YPF to Control Argentina Power Plant Fuel Imports, Clarin Says

YPF SA (YPFD), the former Repsol SA unit nationalized by the Argentine government in April, will import all fuels for the country’s thermal power plants, daily Clarin reported.

The move is part of the government’s bid to tighten control over the electricity industry, the newspaper said, citing Deputy Economy Minister Axel Kicillof. The government plans to overhaul electricity rates to ensure “reasonable profits,” Clarin cited Kicillof as saying.

Kicillof, who met yesterday met with officials from 70 power companies, said a state entity will manage all electricity sales income and pay out profits to companies at rates set by a regulator, according to the newspaper.

To contact the reporter on this story: Alex Emery in Lima at aemery1@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net