriela Aguilar from Excelerate Energy; Manfred Boeckmann from Germany''s Wintershall Dea; officials from the Argentine Institute of Power and Gas (IAPG) and executives of US companies, particularly from the automotive industry.
Stanley highlighted that AES holds 10% of Argentina''s total capacity for energy generation, meaning that it''s one of the three top energy generators in the country including thermal, hydroelectric and wind energy.
"Not only is it an energy producer, but also an innovator and investor in clean energy. In fact, it''s the first energy producer to implement lithium battery storage capacity in their Argentina-based operations," he said.
The ambassador added that, after 30 years of "such robust performance," AES is a "great example" of an American company''s positive impact in the country, abiding by commercial ethical rules, promoting great sustainability and committing to corporate social responsibility.
"Argentina has every ingredient needed to considerably expand its economy in the upcoming years. And AES will play a fundamental role providing energy to the country for many years," Stanley said of US President Joe Biden''s administration.
"Back then, the power plant didn''t work. In fact, they only had one computer and there was only one person who knew how to operate it. That thermal power plant, which was almost shut down, is today one of the most important pillars of the country''s electric power generation system," Genesio said to the audience of a hundred guests.
He also emphasized that, in Salta province, AES has the only power plant with capacity to connect to two countries — Argentina and Chile — as well as the highest international power line which connects Salta with northern Chile. It is also the only company capable of burning all fuels with their own thermal plants, and has the only wind farm in Neuquén, an oil-producing province
AES plans for the future include the expansion of their wind farm in Tornquist, in the Buenos Aires province. Vientos Bonaerenses("Winds of Buenos Aires Province" in English) currently has an installed capacity of 99.75 MW and will increase it to 153 MW once nine Nordex-Acciona wind turbines become operational. This US$90 million investment will directly create 300 jobs.
Argentina''s energy authorities will determine the future of hydroelectric dam contracts and AES has already expressed its wish to continue its business at the Alicurá power plant, a dam that regulates the waters of the Limay river in Neuquén and produces 8% of the country''s electricity by generating 1,050 MW.
Lithium is no longer a promise of the future and the government is starting to record actual data: exports hit record numbers in the first quarter of 2023 with a 133% year-on-year increase. Given this context, the Casa Rosada and governors from northern provinces aim to move forward on two bills that create incentives to advance lithium industrialization and electromobility (regulating the production of electric vehicles).
However, the draft bill is currently being reviewed by the Economy Ministry because some of the articles, such as the internal market quotas, export duties, royalties, and "preferential prices", are deemed questionable.
Lithium exports have broken a new record: they added up to US$91 million in March, so the first quarter had an overall foreign sales total of US$233 million (a 133% increase). This is partly explained by higher prices but also because the exported amounts grew by 23%. Hence, lithium dollars already account for a third of the country''s mining activity (27%), according to data from the Secretariat of Mining.
"If Argentina keeps moving at this pace, and the other six unfinished projects begin production, in 2025 we will expand production capacity to more than 200,000 tonnes," said an official report.
This would bring the exports up to more than US$7 billion, considering the average prices of 2022, where the carbonate tonne cost US$37,000. This value may increase as the demand for electric mobility rises.
The Lithium Board, formed by governors, the Executive Branch, and the Economy Ministry, has agreed on a legal framework to promote industrialization. The draft was written by Casa Rosada and sent to the Economy Ministry. However, progress has stalled due to some "articles under observation".
Sources in the Executive Branch believe that if the corrections take too long, this will delay the project''s submission to Congress and its approval will become pretty much impossible, being an election year. Also, they think that if there is a change in government after the presidential elections, the chances of a bill like this making it to Congress are zero.
Santiago Dondo, former undersecretary of Mining Policies during the former Cambiemos administration, recently wrote a magazine article called ''Let''s not create battery factories'' in a Seoul publication — a move criticized by the government.
The bill to develop the value chain of lithium and batteries, as it reads on the draft, hopes that Argentina can start by joining the industrialization of a few elements, such as cathodes and battery cells, and only then start producing batteries in the mid-term.
There are a few articles under "observation" by the Secretariat of Mining, which operates under Economy Minister Sergio Massa. One such article declares lithium to be of "strategic interest". “There are doubts in the ministry as to whether the inclusion of this article would imply that lithium would be removed from the mining code, which may “discourage investments” It will probably be dropped.
Today, there are only two active lithium mines, but there are 38 projects in the works in stages that range from assessment to construction. Massa is promoting lithium on every trip to the US and he needs investments, especially in a context where dollars are scarce. One of the two projects in Argentina is owned by the US company Livent.
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