Enarsa

2014 MANAGEMENT REPORT
INFORME DE GESTIN 2014
CONTENTS
INSTITUTIONAL INFORMATION
Letter from ENARSAs President
ENARSA: Creation, Mission, Vision and Policy of the Integrated Management System
A Company Founded on Values
BUSINESS AREAS
Exploration and Production
Gas and Refinement
24
Gas Pipelines, Oil Pipelines and Multi-purpose Pipelines
32
Electric Energy
38
Renewable Energies
52
Department of Quality, Environment and Occupational Safety and Healty
64
RELATED COMPANIES
ENARSA SERVICIOS S.A.
68
Vientos de la Patagonia I S.A.
69
ENARSA PDV S.A.
71
TRANSENER S.A.
72
Parque Elico Arauco
73
LETTER FROM ENARSA'S PRESIDENT

Dear Sirs,
The main purposes of our company is to efficiently develop and supply energy in all its forms, in compliance with the
public policies established by the National Government within a framework of respect for society and the environment,
thus contributing to the sustainable growth and the quality of life of all citizens and encouraging the development of local
technologies.
In the period between 2012 and 2014, ENARSA has honored with responsibility its commitment to consistently maintain
and increase its contributions to the development of an energy structure that meets the demands of a country that has
been growing as a result of the polices established by the National Executive Power. This commitment has formed part
of Enarsa since its creation, to recover the ability of a sovereign State to take strategic actions as regards its natural
resources, which constitutes a key and essential factor for the sustainable economic growth of our country. To
accomplish this, we have been making progress and developing a wide range of activities that are essential for the
development of the national energy and economy. Along these years, remarkable advances have been made. The
building of new power stations, the exploration of hydrocarbons in the Malvinas Basin and in the Neuqun Basin, the
commencement of the construction works of the Argentine Northeast Gas Pipeline (GNEA), the recycling plants and
electrical power plants, the distributed energy power plants and the mobile energy plants, among others.
All these goals and purposes were achieved thanks to the performance of a professional and technical team deeply
committed with the strategic guidelines of our company that promotes a sustainable development and our energetic
sovereignty. These are, without doubt, ENARSAs key factors: the capacity, professionalism, commitment and the ability
of its people in furtherance of our national building project.
I strongly believe that the goals regarding the energetic and economic policies set by President Nstor Kirchner, then in
office, and therefore, in charge of the National Executive Power at the time ENARSA was created in the year 2004, and
further pursued with courage and decision by President Cristina Fernndez de Kirchner, were achieved with commitment
and responsibility, sustained by the economic policies established by our government and the unconditional commitment
of our people. Argentina will only be able to sustain and project into the future the growth it has experienced throughout
this decade, if it remains focused in a sustainable and own energetic matrix. ENARSA is, was and will continue being a
material part of such project and a key and determining factor of its success.
We would like this Management Report 2012 - 2014 to illustrate the importance and quality of the tasks performed,
making available to shareholders, partners, suppliers and the general public the most relevant information generated by
our company.
Lic. Walter Rodolfo Fagyas

President
ENARSA
LETTER FROM ENARSA'S PRESIDENT
ENARSA
CREATION, MISSION, VISION AND POLICY

OF THE INTEGRATED MANAGEMENT SYSTEM
MISSION
Our mission is to efficiently provide energy in all its forms, accompanying the National Government's public policies within
a framework of socio-environmental respect, contributing to the sustainable growth and to the life quality of all the
citizens and promoting the local development of energy technologies.
This mission will be attained mainly in the following strategic areas:
Exploration and exploitation of solid, liquid and gaseous hydrocarbons, on- and off-shore, as well as
transportation, storage, distribution, sale and industrialization of these products and their derivatives..
Rendering of the natural gas transportation and distribution public utility. For this purpose, the company may
elaborate, process, refine, buy and commercialize natural gas.
Generation, transportation, distribution and commercialization of electric power from renewable and non-renewable sources.
Creation and management of the Hydrocarbon Comprehensive Database, to which all the hydrocarbon market
operators will have access.
VISION
To be well known as a model company, capable of effectively and efficiently managing the provision of energy, in order
to achieve and sustain the national energy self supply.
POLTICA
ENERGIA ARGENTINA S.A. maintains a Comprehensive Management policy in the continuous improvement of the
processes, the development if its activities and the protection of natural resources and the environment, seeking to
always strengthen sustainable development under Quality, Safety and Occupational Health conditions. The general goals
of our policy are:
To continuously improve the organization, operational techniques, task performance time and customer care.
To comply with the applicable regulations within the framework of Environmental care, personal Health and
Safety, with other regulations the Company may adhere to, as well as with the company's internal procedures.
To prevent pollution, identifying and evaluating the environmental aspects of our activities, managing the
significant impacts deriving from such activities.
To prevent professional injuries and illnesses for the company staff as well as for the staff of the companies hired,
evaluating the significant risks of the tasks to be developed.
To establish environmental and safety objectives, plans and programs which make it possible to evaluate the
performance evolution of our activities and which are consistent with the commitment to a continuous improvement.
To ensure that this policy is communicated to the entire organization, for the purpose of raising awareness with
respect to quality, environment and Occupational Health and Safety obligations.
To ensure that this comprehensive management policy is made available to the entire public and to the
interested parties.
To ensure that this policy is documented, implemented, maintained and reviewed, verifying that it is kept relevant
to and adequate for the organization.
A COMPANY FOUNDED ON VALUES
DEVELOPMENT, PROFITABILITY, INNOVATION, ASSOCIATION CAPACITY

AND ENVIRONMENT AS ENARSA'S CORE VALUES
ENARSA's drive for development and contribution to the growth of Argentina is based on values that guide its actions
and define its corporate profile:
DEVELOPMENT
ENARSA is committed to promote the social and community development by generating energy resources in order to
boost employment and enhance the Argentine citizens' living standards.
PROFITABILITY
ENARSA is very conscientious about maintaining high standards of efficiency, competitiveness and cooperation for the
purpose of yielding profits for its stockholders.
INNOVATION
ENARSA provides new professionals with a prevailing position to promote research and the scientific development of
new projects.
ASSOCIATION CAPACITY
ENARSA seeks alliances with national and/or international entities, public and/or private organizations, for the purpose
of generating resources, earning assets and profiting from business opportunities.
ENVIRONMENT
ENARSA maintains strict natural resources protection and sustainable development policies.
A COMPANY FOUNDED ON VALUES
BUSINESS AREAS
EXPLORATION AND PRODUCTION

ENARSA's activities in connection with the identification, exploration and exploitation of on-shore and
off-shore hydrocarbon fields, as well as regarding the raising of awareness and the consolidation of
goal-oriented alliances is one of the core principles of the company's management.
ON-SHORE AREAS IN ARGENTINA
The joint ventures (UTE, as abbreviated in Spanish) conforming ENARSA have been, at the very beginning, Exploration Permits.
Therefore, prior to these permits granted by the provinces, these areas recorded no investments seeking hydrocarbons. All the
joint ventures have been explored and, consequently, exploited with their pertaining discoveries. In such joint ventures,
ENARSA is associated with foreign and local companies, which are private as well as owned by the provincial state.
BUSINESS AREAS
PROVINCE OF LA PAMPA
EXPLOITATION CONCESSION GOBERNADOR AYALA III
The consortium is composed of:

PLUSPETROL S.A. 90% (Operator)
ENARSA 10%
The area is divided into 4 fields: El Renegado, Gobernador Ayala Este, Mendieta and Ro Colorado. With the first investments,
4 wells were drilled, 2 of which became oil-producing wells (Me-1006 and Me-1007) at Mendieta, one injection well
(ER.ia-1001) at El Renegado and another exploration well (RC.e-1001) for gas production at the lower area of Centenario.
To this date, there are 35 oil-producing wells, 4 gas-producing wells, and 17 injector wells.
During 2014, 4 wells were drilled (2 appraisal wells and 2 development wells), 6 workovers were performed and the existing 3D
seismic survey was reprocessed together with a 5D interpolation with the purpose of enhancing the reservoir characterization.
Currently, the oil production is around 770,885 barrels per year.
RELEVANT DATA OF THE AREA

Type of crude oil:
MEDANITO
Type of field:
CONVENCIONAL
FORMACIONES PRODUCTIVAS
Oil:
CENTENARIO
Gas:
MULICHINCO
PROVINCE OF LA PAMPA
"MEDANITO SUR" EXPLOITATION CONCESSION

AMERICAS PETROGAS S.A. 60% (Operator)
ENARSA 20%
RAISER S.A. 20%
The Area has 10 fields, to wit: Altos de El Jabal, Amilcar, Ayelen, El Apataco, El Caldn, El Halcn, El Jabal, El Puma,
El Puma Este and La Meseta.
To this date, 65 wells were drilled out of which 52 have an effective oil production. During the second half of 2014, 4s
well were drilled and concluded. These wells are currently in production. The Area has an effective production of
426,830 barrels per year.
Type of oil:
MEDANITO
Type of field:
CONVENCIONAL
PRODUCTIVE FORMATIONS
Oil:
TORDILLO / PRE CUYO / GRUPO CUYO
Gas:
TORDILLO
BUSINESS AREAS
10
PROVINCE OF NEUQUN
"AGUADA DEL CHAAR" EXPLOITATION CONCESSION

GAS Y PETRLEO DEL NEUQUEN S.A. 50% (Technical Operator)
ENARSA 50% (Contract Operator, Accounting and Legal Representation)
By Presidential Decree no. 1417/12 Gas y Petrleo del Neuqun S.A. was granted an exploitation concession of the plot called
"Lote de Explotacin Aguada del Chaar" belonging to the "Aguada del Chaar" Area, its surface being 57 km2.
Between November and December of 2010 the first exploratory well AdCh.x-1 was drilled, which became an oil and gas well.
Between January and February of 2011 the second exploratory well AdCh.x-2 was drilled, which became an oil well.
In November of 2012 a drilling campaign of 4 development wells commenced, encompassing 3 Gas wells and 1 Oil well.
In 2013, the gas wells GyP.Nq. Loc-2, GyP.Nq., Loc-3 and GyP.Nq., Loc-4 and the oil well GyP.Nq.Bch-3 were drilled.
During 2014, the wells GyP.Nq.LoC.a-5, GyP.Nq.LoC.a-8 and GyP.Nq.LoC.a-9 were drilled. The wells
GyP.Nq.LoC.a-8 and GyP.Nq.LoC.a-9 are yet to be concluded. Furthermore, repair works (pulling) were carried out in
the AdCh.x-2 oil well and the construction of the oil battery was concluded.
In 2015, the construction of a pipeline (12) with a length of 41.05km that will connect Aguada del Chaar with the
primary separation unit USP-14 located in the Loma Campana area and the construction of the gas separation and
dehydrating plant will be finished.
For the development of this work, the construction of a transportation gas pipeline of 41.05 km, plus 1,500 m of 12
pipes for interconnection with YPF, as well as the construction of a conditioning plant, plus the construction of a gas
pipeline from the wells to the plant, with an extension of 10.3 km was submitted to a bidding process by the GyP ENARSA joint venture.
A triethylene glycol (TEG) dehydrating plant, two indirect heaters, a measurement station with an ultrasonic gauge and a 30
horizontal type slug Catcher interconnected with 3 pipes to the USP-14 of YPF's Loma La Lata field will be among the
structures. This will enable the separation of the condensates extracted along with gas and also to obtain its derivatives:
propane, butane and natural gasoline. For this work, during a first stage, supplies will be extracted from 4 wells by means of
gathering nets of 6 and 4up to the plant, as well as through a Dn API 5L X60 12 pipeline, 5.6 and 7.9 mm thick, and
three-layer coating for their transfer to the gas transportation system. The duct was designed so as to operate with a maximum
working pressure (MAWP) of 98 Kg/cm(g) and a daily 1,100,000 m flow.
It is estimated that an average of 209 persons from different areas of expertise will be participating in the work during its
execution, the maximum estimated number being 325 workers. ENARSA is in charge of the work management and inspection.
Currently, the oil production is around 16,145 barrels per year.
11

Type of oil:
MEDANITO
Type of field:
CONVENCIONAL
FORMACIONES PRODUCTIVAS
Oil:
SIERRAS BLANCAS / VACA MUERTA
Gas:
LOTENA
PROCEDURES CARRIED OUT AS REGARDS QUALITY, ENVIRONMENT AND OCCUPATIONAL SAFETY AND
HEALTH (CASS)
Upon creation of the Joint Venture, the main goal was to give advice on and to ensure compliance with plans,
procedures and laws related to the Environment and Safety Area of the Project for the Drilling of Exploratory Wells as
well as to supervise and follow up the Inspection of the construction of the Gas Pipeline and Dehydrating Plant.
OIL AND GAS RESERVES IN MILLIONS OF BARRELS OF OIL EQUIVALENT (BOE)

16
14
12,6
11
12
10
9,1
8,5
8
6
4
2
3,7
3,8
3,9
2008
2009
2010
1,3
0
2007
GOBERNADOR AYALA III
AGUADA DEL CHAAR
2011
2012
MEDANITO SUR
BUSINESS AREAS
2013
2014
TOTAL
12
13
PROVINCE OF NEUQUN
"LAGUNA BLANCA AND ZAPALA" EXPLORATION PERMITS

PLUSPETROL S.A. 80% (Operator)
ENARSA 20%
On July 15, 2013, an arrangement was reached with the Mapuche community of the region, where an agreement has
been signed authorizing the land use and occupation by Pluspetrol for the drilling of the exploratory well
PLU.Nq.ERC.x-1001 (Ramn Castro X-1001 Station).
On August 14, 2013, it was requested that the suspension of the term for the first exploratory period which comprises
the rest of the remaining surface of the CNQ-14/A area, excluding the so-called Block A, be lifted. It was further stated
that, should such suspension be lifted, the PLU.Nq.ERC.x-1001 well could be drilled, thus enabling ENARSA to carry
out the minimum works agreed upon for the second exploratory period.
On July 26, 2014, the PLU.Nq.ERC.X-1001 well was drilled in the Zapala area. Later on, based on the results obtained
from the profiles, the drilling was abandoned given the problems related to well safety and integrity, plus the poor
geological interest to continue with the drilling and the need to preserve the main purposes of the well (Tordillo and Vaca
Muerta). On November 5, 2014, after piercing and fracturing the Tordillo Formation without positive results, the drilling
was concluded and abandoned.
BUSINESS AREAS
14
OFF SHORE AREAS IN ARGENTINA

Operations are being carried out by ENARSA at the Argentine Continental Platform, to analyze and assess the limits of
liquid and gaseous Hydrocarbon reservoirs in order to keep on growing in hand with energetic and economic policies
issued by the National Executive Power. The value enhancement strategy to develop off-shore resources mainly aims
at generating, sharing and marketing information as well as attracting risk investments for the exploitation of such
hydrocarbon reservoirs.
E-1 AREA: COLORADO MARINA BASIN
YPF S.A. 35% (Operator)
ENARSA 35%
PETROBRAS ARG. S.A. 25%
PETROURUGUAY 5%
LOCATION MAP
Colorado Marina Basin
GAUSS-KRUGUER COORDINATES
Provisional coordinates
Corner points
Approximate Surface
Background:
REFERENCES
Without Operations
CALENDAR OF ACTIVITIES:
Acquisition of 2000 km of 3D seismic.
3D seismic processing and interpretation: The 3-D seismic interpretation resulted in the proposal to drill an
exploratory well at the Colorado Marina basin.
The originally proposed location was the Colorado Formation, for assessing resources of 720 Millions of Barrels
of oil, at a location within the continental slope with a water depth of 1,600 meters and a final depth for this well
of 3,600 meters.
Bathymetric and sea bed studies.
After the studies performed, a decision was made not to drill the exploratory well due to the low probabilities of
success and the high costs. New objectives were studied increasing the plays.
15
E-2 AREA: AUSTRAL MARINA BASIN

ENAP SIPETROL ARG S.A. 33,33% (Operator)
ENARSA 33,33%
YPF S.A. 33,33% (Operator)
LOCATION MAP
Austral Marina Basin
Corner
points
Corner
points
Approximate Surface
Background:
REFERENCES
Without Operations
3D seismic processing and interpretation performed.
Sea bed, bathymetric and oceanographic studies.
Definition of exploratory prospects.
Environmental impact prior study.
Three sterile exploratory wells were drilled in Helix and, due to the negative result of the three wells, the
abandonment of the project was decided.
Release of 50% of the Original Area, equivalent to 6,890 km2 (the area intended to be reverted corresponds to
structural lows or to those areas in which, based on seismic data, there will be no reservoirs).
On the basis of an analysis performed, 13 leads with structural and stratigraphic traps are recommended, ranked
according to risk and volumetry, out of which only 4 are considered of greater interest:
1) Centauro Este. 2) Octans Norte. 3) Eridano Este. 4) Laumina Este.
The rest of the leads are of secondary interest, given their size and risk.
In August 2011, the "Protocolization Report on Measurement" is submitted before the National as well as the
Provincial relevant authorities.
A reprocessing of some 2D lines was proposed, for the purpose of further assessing the closing of Laumina and
Carina in order to study the possibility of recording 3D seismic in the Octans Norte lead.
BUSINESS AREAS
16
E-3 AREA: COLORADO MARINA BASIN

PETROBRAS ARG. S.A. 35% (Operator)
ENARSA 35%
YPF S.A. 30% (Operator)
LOCATION MAP
Colorado Marina Basin
Corner
points
Corner
points
Approximate Surface
Background:
REFERENCES
Without Operations
Operated
The campaign to collect gravimetric and magnetometric data of approximately 7,500 km was completed.
The processing and interpretation of the information acquired was completed, which enables to substantially
improve the geological-geophysical knowledge of the area.
17
BLOCKS CAA-16/20: GOLFO BASIN
The Bolivarian Republic of Venezuela and the Argentine Republic have signed a Memorandum of Understanding
for the performance of joint hydrocarbon-related activities of determination and quantification of reserves, and of
exploration and/or exploitation of hydrocarbons.
At the very beginning tasks were developed in the off-shore areas of the Golfo Basin.
The collection and analysis of the technical information related to the Areas was performed with the PDVSA
professionals, thus strengthening the relationships for joint hydrocarbon-related activities consisting in the
determination of reserves and the exploration and/or exploitation.
Sea bed, bathymetric, meteorological and oceanographic studies.
Definition of exploratory prospects.
The studies and interpretation of the 2D seismic data along with the profiles of 2 exploratory wells drilled in the
area (Pandora & Astarte x-1) indicate that the structural and stratigraphic features of this part of the basin are
similar to those of its prolific continental part and to those of the productive zones within Golfo de San Jorge.
According to the interpretations of these areas, the abandonment of the study area of the Basin and the change
of the area of interest to the Malvinas Basin were decided.
LOCATION MAP
450'0"S
450'0"S
CAA-16
CHUBUT
CAA-20
REFERENCES
LS SPAN dic07
450'0"S
BATIMETRIA_LINEAS
BATIMETRIA_COTA
0
-1
00
-5
0 00
a
0
-2 -49
00 9
a 9
-9
0 99
a
-1
99
450'0"S
CAA-16
Kilometros
0
25
50
CAA-20
SANTA CRUZ
BUSINESS AREAS
18
CALAMAR BLOCK AND SALMON BLOCK: MALVINAS BASIN

The project was started in August, 2012, with the purpose of carrying out a geological survey to interpret and analyze the
structures and their surroundings in the Malvinas Basin, which involved geochemistry, stratigraphy, sedimentology,
petrophysics, and the 2D seismic interpretation acquired from the block, with the PDVSA professionals, thus strengthening the
relationships for joint hydrocarbon-related activities consisting in the determination of reserves with the purpose of identifying
exploratory opportunities that justify the acquisition of 3D seismic to further define the exploratory prospects to be drilled.
The Calamar Block comprises an area of 6,032 Km2, 8 2D seismic land surveys acquired between 1970 and 1998, which
total 17,269 Km of lines and 5 exploratory wells drilled in 1981. The area of the Project is located in the western region of
the Malvinas Basin, which is located in the most austral border of the Republic of Argentina, at the southern end of the
Argentine territorial Sea, with a noticeable triangular geometry, a surface area of approximately 105,000 Km2 and water
depths that vary from 50 to 1,000 meters. To the west, the Basin is limited by the structural high of Rio Chico or Arco de
Dungeness, which separates the basin from the Austral Basin. To the east, the Basin is limited by the Islas Malvinas
platform. To the south, the Basin is limited by the active border between the South American Plate and the Scotia Plate,
the Burdwood Banks fold and fault belt being the most austral feature of the Basin.
REFERENCES
OPERATED BLOCKS
CALAMAR BLOCK
Corner
points
Approximate Surface
SALMON BLOCK
Corner
points
Approximate Surface
The exploration history in the Malvinas Basin has commenced three decades ago and since then 17 exploratory wells have
been drilled at the basin. The results of the exploration activity that has been carried out to the date hereof, are not conclusive,
therefore, the basin deserves a further exploratory effort to acquire and include new data and information. This is the reason
why the Malvinas Basin is considered as one of the most attractive exploratory objectives of the off-shore zone of Argentina.
The geological assessment which involved geochemistry, stratigraphy, sedimentology, petrophysics and 2D seismic interpretation, encompassed the sequence stratigraphic interpretation of 11 wells, the sedimentological description of 220 meters of
crowns of reservoir rock from 4 wells, the petrophysical assessment of 18 wells, the geochemical analysis of 63 samples of
rocks from 4 wells and 3 samples of crude oil. The quality review of 7,987 Km of 2D seismic lines together with the structural
interpretation of 5,523Km of 2D seismic lines was carried out.
During the stage of 3D seismic acquisition commenced in the month of December 2014, a vessel of 106.3m-long, 22.4
m-wide, 7.6 m-maximum draft and 1,810 tons of weight was used. The crew was comprised of 60 people (25 Argentines
and 9 foreigners as crew, 24 seismic professionals and 2 supervisors from ENARSA). The covered surface of the block was
of 1,349Km2 at approximately 140 kilometers at the Northeast of Rio Grande. This stage of 3D seismic acquisition was
concluded in January 2015 and since then the data acquired has been processed.
19
3D SEISMIC VESSEL - OCEANIC CHAMPION
The main goal of carrying out a seismic survey is to be able to graphically represent the possible geological structure of
earth underground, therefore being able to assess the hydrocarbon potential of an established purpose.
To such effect, two Studies on Environmental Impact, namely, 3D Seismic Survey and Drilling of Exploratory Wells
were carried out. The following specific and relevant data may be highlighted:
STRATIGRAPHY:
Approximate determination of the source rock, seal and reservoir areal distribution.
SEDIMENTOLOGY:
One of the main activities was to move the gamma Core to the cores of 4 wells, for the purpose of assessing the
reservoir rock's physical quality.
PETROPHYSICS:
Generation of a petrophysical model for the purpose of making predictions of the reservoir rock properties.
GEOCHEMISTRY:
63 rock samples were geochemically characterized. A genetic correlation (Biomarkers) was performed between
crude oil and the source rock for the purpose of knowing the origin of the hydrocarbons in the area.
SEISMIC INTERPRETATION:
Re-scalation of the seismic interpretation performed during the first phase of the project in order to improve the level
of detail of the cartographed structures to define potential drilling objectives.
ANALYSIS OF THE OE AND ESTIMATION OF THE HYDROCARBON RESOURCES:
The prospectivity and probabilistic estimation analysis of the hydrocarbon volumes was performed.
HEALTH (CASS)
The marine fauna constitutes one of the environmental elements which is most sensitive to 3D Seismic activities. To such effect,
ENARSA has hired an expert in Coastal Ecosystems and Malacology who was in charge of making the relevant observations
during the operations on the key species that represent the typical marine biology of the place.
BUSINESS AREAS
20
AGREEMENTS BETWEEN THE BOLIVARIAN REPUBLIC

OF VENEZUELA AND THE ARGENTINE REPUBLIC
FOR THE EXPLORATION AND/OR EXPLOITATION OF OIL AREAS
MATURE FIELDS (SOCORORO, YAPALES NORTE, CARICARI AND CACHICAMO) IN VENEZUELA:

The technical chapters are 100 % completed (Underground, Infrastructure; Environment, Industrial Safety and Social
Development). The most relevant data show that:
The Effective Reserves for the business total 61.93 Millions of barrels.
67 new wells were proposed (51 Vertical wells + 13 Horizontal wells + 3 Deviated wells), 62 Repairs and 336
Pulling Services (ENARSA's Proposal).
With these activities, the drainage of 50.40 Millions of barrels is expected; its maximum production peak being
12,000 barrels per day, amount estimated for the 8th year of production and for approximately 3 years in average,
decreasing from that point onwards, and up to the termination of the Consortium (25 years).
The percentage of reserves to be drained in the 25-year Plan represents 51 % of the remaining official oil reserves
(97.5 Millions of Barrels) and 80 % of the effective reserves (61.93 Millions of Barrels).
In January 2012, ENARSA conformed a MIXED COMPANY jointly with PLUSPETROL and PDVSA for the performance of
primary activities in the Caricari, Socororo, Yopales Norte and Cachicamo Fields. The shareholding is the following:
ENARSA: 20%
PLUSPETROL: 20%
PDVSA: 60%
The oil NET daily average production would be 5,500 Barrels, reaching a peak of 12,000 Barrels on the seventh year.
ORINOCO BELT:
General Features of the Ayacucho 6 Block:
Extension: 477 km.
Wells: 34 (26 existing and 8 drilled by the Orinoco Magna Reserve Project (POMR) team).
Information gathered in Phase II: 8 new wells.
Cores, Samples: 607 feet (MFF-13 Well drilled by POMR).
PVT: MFE-1 Well.
December 2008 Quantification Results:
Ryder Scott certified the Original Oil in Place (OOIP) = 19,196 Millions of barrels.
The POMR team quantified an aggregate OOIP of 19,213 Millions of barrels (Fields = 17,234 Millions of barrels)
Prospects = 1,979 Millions of barrels.
Extra heavy crude oil gravity: 8.5 API
ENARSA and PDVSA are working on the formation of a MIXED COMPANY for the performance of hydrocarbon-related
activities in the Ayacucho 6 Block of the Orinoco Belt. The shareholding would be the following:
ENARSA: 40%
PDVSA: 60%
The heavy oil NET daily average production would reach 100,000 Barrels.
21
The technical chapters are completed (Underground, Infrastructure; Environment, Industrial Safety and Social
Development). The most relevant data show that:
The proposed exploitation scenario includes 100 Drills of Stratigraphic Wells and 514 Drills of Producing Wells. With
these activities, the drainage of 766.7 millions of barrels and the reaching of a production plateau of approximately
100,000 Barrels per day for 25 years is expected.
The duration of the future Mixed Company is 25 years (the first 3 years would encompass an Initial Development Plan
and the following 22 years would be of cold production). Thermal production is not taken into account, given the fact that
it would start after 25 years.
Three production schemes were submitted and selected until reaching the mentioned goal, which were ordered
according to their technical-commercial and financial feasibility.
HYDROCARBON COMPREHENSIVE DATABASE OF

THE ARGENTINE REPUBLIC
Pursuant to section 8 of Law No. 25,943, ENARSA carried out a Public Bidding of projects for the creation of the Hydrocarbon
Comprehensive Database (HCD) of the Argentine Republic, for the Administration, Publication and Distribution of data related to
the Exploration and Production of Onshore and Offshore Fields. The majority of the hydrocarbon-producing provinces have
formalized their adhesion to the HCD. Currently, the Provinces of Chubut, Formosa, Tierra del Fuego, Neuqun, Santa Cruz and
Ro Negro have adhered to the HCD and the negotiations continue with the rest of the oil-producing provinces. The availability
of such a database is of strategic importance, since it allows for the achievement of the following goals (among others):
Gather, preserve and administer the data generated during the hydrocarbon exploration and production activities, and
their abandonment on behalf of the owners of such data.
Facilitate the safe access to controlled-quality data.
Promote investment.
Better administration and inspection of the activities.
Improve the level of success, reducing uncertainties.
Reduce the cost of incoming and outgoing new operators.
The use of the HCD will enable the direct transfer of data to the companies' and/or the relevant authorities' workstations at
high speed and low cost. This is also a practical way of making data available to the public once the pertaining confidentiality
period has lapsed, and/or of commercializing such data by simply changing the ownership rights in the database.
BUSINESS AREAS
22
GAS AND REFINEMENT
REFINARA CAMPANA (RHASA)

The Campana Plant (RHASA) is located in the oil pole of the Campana city port in the province of Buenos Aires, on the
west coast of the Paran de las Palmas river, at a 72.5-km distance from the City of Buenos Aires. The plot facing the
river has an extension of 90 hectares, over which 9600-m2 covered facilities, the wharf, the truck-loading yards, the
processing plant and the tank park are located.
Our company has a total of 47 tanks, of different capacities, completing an aggregate amount of 85,000 m3. The wharf
has a 250-meter front and offers berthing capacity to 33-feet vessels of up to 33-feet-draft and 220-m-long vessels.
Therefore, the wharf may receive Panamax-type vessels.
In September 2010 a new refurbishing was performed and, as from October 2010, the plant is active for the production
of light distillates deriving from the Refining process as well as for the production of heavy fuels, IFO 380 and FUEL OIL,
and the commercialization thereof mainly for the bunker market supply. The Campana distillery has exclusively processed
Escalante Type crude oil, originally from the Santa Cruz North Basin and Chubut South Basin. This raw material is
received at the Plant through Tank Vessels. During 2013, 144,000 tons of this type of crude oil and a total of 132,000 tons
of IFO 380 and 11,000 tons of Intermediate Fraction oil were bought, which allowed for a production increase of 37 %
with respect to year 2012.
In 2014, 59,449 tons of the Escalante Type crude oil were bought and a total of 9,320 tons of IFO 380 and 7,186 tons of
Intermediate Fraction oil and 42,530 tons of FUEL OIL were obtained. This production allowed for a substitution of the
imports of this product.
IMPROVEMENTS MADE TO THE COMMERCIAL OPERATION

The production scheme which was initially based on the production of IFO and Raw Gasoline was modified to a scheme
based on the production of FUEL OIL and Intermediate Fractions. This modification allowed for an improvement of the
Plant production and for a substitution of the Imports of this product and, therefore, in November 2014, a new FUEL OIL
Supply Agreement was entered into between CAMMESA (COMPAIA ADMINISTRADORA DEL MERCADO MAYORISTA
ELECTRICO S.A.) and ENARSA, consequently, CAMMESA and ENARSA became part of the Total Energy Program
(TEP), the Fuel Supply Plan and CAMMESA was appointed as beneficiary thereof.
HEALTH (CASS)
Through trainings offered to the plant personnel and thanks to the continuous inspection by the safety personnel
ENARSA maintains on a permanent basis at the plant, a new safety culture was created and is maintained. New (fire)
monitors were installed at the wharf so as to have a better coverage of the area. The plant's fire pumps' room was also
improved. All the tanks are duly identified in accordance with the National Fire Protection Association (NFPA) standards.
In the past years, thanks to ENARSA's continuous progress, improving and increasing the GAS injection and
commercialization in Argentina, more families and industries had the opportunity to have this essential energy resource for
the continuous growth and development of the entire national economy.
The Ministry of Federal Planning, Public Investment and Services implemented in 2008 the Total Energy Program (TEP) in
all the national territory, within the framework of Resolution No. 121/2008 to ensure the supply of the energy resources,
whether they be liquid or gaseous fuels, which may be demanded by the productive system as well as by the population
as a whole. The execution of the program was started through four plans operated by ENARSA:
ESCOBAR LNG REGASIFICATION PROJECT
BAHA BLANCA LNG REGASIFICATION PROJECT
PIPA AIR PROPANE (SYNTHETIC GAS) PROVISION PLAN
NATURAL GAS PURCHASE AND SALE FROM AND TO BOLIVIA
BUSINESS AREAS
GAS AND REFINEMENT
24
REGASIFIED LNG PROVISION
ESCOBAR LNG REGASIFICATION PROJECT
BACKGROUND
By means of a joint venture formed by ENARSA (50 %) and YPF (50 %), the latter being the Operator, the project
consisting in the installation of a port terminal for LNG regasification in the Buenos Aires district of Escobar was
started up. Once regasified, the LNG is injected in gaseous phase to the TGN trunk gas pipelines system at the
Cardales substation.
The construction was divided into three large contracts:
1 WHARF
The Operations area features a wharf built on a dock dredged for that purpose, which is located between kilometers 74
and 75, on the right margin of the Paran de las Palmas River. It is worth highlighting that at Km 76 of the Hidrova a
swinging basin was dredged.
The wharf is built with four mooring dolphin structures and four berthing dolphin structures, a working platform
connected to the land through a viaduct and the entire set of equipment located at a dock dredged for that purpose.
The mooring dolphins are interconnected through a work platform and the access viaduct.
The unloading arm of high-pressure natural gas is placed at the Platform located between dolphins D1 and D2, along
with the operation's safety and control systems.
The work platform access viaduct consists of a 6.0-meter-wide access road and a 3.0-meter-wide parallel tubing bridge
where the gas pipeline and all the pipelines and service lines are located.
2 GAS PIPELINE
A 30", 31.7 km API5L-X70 Gas Pipeline between the Scraper launching trap at the Escobar end and the Scraper
Receiving trap at the Los Cardales end (compression plant), and the TIE-IN TGN trunk gas pipeline, including: detail
engineering, materials and equipment provision, premanufacture, construction, assembly, essays and tests, and
start-up assistance.
3 DREDGING
For the Dredging operation, the following Works were performed:
Construction of temporary access points.
Construction of the fill enclosure.
Dredging of the berth pocket on the shore at Escobar.
Construction of the swinging basin.
The construction and start-up works took 7 months. The construction was concluded in accordance with the schedule
established, and this allowed for the business operation as from May 2011.
The EXEMPLAR regasification vessel remains moored at the wharf since May 2011 and is supplied, depending on the
unloading requirements, by methane tankers that transfer (ship to ship) the LNG load.
SAFETY AND ENVIRONMENTAL STANDARDS

An initial goal was proposed, which aimed at complying with all the environmental studies and necessary inspections to
ensure the safety in the area, including the commitment to recompose the neighboring plant communities. For such
purpose a Revegetation and Vegetation Recomposition Project was created, which was prepared within the framework
of the Liquid Natural Gas (LNG) Regasification Project that is being developed at the Escobar district of the Province of
Buenos Aires.
25
ESCOBAR REGASIFIED GAS INJECTION EVOLUTION MILLIONS OF M3/YEAR

3000
2500
2000
1500
1000
500
0
2011
2012
2013
2014
In 2012, 52 vessels arrived at this terminal and the average injection per year was 6.1 Million m at 9300 kcal/m
per day, representing an increase of 49 % with respect to the arrivals of year 2011.
In 2013, 62 vessels arrived at this terminal and the daily injection average increased to 7.5 Million m at 9300 kcal/m
per day, representing an increase of 19 % with respect to the arrivals of year 2012.
On August 24, 2013, a HISTORICAL MAXIMUM INJECTION of 17.1 Million m at 9300 kcal/m took place.
In 2014, 60 vessels arrived at this terminal and the daily injection average was 7.3 Million m per day at 9300 kcal/m.
HEALTH (CASS)
The projects core principle is based on the Recomposition of the forest environment with indigenous species that enabled
the revegetation of the ecosystem as it was before the anthropogenic impact on the environment. Upon a request made on
the EIS (Environmental Impact Statement), the Provincial Organism for Sustainable Development (OPDS, as abbreviated in
Spanish) was entrusted with the area.
This Project commenced on the second semester of 2012 and ended on June 2013.
At the Recomposition Area tasks related to the control of exotic species and the plantation of native species were carried out,
with the purpose of reproducing the natural environment just as it was before the human impact on the area, approximately
100 years ago.
At the Reforestation Area revegetation and reforestation activities were carried out in impacted areas, obtaining good results
as regards the planting of species.
PUERTO - ESCOBAR
BUSINESS AREAS
GAS AND REFINEMENT
26
REGASIFIED LNG PROVISION
BAHA BLANCA LNG REGASIFICATION PROJECT
BACKGROUND
As part of the Total Energy Program (TEP), ENARSA was in charge of implementing the LNG Regasification project. For
such purpose, a Work for hire agreement was signed with YPF in 2008 for the Regasification of LNG through the use of
a Regasification Vessel -owned by Compaa MEGA- which operates at a wharf located at the Ing. White Port. For the
interconnection of the vessel with the transportation system, a new gas pipeline was built, whose property belongs to
ENARSA, thus connecting the vessel to the TGS transportation system. The Agreement provided for the engineering and
construction of all the necessary facilities so as to make the wharf compatible with the regasification operation, including
the installation and assembly of an unloading arm, ancillary equipment, valves, measurement stations, fire protections,
adaptation of the wharf with new mooring points, among other facilities.
ENARSA was requested to prepare the existing facilities for the purpose of operating with an EBRV unit (Regasification
Vessel) similar to the Escobar GNL Project, of 151,000 m3 of storage capacity.
By the beginning of 2011, the system had a storage capacity of 138,000 m3 and a maximum regasification capacity of
8 to 10 million m3 per day (approximately 6 % of the daily average volume of the demand in Argentina).
The extension works encompassed the replacement of pipelines, valves, instruments, etc. at Planta Mega, and the
increase in the work pressure of the Profertil - TGS duct, which reached 12 Millions m3 per day. In order to achieve this
goal, two sections of the pipeline were replaced:
SECTION 1
310 m of the existing 10" pipeline (API 5L GR B, E = 15.09 mm) replaced by 14" pipeline (API 5L X52- Gr PSL 2, E = 9.52 mm).
SECTION 2
Construction and assembly in parallel at the 372 m of the existing underground 14" pipeline (E = 7.14 mm) by another
14" pipeline (API 5L X52- Gr PSL 2, E = 9.52 mm).
On the basis of the transportation system requirements and the presence of a Regasification vessel of 151.00 m3, the
performance of works tending to increase the contribution of Regasified LNG to the Transportation System and the achievement
of a greater operating flexibility were required. Consequently, continuing the improvement works, the supplementary works
carried out during the Second Extension performed at Baha Blanca were defined, which were the following:
SUPPLEMENTARY WORKS AT COMPAA MEGA SA, INTERCONNECTION GAS PIPELINE AND WHARF
Civil and electromechanical works (on shore and off shore), which ended on March 31, 2012. The facilities were ready
for start-up on April 01, 2012, the Transportation System with incoming pressure at the Compression Plant being
compatible with its Profertil facilities and gas pipeline, and being able to reach a peak flow of 17 MM m3/day. The scope
of these changes made during the first and second stage was the following:
Construction of an additional dolphin so as to improve the support conditions for a vessel of higher length and a
capacity of 151,000 m3 of LNG.
Replacement of unloading arm connection pipeline to the valve Skid from 12" to 16".
Replacement of Valve Skid from 10" to 16".
Replacement of pipeline and valves from 10" to 14".
Replacement of Valve Skid from 12" to 14".
Assembly of 14" underground pipeline alongside 18" cased pipe due to the new railway crossing.
Refurbishing of the pipeline cabin system (Muffler Assembly).
27
SUPPLEMENTARY WORKS AT TGS - CERRI

Adaptation of the Regulation and Measurement System and construction of a new pipeline in parallel to the
existing one to increase the transportation capacity.
Solar Compression Plant Bypass in order to achieve a more operating flexibility.
TRANSPORTATION CAPACITY
Increase the Regasified LNG injection up to 17 Million m3/day to the Profertil TGS System.
Adaptation of the facilities linking the Profertil - TGS gas pipeline with the Solar Compression Plant (General Cerri) suction.
CHANGES IN INJECTION OF REGASIFIED GAS BAHA BLANCA IN MILLIONS OF M3/YEAR

4000
3500
3000
2500
2000
1500
1000
500
0
2008
2009
2010
2011
2012
2013
2014
In 2012, 22 vessels arrived at this terminal and the average injection per year was 6.5 Million m at 9300 kcal/m per day.
In 2013, 43 vessels arrived at this terminal and the daily injection average increased to 9.1 Million m at 9300 kcal/m per day.
In 2014, 44 vessels arrived at this terminal and the daily injection average was 8.9 Million m at 9300 kcal/m.
On April 17, 2014, a HISTORICAL MAXIMUM INJECTION of 17.05 Million m at 9300 kcal/m took place.
REGASIFICATION - VESSEL
BUSINESS AREAS
GAS AND REFINEMENT
28
PLAN FOR THE PROVISION OF PROPANE-AIR

(SYNTHETIC NATURAL GAS)
PIPA PLANT
ENARSA operates and maintains a Propane Air Injection Plant (PIPA, in Spanish) with a production capacity of 1.5 million
m/day of synthetic gas at 9300 kcal/m.
The Air Propane Plant is located in Camino de Cintura, in the district of Esteban Echeverra, Province of Buenos Aires
where the propane pipeline that links the Dock Sud and General Belgrano LPG Plants runs parallel to the road, at the
intersection with the shore of the Matanza river channel, where the Neuba II gas pipeline runs.
In order to ensure the quality of the Synthetic Natural Gas injected, ENARSA controls the supply of propane so that it
conforms to the quality standards required by the regulatory body of the Argentine gas system by Res. ENAR I/831. Said
quality is exclusively due to the propane from natural gas which is usually processed in Baha Blanca.
The Synthetic Natural Gas is generated through the mixture of vaporized C3 propane and air compressed at high
pressure, in proportions of approximately 60% and 40%, respectively, to be injected at high pressure into the distribution
network of the area of Buenos Aires. The key function of the plant is to inject Synthetic Natural Gas into the half pressure
ring piping of the City of Buenos Aires and Greater Buenos Aires especially at peak times in winter or in the event of peak
demands that cannot be met by trunk gas pipelines.
The PIPA plant has provided Synthetic Natural Gas to the trunk gas pipeline network. Given the location of the PIPA
Plant, SNG is injected into the city gate ring piping under the jurisdiction of METROGAS. In 2012, the volume of Synthetic
Natural Gas injected amounted to 19.7 Million m. In 2013, the injection amounted to 13.3 Million m. In 2013, the
injection amounted to 13.3 Million m. In 2014, the injection amounted to 9.1 Million m.
EQUIPMENT:
A propane storage tank (with a capacity of 100 m).
Two propane pumps (50 ton/h and Dp =20 kg/cm2).
Nine evaporators (3 ton/h each).
Air compressors: two screw compressors of low pressure and two screw compressors of high pressure with
natural gas engines (1450HP each), with cooling and lubrication systems.
Compressed air dehydrators: One dehydrator per each compression plant, generating dry air at Dew Point -40C.
Air accumulation tank (of 33.5 m).
A fully equipped Blender module.
ENARSAS NATURAL GAS INJECTION CONTRIBUTION

TO THE ARGENTINE TRANSPORT NETWORK
Over the last years, ENARSA has made the necessary contributions to ensure the supply of domestic consumption of
Natural Gas and its continuous growth.
In 2012, ENARSA injected a total of 9,276 Million m of natural gas to the Natural Gas Transport Network
(including Bolivian Gas and RLNG). Said gas volume represented approximately 22% of the total National
gas injection volume.
In 2013, ENARSA injected a total gas volume of 11,742 Million m into the Natural Gas Transport Network
(including Gas from Bolivia and RLNG). Said volume represented 27% of the total National gas volume
injected, recording an average daily injection per year of 15.6 Million m of Gas from Bolivia and 16.5 Million
m/day of gas from both regasification terminals over a year, totaling 32.1 Million m/day for 2013.
The 2014 scenario was similar to the 2013 scenario as regards ENARSAs participation as a producer. The
total gas volume injected amounted to 11,938 Million m (including Bolivian Gas and RLNG). Said volume
represented 27% of the total National gas volume injected, recording an average injection per year of 16.4
Million m of Gas from Bolivia and 16.3 Million m/day of gas from both regasification terminals, totaling
32.7 Million m/day for 2014.
29
PURCHASE OF NATURAL GAS FROM BOLIVIA AND

INJECTION INTO THE ARGENTINE GAS NETWORK
Under the Master Agreement signed by the Argentine Republic and the Republic of Bolivia for the sale of Natural Gas
and the Execution of Energy Integration Projects on June 29, 2006, ENARSA is in charge of commercializing the Natural
Gas imported from Bolivia.
Such agreement with YPFB was executed in January 2007 to be effective for a term of 20 years. In order to adjust the
volumes to be delivered by YPFB from 2007-2009, the parties conducted several negotiations throughout such period
thus reaching an agreement in March 2010 by the execution of the First Addenda to the Agreement which became
effective on May 1, 2010.
Transportation of natural gas from Bolivia started in May 2011, through the Juana Azurduy Integration Pipeline (GIJA, in
Spanish) built by ENARSAs contractors. At the beginning, while the GIJA was being optimized, natural gas was
transported from Bolivia through the existing pipelines of Yacuiba and Madrejones.
As from July 2011, however, all volumes delivered by YPFB were transported through the GIJA. On July 18, 2012 the
parties signed a Cancellable Contract for the Purchase and Sale of Gas in Excess of the Daily Contractual Amount stated
in the Addenda to the Agreement signed in May 2010 for a term of 15 years, expiring on December 31, 2026. Under said
contract, the parties agreed to purchase/sell gas volumes up to 2.7 million m3/day in 2012; up to 3.3 million m3/day in
2013 and up to 5 Million m3/day in 2014.
EVOLUTION OF GAS PURCHASED FROM BOLIVIA IN MILLIONS OF M3/YEAR

6000
5000
4000
3000
2000
1000
0
2007
2008
2009
2010
2011
2012
2013
2014
In 2012, the average supply of gas amounted to 12.95 Million m at 9300 kcal/m on a daily basis. This increase
is due to the Cancellable Contract providing for the supply of gas in addition to the gas volumes under the
Agreement in Effect for an amount of no more than 2.7 Million m per day as from July 2012.
In 2013, the average daily gas supply increased up to 15.6 MMm (9300 kcal/m) and the gas delivered under
the Cancellable Contract amounted to no more than 3.3 Million m daily.
In 2014, the injection increased to 16.4 Million m at 9300 kcal/m on a daily basis, which constituted an
increase of approximately 5.2% as regards the previous year.
BUSINESS AREAS
GAS AND REFINEMENT
30
GAS PIPELINES, OIL PIPELINES AND

MULTI-PURPOSE PIPELINES
ARGENTINE NORTHEAST GAS PIPELINE

PROJECT (GNEA)
ARGENTINE NORTHEAST GAS PIPELINE PROJECT (GNEA)

Pursuant to the National Executive Order N 267, dated March 24, 2007, ENARSA was granted a concession to operate the
Argentine Northeast Gas Pipeline (GNEA, in Spanish) for a term of 35 years, which term may be extended, and was entrusted with
the task of building, operating, maintaining and providing Transportation Services.
By Executive Order N 805/2007 the Ministry of Federal Planning, Public Investment and Services, as a majority shareholder of
ENARSA, was instructed to take the necessary action for the construction of GNEA.
Through Executive Order Number 1136, dated August 9, 2010, the original pipeline layout was adapted and extended, thus
improving the project in a more extensive and federal way. The construction work includes the Eastern region of the province of
Salta, and the provinces of Formosa, Chaco, Corrientes, Misiones and Santa Fe. As a result, more users are able to have access
to the natural gas utility service network in a more efficient and less costly way. Executive Order Number 1136/2010 further entrusts
ENARSA with the task of building, operating, maintaining, and providing transportation services through pipelines, as well as selling
natural gas. For such purpose, a network of 4,131 kilometers of gas pipe will be constructed linking the provinces of Salta,
Formosa, Chaco, Santa Fe, Corrientes and Misiones. Said network will consist of a trunk gas pipe line which will be 1,448 km long
and distribution pipelines joining nearby towns across the above mentioned provinces. Its transportation capacity will reach 11.2
Million m3, to be used for residential and industrial consumption and for strengthening the existing network.
The GNEA Pipeline network will be supplied with natural gas from Bolivia transported by the Juana Azurduy Gas Pipeline joining
both countries. In order to prioritize the commencement of the construction work, it was decided to divide the hiring of such
construction work in three Stages. STAGE I involves the construction of 800 km of 24Dn Gas Pipeline and the supply of natural
gas to 23 districts. The lines included in this Stage are located in the provinces of Salta, Western region of Formosa and Southern
region of Santa Fe. By the end of 2014, progress has been made as regards the construction works pertaining to STAGE I. In order
for the Construction Work to develop without inconveniencies, a tender was called to award the rendering of technical assistance
services which involved detailed engineering review and construction work inspection.
STAGE II comprises the closing of the 24 DN Gas Pipeline from Ibarreta in the Province of Formosa, such gas pipeline is
extended to the district of Vera in the Province of Santa Fe, with a length of 686km, supplying 19 districts through the construction
of gas pipelines to supply the districts that are located far away from the trunk gas pipeline. These gas pipelines have a length of
1,533km and are built across the Provinces of Formosa, Chaco, and Santa Fe, thus reaching 61 districts.
STATE III comprises the construction of the GNEA in the Provinces of Corrientes and Misiones. In 2014, the works regarding the
Definition of Basic Engineering in both provinces were carried out and concurrently, the public tender for the Basic Engineering for
the Crossing of Paran River was awarded.
In 2014, the following public tenders were awarded;
STAGE I
National Public Tender N 003/2012 Engineering, Procurement of Equipment, Materials and Construction Services
Competitive Direct Contract N 001/2014 Procurement of Pipes for GNEA
National Public Tender N 001/2014 Construction Work Inspection and Quality Control of Supplies
National Public Tender N002/2014 Technical Assistance Services and Engineering Review.
STAGE II
National Public Tender N 004/2014 Engineering, Procurement of Equipment, Materials and Construction Services. Stage 2.
National Public Tender N 006/2014 Engineering, Procurement of Equipment, Materials and Construction
Services for Gas Pipelines built to supply districts located far away from the trunk gas pipeline.
National Public Tender N 003/2014 Acquisition of 24 DN pipes.
National Public Tender N 005/2014 Acquisition of 10, 8, 6, 4 diameter pipes.
STAGE III
National Public Tender N005/2012 Basic Engineering for the Crossing of Paran River.
National Public Tender N002/2012 Basic Engineering for the lines of Corrientes and Misiones.
BUSINESS AREAS
GAS PIPELINES, OIL PIPELINES AND MULTI-PURPOSE PIPELINES
30
32
33
ARGENTINE NORTHEAST GAS PIPELINE (GNEA)

REFERENCES
BUSINESS AREAS
34
Upon completion of STAGES I and II of GNEA Project a total of 103 districts will be supplied with natural gas. These
districts are described hereinbelow:
PROVINCE OF SALTA
Los Blancos
PROVINCE OF CHACO 34 DISTRICTS
Barranqueras; Basail; Campo Largo; Charata; Colonia Benitez; Coronel Du Graty; Corzuela; Fontana; General Pinedo; Juan
Jos Castelli; La Clotilde; La Escondida; La Leonesa; La Tigra; La Verde; Lapachito; Las Breas; Las Palmas; Machagai;
Makall; Margarita Beln; Provincia de la Plaza; Provincia Roque Saenz Pea; Puerto Tirol; Quitillipi; Resistencia; San Bernardo; Santa Silvina; Tres Isletas; Villa Angela; Villa Berthet; Avia Terai; Laguna Blanca y Colonia Popular
PROVINCE OF FROMOSA 31 DISTRICTS
Clorinda; Comandante Fontana; El Colorado; El Espinillo; Estanislao del Campo; Formosa; General Lucio V. Mansilla; Gran
Guardia; Herradura; Ibarreta; Ingeniero Guillermo N. Jurez; Juan G. Bazn; Laguna Blanca; Laguna Naick Neck; Laguna
Yema; Las Lomitas; Los Chiriguanos; Misin Tacaagl; Palo Santo; Piran; Pozo del Mortero; Pozo del Tigre; Villa General
Belgrano; Villa General Gemes; San Francisco de Laishi; Riacho He He; San Martn II; Tatan; Villa Escolar; Villa Km. 213 y
Villafae
PROVINCE OF SANTA FE 37 DISTRICTS
Arrufo; Avellaneda; Calchaqu; Ceres; Colonia Silva; Emilia; Florencia; Gobernador Candioti; Gobernador Crespo; Helvecia;
Hersilia; La Criolla; Laguna Paiva; Las Garzas; Las Toscas; Llamb Campbell; Malabrigo; Marcelino Escalada; Margarita;
Nelson; Pedro Gmez Cello; Ramayn; Reconquista; Romang; San Antonio de Obligado; San Cristbal; San Javier; San
Justo; Tacuarend; Tostado; Vera; Vera y Pintado; Videla; Villa Ocampo; Mara Luisa; La Pelada y Elisa.
In December 2014, 24 Dn pipes started to be withdrawn from the factory. These pipes were carried from the
factory in 30 tracks on a daily basis. Transportation of pipes to the district of Salta is carried out by railroad (Belgrano
Cargas) to the district of Ballivin and from there, the pipes are transported in trucks to the construction site.
HEALTH (CASS)
ENARSA called a National Public Bidding No. 004/2011 with the purpose of preparing the Environmental Impact
Assessments to analyze the probable and possible impacts during the stages of construction, operation and
maintenance, abandonment and/or dismantling of the Argentine Northeast Gas Pipeline (as abbreviated GNEA in
Spanish) on the provinces of Formosa, Chaco and Santa Fe Stage II. The purpose thereof is to cause the GNEA Project
to be compatible, from an environmental stand point, with the technological standards and most appropriate construction
methods and thus, guarantee a construction, operation and maintenance which are safe for the environment.
The assessments were prepared and submitted and by the end of 2012 the relevant authorities granted the approval
thereof. During the last quarter of 2014, Contractors submitted documentation that was reviewed for further approval
thereof and Safety and Environment Inspectors were appointed at each one of the following lines: EPC 1 province of
Salta, EPC 2 province of Formosa and EPC 3 province of Santa Fe.
35
JUANA AZURDUY INTEGRATION GAS PIPELINE (GIJA)

Development and implementation of the Safety Communication Plan regarding living forces in order to comply with the
provisions established in NAG 100, which requests operators to:
Establish and maintain adequate means of communication with living forces (firefighters, police officers and naval
prefecture, among others) and other public officers.
Establish an adequate educational program that will enable clients and the public at large to acknowledge and inform
the relevant officials about any gas-related emergency.
The Juana Azurduy Integration Pipeline consists of a 42-km long pipe that joins Bolivia and Argentina.
In Bolivia, the pipeline extends from an area near Yacuiba to the border with Argentina with a length of 12 km and a
nominal diameter of 32.
In the Argentine territory, the works consisted in the installation of a 30 nominal diameter gas pipe, manufactured
according to API 5L X70 standard. The final pipeline length was 30 Km and its construction took 10 months. The Juana
Azurduy gas pipeline (Argentine line) extends from an area near the Argentine-Bolivian border, in the province of Salta, to
Campo Durn Compressor Plant. The receiving trap and the Separation and Measurement Plant for the gas imported
from Bolivia are situated there. Said gas is later injected into the existing gas transportation network.
The Argentine line and the Bolivian line are linked by a bypass joining the receiving trap located in Bolivia with the
launching trap located in Argentina.
The transportation pipeline for the future GNEA line is located at km 17 and consists of two 24 valves. In Argentina, the
gas pipeline operates at a pressure of 75.5 kg/cm2, while in Bolivia operation pressure is 98 kg/cm2. The pipeline was
officially inaugurated on June 30, 2011.
BUSINESS AREAS
36
ELECTRIC ENERGY
ELECTRIC ENERGY GENERATION AND DISTRIBUTION

Throughout the year 2014, and since its inception, ENARSA has focused on energy generation and
distribution as one of its core activities. Relevant advances have been achieved in this field, allowing for
the provision of more and better energy to many Argentinean provinces by setting up new power stations,
developing innovative power generation and distribution plans and repowering existing facilities.
ELECTRIC ENERGY GENERATION AND CHANGES IN THE POWER MADE AVAILABLE FOR SADI (ARGENTINE
INTERCONNECTION SYSTEM)
Through its thermal power stations located in Ensenada de Barragn and Brigadier Lpez in addition to other joint
developments, namely, El Tordillo and Arauco Wind Park, ENARSA has increased its participation in the SADI by providing
electric energy and power from different sources.
As regards thermal power generation by conventional means, ENARSA uses its own power stations, i.e. the stations
awarded by public tender, namely, Distributed Electric Power (GEED, in Spanish) I, II, III, IV, V (currently in the installation
process) and VII (in the assessment stage), as well as Mobile Units of Electric Power Generation (UGEEMs).
Moreover, in conjunction with the efforts of the Argentine Government, ENARSA has sought to diversify its energy matrix
by using renewable sources of energy for power generation. In this regard, ENARSA has developed projects for the
generation of wind, solar, biomass and biogas energy and other minor projects for the generation of hydroelectric energy.
Changes in the power provided by ENARSA to SADI between 2011 and 2014 will be broken down as follows including
all sources of energy and transportable emergency thermal power generation.
Considering the levels recorded at the end of December of each year, the power available has increased as follows,
1,086.3 MW in 2011, 2,225.7 MW in 2012, 2,346.7 MW in 2013 and 2,478.1 MW in 2014. This means that ENARSA
has increased the power made available to SADI by 104.9% between 2012 and 2011, 5.4% between 2013 and 2012
and 5.6% between 2014 and the previous year.
MW
CHANGES IN THE AUTHORIZED POWER MADE AVAILABLE TO SADI
3000
2700
2400
2100
1800
1500
1200
900
600
300
0
2011
PAH
2012
BIOGS
SOLAR
WIND POWER
2013
THERMAL WITH BIOFUEL
BUSINESS AREAS
ELECTRIC ENERGY
2014
THERMAL
38
The electric energy delivered to the Wholesale Electricity Market (MEM, in Spanish) by all ENARSAs stations, in 2011
amounted to 1,193.6 GWh, in 2012 amounted to 2,846.4 GWh, in 2013 amounted to 5,024.8 GWh, and in 2014
amounted to 4,870.1 GWh.
The charts below illustrate the percentage of electric energy generated as per type of energy source and their share of
the existing aggregate amount of energy generated:
ENERGY GENERATED
BY ENERGY SOURCE 2012
ENERGY GENERATED
DIESEL
GS
WIND POWER
NO INFORMADO
ENERGY GENERATED
SOLAR
BIOFUEL
ENARSAS CONTRIBUTION TO THERMAL POWER GENERATION BY SADI

ENARSAs contribution to SADI is of utmost importance, not only given the diversification of the energy matrix as
pioneers of electric energy generation by way of renewable sources but also due to its remarkable contribution to thermal
power generation, both in terms of installed power and energy generated, and the wide geographical distribution of its
power stations, causing great regional impact. As it may be observed from the data shown in the following chart, ENARSAS contribution of authorized power to the total thermal energy of SADI has amounted to 11.3% in 2012, 11.6% in
2013 and 12.2% in 2014. As to MEMs demand for thermal electric energy, ENARSA has provided 2,534 GWh in 2012,
4,524 GWh in 2013 and 4,082 GWh in 2014. The following map shows the geographical distribution of ENARSAs power
stations by energy source (thermal, wind, solar, photovoltaic, biogas and biomass energy including minor facilities generating hydraulic energy):
* * In relation to the total heat of the SADI
** SADI: provisional 2014 data
ENARSA
THERMAL SADI*
CONTRIBUTION
ENARSA**
TOTAL SADI**
39
YEAR
POWER ENABLED [MW]
DEMAND [GWh]
2012
2.127
2.534
2013
2.192
2014
2.321
4.082
2012
18.785
82.495
2013
18.816
2014
19.092
3,1%
0,2%
5,9%
1,5%
4.524
82.953
78,5%
-9,8%
0,6%
0,4%
83.263
2012
11,3%
3,1%
2013
11,6%
5,5%
2014
12,2%
4,9%
2012
31.001
2013
31.089
2014
31.405
125.804
0,3%
1,0%
129.820
131.140
3,2%
1,0%
Jujuy
Formosa
Salta
Tucumn
Chaco
Misiones
Santiago
del Estero
Catamarca
Corrientes
La Rioja
Santa Fe
San Juan
Cordoba
Mendoza
Entre
Rios
San
Luis
REFERENCES:
Thermal Power Stations (Gasoil, Natural Gas)
La Pampa
Large Thermal Power Stations

(Gasoil, Natural Gas)
Wind Power Parks
Buenos Aires
Neuqun
Photovoltaic Solar Plant
Rio Negro
Biomass
Biogas
PAH
Chubut
Santa Cruz
Islas Malvinas
Tierra del Fuego
BUSINESS AREAS
ELECTRIC ENERGY
40
MAJOR THERMAL POWER STATIONS
PROJECT FOR THE CONSTRUCTION, START UP AND OPERATION OF THE

ENSENADA DE BARRAGN AND BRIGADIER LPEZ
THERMAL POWER STATIONS
The Ensenada de Barragn Plant is located in the petrochemical park of Ensenada in the province of Buenos Aires, on
Provincial Route N 11 and the Del Gato channel, approximately 10km from the city of La Plata, capital city of the
province of Buenos Aires and 50km from the City of Buenos Aires. Its installed power is 567 MW and it was granted a
business license on April 28, 2012.
The Brigadier Lpez Plant is located in an industrial park situated in Sauce Viejo, on National Route 11, in the province
of Santa Fe, 11km away from the district of Santo Tom and 20km from the city of Santa Fe. Its installed power is 280
MW and its business license was granted on August 30, 2012.
Both power plants are strategically located and may be easily accessed by land, air and water. Both plants have the
relevant transformation and maneuvering stations including the power transformers and voltage elevators required to
adjust voltage output to the transmission voltage of the Provincial and National Electric Network. Power evacuation
occurs through two high voltage lines required for a proper connection to SADI, partly consisting of a double-triad line
(or two single- triad lines) from the transformation stations in Ensenada de Barragn and Brigadier Lpez power plants.
ENSENADA DE BARRAGN
THERMAL POWER STATION
The Ensenada de Barragn Open-Cycle Thermal Power
Station was granted a business license on April 2012 by
CAMMESA (Compaa Administradora del Mercado
Mayorista Elctrico S.A.) and since then it has been
generating and delivering energy and power to the MEM.
The electric energy generated by the plant in 2012
reached 895.4 GWh, whereas in 2013 it amounted to
1,941 GWh and in 2014 it amounted to 1,777 GWh.
BRIGADIER LPEZ
THERMAL POWER STATION
The Open Cycle of Brigadier Lpez Thermal Power
Station was granted a business license by CAMMESA.
Since August 2012, it has been generating and
delivering energy and power to the MEM.
The electric energy generated in 2012 reached 268.6
GWh, whereas in 2013 it amounted to 909 GWh and in
2014 it amounted to 655.5 GWh.
CONVERSION OF OPEN-CYCLE THERMAL POWER STATIONS INTO COMBINED CYCLE POWER STATIONS
In a new financing stage, the works for the conversion of both power stations into Combined-Cycle stations are in
progress. This system will transmit residual heat of exhaust gases produced by each gas turbo-generator to a heat
recovery generator HRSG (Heat Recovery Steam Generator) generating steam that will expand in a new steam turbine
to be incorporated into the new installations, thus generating electricity by means of an alternator coupled to the turbine.
The conversion into a Combined Cycle will increase the total power of the Ensenada de Barragn and Brigadier Lpez
thermal stations to 840 MW and 420 MW, respectively; the increased efficiency being the main advantage of the
conversion into a Combined Cycle. Its main advantage is increased efficiency resulting from higher yields as compared
to Open-cycle units and conventional thermal power stations, as the energy generated by the steam turbine is obtained
using residual heat from exhaust gases produced by the gas turbine without burning any additional fuel. Due to said
higher yields, the Combined Cycle power stations represent an improvement as compared to Open Cycle power stations
as they are less contaminating by unit of electric energy generated than industries generating power through the burning
of fossil fuels.
EXECUTION OF WORKS FOR CONVERSION TO COMBINED CYCLE
ENSENADA DE BARRAGN THERMAL STATION, REMARKABLE MILESTONES DURING 2014:
Arrival at construction work of the Steam Turbine and performance of related tasks.
Arrival at construction work of the Generator and performance of related tasks.
Arrival at construction work of the Capacitor and performance of related tasks.
Commencement of Civil Works regarding the water intake system.
Commencement of the manufacturing of steel piping for circulating water.
Commencement of works on lines LAT 132 kV and in Ensenada de Barragn, Dique and Tolosas
transformation sub-stations.
41
BRIGADIER LPEZ THERMAL POWER STATION, REMARKABLE MILESTONES DURING 2014:

Diverter Assembly.
Boiler: Basic concreting, gantry assembly, casing and modules, assembly of domes and chimney,
commencement of tube and duct assembly.
Turbine: Assembly of high, medium and low pressure devices, assembly of the reduction gearbox
Generator Assembly
Transformation stations ST and BL and LAT 132 kV: The civil works were finished, the electromechanical
assembly was completed and in December 2014, the transformation stations were energized and started up.
Transformer: The civil work for the base is in progress.
Pumping Station: The civil work for the base is in progress.
Intake system work: The land movement was completed and the construction of the underground reinforced
concrete wall was commenced.
Oil terminal (port): 90% of the piles have been constructed, the construction of the pile heads was commenced.
THERMAL POWER STATION - ENSENADA DE BARRAGN
THERMAL POWER STATION - BRIGADIER LOPEZ
BUSINESS AREAS
ELECTRIC ENERGY
42
GENERATION OF DISTRIBUTED
ELECTRIC ENERGY I, II, III, IV, V AND VII
For the purpose of meeting the increased demand for electric energy and power recorded over the last years as a result
of Argentinas economic growth, ENARSA has been developing the Distributed Electric Energy Program (GEED) since
2007 consisting in the assembly and startup of new power stations. Said program has a strong regional impact and
provides highly reliable quality electric power.
The Program constituted a great challenge as it required infrastructure works for the purpose of furthering normal
performance of the National Energy Network, within a short time and with consistent quality, by using transportable
low-power generators, equipped with either alternative engines or gas turbines in order to increase electric power
generation in different areas of Argentina. A relevant feature of such equipment is that they both use fuel or natural gas,
without distinction. There exists no other equipment that may be put in operation immediately, thus ENARSA has
decided to implement this alternative form of power generation provisionally until high-power and more efficient
machines become operational.
The Distributed Electric Energy Program (GEED) has been divided into ongoing stages comprising the installation and
startup of 62 power stations (stages I and IV), located in 17 Argentine provinces with an installed power of 989.1 MW.
Furthermore, throughout 2014, ENARSA carried out Public Bidding GEED V for the construction of 8 new power
stations, with a power to be installed of 150 MW, these power stations are currently in the installation stage.
It is worth mentioning that through Resolution No. 144/2014 issued by the Argentine Secretariat of Energy, contractors
operating the Distributed Electric Energy Generation plants stages I through VI-, have been invited to become, effective
as from November 2014, MEMs Generating Agents, this process being currently in progress.
Stage
Number of power stations
Total power installed
1 Etapa (GEED I)
18
277,3 MW
2 Etapa (GEED II)
19
280,7 MW
3 Etapa (GEED III)
16
273,1 MW
4 Etapa (GEED IV)
158 MW
62
989,1 MW
Stage
Number of power stations
Total power installed
5 Etapa (GEED V)*
150,0 MW
TOTAL
(*) Already awarded, in the process of installation (stage 5)
43
Generation of Distributed Electric Energy l

Station
Province
Power
Aatuya
Santiago del Estero
30,7 MW
Castelli
Chaco
15,0 MW
Catamarca
Catamarca
19,2 MW
Cipoletti
Ro Negro
5 MW
Formosa
Formosa
15,0 MW
Formosa II
Formosa
15,0 MW
Isla Verde
Crdoba
20,4 MW
Junn
Buenos Aires
22,4 MW
La Rioja
La Rioja
19,2 MW
La Rioja Sur
La Rioja
10,0 MW
Laguna Blanca
Formosa
7,0 MW
Paso de la Patria
Corrientes
5,0 MW
Pehuajo
Buenos Aires
22,4 MW
Pirane
Formosa
15,0 MW
Saenz Pea
Chaco
35,0 MW
Santa Rosa
Corrientes
6,0 MW
Tartagal
Salta
10,0 MW
Villa Regina
Ro Negro
5,0 MW
Station
Province
Power
Alumin
Neuqun
6,3 MW
Aristbulo del Valle
Misiones
15,0 MW
Bragado
Buenos Aires
49,8 MW
Capitan Sarmiento
Buenos Aires
5,0 MW
Caviahue
Neuqun
5,0 MW
Charata
Chaco
16,4 MW
Goya
Corrientes
13,0 MW
Ingeniero Juarez
Formosa
4,0 MW
La Plata - EDELAP
Buenos Aires
40,4 MW
Las Armas II
Buenos Aires
23,4 MW
Las Lomitas
Formosa
6,0 MW
Las Palmas
Chaco
6,0 MW
Libertador San Martn
Jujuy
15,0 MW
Nueva Pompeya
Chaco
4,0 MW
Palmar Largo
Formosa
3,0 MW
Rafaela
Santa Fe
19,2 MW
Ushuaia
Tierra del Fuego
15,0 MW
Venado Tuerto
Santa Fe
19,2 MW
Villa ngela
Chaco
15,0 MW
Generation of Distributed Electric Energy lI
BUSINESS AREAS
ELECTRIC ENERGY
44
Generation of Distributed Electric Energy lII

Station
Province
Power
Arrecifes
Buenos Aires
20,0 MW
Bariloche
Ro Negro
20,0 MW
Bell Ville
Cordoba
15,6 MW
Chilecito
La Rioja
10,0 MW
Clon
Buenos Aires
15,3 MW
Corrientes
Corrientes
20,0 MW
Esquina
Corrientes
16,5 MW
Gral. Villegas
Buenos Aires
23,5 MW
Leandro N. Alem
Misiones
15,0 MW
Lincoln
Buenos Aires
15,0 MW
Lobos
Buenos Aires
15,7 MW
Oran
Salta
15,0 MW
Realic
La Pampa
24,0 MW
Salto
Buenos Aires
22,5 MW
Viale
Entre Ros
10,0 MW
Salta Capital
Salta
15,0 MW
Station
Province
Power
Alte. Brown
Buenos Aires
25,0 MW
Ceres
Santa Fe
18,0 MW
Inta Catamarca
Catamarca
7,0 MW
Magdalena
Buenos Aires
25,0 MW
Miramar
Buenos Aires
20,0 MW
Parque Industrial
Catamarca
15,0 MW
Remedios de Escalada
Buenos Aires
25,0 MW
Terevintos
Catamarca
8,0 MW
Tinogasta
Catamarca
15,0 MW
Station
Province
Power
Bandera
Santiago del Estero
30,0 MW
Barranqueras
Chaco
20,0 MW
San Martn
Chaco
15,0 MW
Presidencia Roca
Chaco
5,0 MW
San Vicente
Buenos Aires
30,0 MW
Rufino
Santa Fe
30,0 MW
La Paz
Entre Ros
10,0 MW
San Salvador
Entre Ros
10,0 MW
Generation of Distributed Electric Energy IV
Generation of Distributed Electric Energy V*
(*) Adjudicadas, en proceso de instalacin
45
ENERGY GENERATED DURING THE PERIOD 2011 2014

The electric energy generated by way of the GEED stations amounted to 1,149.7 GWh in 2011, 1,223.2 GWh in
2012, 1,429.7 GWh in 2013 and 1,342.6 GWh in 2014.
BUSINESS AREAS
ELECTRIC ENERGY
46
MOBILE ELECTRIC ENERGY GENERATION UNITS
STAND BY GENERATION
ENARSA called public tender N UGEE 01/2010 concerning the Service of Electric Energy Generation in emergency
situations to be provided by a fleet of independent and transportable Units of Electric Energy Generation (UGEE) using
gasoil or biodiesel.
Such service consisted in the provision, installation and operation of the units of generation of electric energy (UGEE), as
well as its maintenance in optimum operating conditions. This decision sought to manage emergency situations thus
allowing installation within a term of no more than 12 hours by connecting to the sub trunk or regional distribution
transport network in the event of failure or if network support is required.
In total, 453 equipments and 461 MW power was purchased (23 Modules):
12 Modules for the City of Buenos Aires and Greater Buenos Aires (261 MW)
3 Modules for North Eastern Region (60 MW)
2 Modules for the province of Buenos Aires (other than Greater Buenos Aires) (30 MW)
4 Modules for the Central Region (70 MW)
1 Module for the North Western Region (20 MW)
1 Module for Cuyo Region (20 MW)
47
ENERGY GENERATED DURING THE PERIOD 2011 2014

The electric energy generated by the UGEEM units amounted to 43.9 GWh in 2011, 147.4 GWh in 2012 and 243.8 GWh
in 2013 and 306.5 GWh in 2014.
PURCHASED
POWER
REGION
GBA01
GREATER
BUENOS AIRES
882
CAT 3516B
1.400
11
CAT 3512B
1.056
CAT C32
882
CAT 3516B
1.400
17
21
20 MW
CUM QSK50G4
1023
20
20
GBA12
15 MW
CAT 3516B
1.400
11
11
GBA13
15 MW
CAT 3516B
1.400
11
11
GBA14
20 MW
CUM QSK50G4
1.023
20
20
GBA15
20 MW
CUM QSK50G4
1.023
20
20
20,9 MW
Equipment (less
than 800KW)
Equipment (more
than a 800KW)
193 (*)
39
1.342 (*)
10
CAT C32
750
CAT 3412
583
CAT 3512
1.056
CAT 3516B
1.400
CUM QSK50G4
1.023
50
CAT 3512B
1.056
CAT 3512B HD
1.200
CAT C32
720
CAT 3516B
1.400
18
GBA20
19 MW
50 MW
31,2 MW
18
49
50
24
9,8 MW
CAT 3516B
1.400
CEN08
20 MW
CUM QSK50G4
1.023
20
20
CAT 3516B
1.400
10
CAT 3512B
1.056
CAT 3516B
1.400
CAT 3512B
1.056
CAT 3516B
1.400
10
CAT 3516B
1.400
CAT 3512B
1.056
CAT C32
882
16
CAT 3516B
1.400
CEN17
20 MW
CEN18
10 MW
CEN04
20 MW
261 MW
17
GBA26
16
8
70 MW
14
CUY03
20 MW
NEA09
20 MW
CUM QSK50G3
820
24
24
NEA05
20 MW
CAT 3516B
1.400
14
14
CAT 3516B
1.400
NEA
BA Interior
CAT C32
GBA07
GBA25
NOA
TOTAL
EQUIPMENT EQUIPMENT PER
POWER PER
NUMBER
CONTRACTOR
REGION
20 MW
GBA22
CUYO
POWER PER
EQUIPMENT
(kW)
GBA02
GBA21
CENTRO
20 MW
EQUIPMENT
USED
23
20 MW
60 MW
NEA06
20 MW
CAT 3516
1.400
CAT 3512B
1.056
NOA10
20 MW
CUM QSK50G3
820
24
24
INT11
20 MW
CAT 3516
1.400
16
16
INT16
10 MW
CAT 3512B
1.056
10
10
16
20 MW
30 MW
(*) Average
BUSINESS AREAS
ELECTRIC ENERGY
48
EQUIPMENT DEPLOYED AND CONNECTED

As UGEEMs are used mainly for emergency situations or in the event of increased demand, breakdown and/or collapse
of distribution networks, transportation and/or transformation stations, their deployment and connection in different
areas are likely to meet the increased demand for electric energy in the different regions of Argentina. Besides, these
units are used to ensure power supply to institutions of utmost importance for the community, such as hospitals, police
stations and potable water pumping stations. It should be noted that the demand for UGEEMs has been growing
significantly since the beginning of this Plan.
FUEL SUPPLY AND CONSUMPTION
The Electric Energy Management has dealt with the logistics for transportation of liquid fuels to the Distributed Electric Energy
Management (GEED) since 2009.
The Logistics department has contributed to the growth of GEED power stations connected to MEM since then. For such
purpose, it has transported the fuel provided by CAMMESA in its Dispatch Plants by means of a fleet of trucks hired by ENARSA.
In addition, it provided assistance with power generation in the Ensenada de Barragn and Brigadier Lpez thermal power stations
by the end of 2011, by supplying the gas oil required for power generation by fuel generators in times of lack of Natural Gas.
Since UGEEMs were first introduced in 2010, all units across Argentina have been provided with liquid fuel by a special fleet
properly equipped for such purpose. The service provided by such fleet included transportation, discharge, discharge control,
ensuring gas quality and quantity.
Since December 2013, CAMMESA has supplied the Gas Oil required for the Brigadier Lpez, Ensenada and Distributed Energy
thermal power stations and for the distributed electric energy generation plants, ENARSA being in charge of the transportation
of liquid fuel to the Units of Electric Energy Generation (UGEEMs).
IMPLEMENTATION OF OPERATIONAL CONTROL OF ENERGY GENERATION (COG, IN SPANISH)
Operation of a rotational 24/7 control service: The Operational Control of Energy Generation Service (COG, in Spanish)
was put into practice for the purpose of monitoring, analyzing and processing the data resulting from the operation of 70
power stations in order to provide valuable information for continuous process improvement.
Since February 2013, the Operational Control Service has been fully operational as a plant division providing the services
of a Control Center 24/7.
Since March 1, 2013 the COG has been sending daily Fuel Measurement System (SCOMB, in Spanish) reports to
CAMMESA. Said report contains information on generation, stock and consumption of fuel by ENARSAs thermal power
stations. Since March 11, 2013 the COG has been collecting data, handling commercial metering (SMEC in Spanish)
claims and managing the maintenance of communication links. In light of the need for SMEC metering and the operational conditions of the equipment comprising the Distributed Electric Energy Generation plants (GEED), and considering the
453 of Mobile Units of Electric Energy Generation (UGEEM), ENARSAs Ensenada de Barragn and Brigadier Lpez
thermal power stations and the Renewable Energy stations set up across Argentina, ENARSA has created a Metering
Data Collection Center (CR, in Spanish) identical to CAMMESAs Collection Center and 10 CRs existing in Argentina. The
COG manages operational tasks using automation and data redundancy as any other collection center.
According to Annex 24 to CAMMESAS Technical Procedures, as MEMs Generation Agent, ENARSA must have a
RTOS (Real-time Operating System) in each of its power stations. The COG is responsible for the follow-up of RTOS
implementation and operation in every power station so as to comply with CAMMESAs requirements and to add value
to ENARSAs operational and administrative service.
Power Generation Forecast for GENREN Wind Parks: in order to provide reliable information for CAMMESAs PRE-DISPATCH, since 2013 ENARSA has been forecasting wind power generation on a daily basis, through the COG, using
Meteodyn software and using the data input provided by wind forecasts and the unit maintenance program.
49
HEALTH (CASS)
ENSENADA DE BARRAGN THERMAL POWER STATION (AS ABBREVIATED CTEB IN SPANISH).

During 2012, End-of-cycle environmental impact assessments were carried out and submitted to the relevant
environmental authorities. Performance tests and essays were carried out at both chimneys with the purpose of
controlling and calibrating the meters installed for constant measurement of gas emissions.
Environmental Compliance certificates were awarded to the Pumping Station, the Arsenal Naval Ro Santiago wharf
and the multi-purpose pipeline that joins such station with the electric energy plant; and to the aqueduct that joins
the station of Aguas Bonaerenses SA (ABSA) with the CTEB.
BRIGADIER LPEZ THERMAL POWER STATION (AS ABBREVIATED CTBL IN SPANISH).

This power station has been awarded an environmental compliance certificate, pursuant to resolution 27/2011, by the
Environmental Secretariat of the province of Santa Fe. Performance tests and essays were carried out at both chimneys
with the purpose of controlling and calibrating the meters installed for constant measurement of gas emissions.
INTEGRATED MANAGEMENT SYSTEM

During 2013/2014, a Re-Certification by the Argentine Material Rationalization Institute (IRAM, as abbreviated in Spanish)
was obtained for the Integrated Management System, based on the current standards ISO 9001, ISO 14001 and
OHSAS 18001, also applicable to the Renewable Energy Department, the Operational Control of Energy Generation
Service Department (COG, in Spanish) and the New Projects and Electric Energy Works Department.
SAFETY COMMUNICATION PLAN REGARDING THE FOLLOWING:

Interconnection pipeline to Ensenada de Barragn Thermal Power Station (CTEB, in Spanish) from the National Network.
Interconnection pipeline to Brigader Lpez Thermal Power Station (CTBL, in Spanish) from the National Network.
Development and implementation of the Safety Communication Plan regarding living forces in order to comply with the
provisions established in NAG 100 which requests operators to:
Establish and maintain adequate means of communication with living forces (firefighters, police officers and
naval prefecture, among others) and other public officers.
Establish an adequate educational program that will enable clients and the public at large to acknowledge and
inform the relevant officials about any gas-related emergency.
BUSINESS AREAS
ELECTRIC ENERGY
50
RENEWABLE ENERGY
RENEWABLE ENERGY RESOURCES

The world is experiencing the boom of renewable energies in terms of competitiveness as a result of the business
opportunity arising from the increasing costs of conventional energy resources in conjunction with more difficult access
to them. ENARSA studies, promotes and develops feasible power generation projects and fuel production with
renewable sources of energy, thus fostering technological and industrial development in wind power and solar energy,
biofuels and use of biomass and tidal power, among others.
ENARSAs goal is to take part in the business of developing and using alternative sources of energy, in order to promote
the diversification of the Argentine energy matrix in order to diminish hydrocarbons dependency and increase power
generation through renewable and eco-friendly energy sources. ENARSA is working on the identification of Argentine
technologies and employment generation by fostering integration of local components with international cutting-edge
technologies and increasing employment of personnel specialized in operation and maintenance of power stations.
In order to accomplish such goals, ENARSA maximizes project productivity enhancing integration of such sites with the
highest energy generation potential within Argentina and sites with electric transmission lines in its surroundings thus
allowing for an access which is cost-effective in terms of profitability thereof.
UNDERTAKINGS
Under Law No. 26190, the Ministry of Federal Planning, Public Investment and Services, as ENARSAs majority
shareholder, has instructed ENARSA to call for a public tender concerning the generation of electric energy from renewable
sources, such as wind power energy, biogas from landfills, solar photovoltaic energy, minor hydroelectric stations, bagazze
and the organic fraction of urban solid waste for the purpose of obtaining biogas, amongst others. In furtherance of the
foregoing, the GENREN Program concerning the generation of electric energy from renewable sources was launched.
By means of this Program, as of the date hereof ENARSA has an installed power of over 190 MW throughout the country,
the power stations being situated in the provinces of San Juan, Mendoza, Chubut, Buenos Aires, Tucumn and Salta.
As of this date, only the following power stations have been granted a business license by CAMMESA: Wind Power Stations
Rawson I, Rawson II and Loma Blanca IV; the Photovoltaic Stations Caada Honda I, Caada Honda II and Chimbera I;
Biogas Power Stations San Martn Norte III and San Miguel Norte III, Minor Hydroelectric Power Stations Lujn de Cuyo and
La Lujanita and the Biomass Stations Tabacal and Santa Brbara.
MWh
RENEWABLE ENERGY PRODUCTION - PERIOD 2013 - 2014
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
Solar
Biogas
2013
Wind
2014
BUSINESS AREAS
RENEWABLE ENERGY
Minor Hydrolic
Power Stations
Biomass
52
WIND POWER ENERGY

As regards the generation of electric energy from wind power resources, ENARSA has the highest energy installed in the country.
ENARSA, through the Renewable Energies Area, strongly supports this resource, by studying and creating new projects.
53
RAWSON I WIND POWER STATION (CHUBUT)

Located in the city of Rawson, province of Chubut, this wind power station has 27 aerogenerators, with a total power of 48.6 MW
and an average capacity factor of 42.4%. The power station was granted a commercial license three years ago. Since then, it has
already generated energy amounting to a total of 543.5 GWh with a monthly average generation of 15.1 GWh. This energy generation has replaced the need to import fuels and has helped to avoid over 300 thousand tons of carbon dioxide be released into
the atmosphere.
The fair winds of the Patagonia region and the efficiency of the technology of the first large-scale facilities in the country, made it
possible for the Rawson I Wind Power Station to experience in 2014 its best year in terms of production.
Comparison of Produced Energy RAWSON I
january
february
march
april
may
june
july
august
september
october
november
december
RAWSON II WIND POWER STATION (CHUBUT)

Located in the city of Rawson, province of Chubut, this wind power station has 16 aerogenerators, with a total power of
28.8 MW and an average capacity factor of 42.7%. The power station was granted a commercial license in December
2012. Since then, this wind power station has already generated energy amounting to a total of 323.8 GWh with a
monthly average generation of 9 GWh.
Comparison of Produced Energy RAWSON II
january
february
march
april
may
june
july
BUSINESS AREAS
RENEWABLE ENERGY
august
september
october
november
december
54
LOMA BLANCA IV WIND POWER STATION (CHUBUT)

Located in the city of Trelew, province of Chubut, the Loma Blanca IV Wind Power Station has 17 aerogenerators, with a total
power of 50 MW and an average capacity factor of 38.3%. The power station was granted a commercial license in August
2013, and since then, it has generated energy amounting to 257.5 GWh with a monthly average generation of 14.3 GWh.
Comparison of Produced Energy LOMA BLANCA IV
january
february
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MALASPINA I (CHUBUT)
Located in the district of Florentino Ameghino, province of Chubut, a wind power station of 50 MW of power will be
installed. In 2014, the civil works have been completed. The aereogenerators assembly remains to be carried out.
KOLUEL KAYKE II (SANTA CRUZ)
Located in the district of Nuestra Seora de los Dolores, Koluel Kayke, district of Deseado, province of Santa Cruz, the
future station will have an installed power of 72MW. In 2014, the works concerning land preparation and roads have
been commenced.
ARENAS VERDES WIND POWER PROJECT
The project concerning the Arenas Verdes Wind Power Station seeks to add 60MW to the Argentine Interconnection
System. The project will be installed on the shore of the Atlantic Ocean, neighboring Arenas Verdes Seaside Resort,
which is part of the Municipality of Lobera.
The power station shall contain 20 aerogenerators of 2.85 MW each and therefore, a power of 60MW is forecast to be
achieved. The installation of the station is expected to commence in 2015.
55
PURCHASE OF SODAR TECHNOLOGY

ENARSA supports the energy and industrial sectors in Argentina by conducting studies related to exploration, development
and exploitation of renewable sources of energy, thus enabling Argentina to develop major projects in this field.
The Renewable Energy Area purchased two wind metering equipments with cutting-edge SODAR ("Sound Detection and
Ranging") technology.
The SODAR equipments emit sound waves into the atmosphere using several frequencies, amplitudes, phases and
directions, for the purpose of capturing and analyzing by means of a computer the pulses reflected by air masses and their
movement in each atmospheric layer. By analyzing frequency shift (Doppler effect), phase differences and the amplitude of
sound pulses reflected, wind speed may be accurately measured depending on height. The equipment purchased by
ENARSA reaches a 500 m height.
This way, ENARSA, with the collaboration of the Regional Wind Power Center (CREE), positions itself as a role model in wind
power metering technology, as it is able to use the new equipments both for its own projects and third parties projects thus
providing a highly specialized service in terms of metering wind power with the latest technology available worldwide.
During the period 2013 2014, the equipments have been making measurements in two locations in Argentina: Casa de
Piedra, province of La Pampa and in the province of Neuqun, in the city of Cutral-Co, within the jurisdiction of the National
Institute of Industrial Technology (as abbreviated INTI in Spanish).
PHOTOVOLTAIC SOLAR ENERGY

ENARSA is committed to promote and develop solar energy projects, both photovoltaic and thermoelectric energy, and the
related local industries with the purpose of fostering a cleaner and more diversified energy matrix, thus contributing to the future
supply of energy with inexhaustible energy sources.
In the framework of the development of clean energies from renewable sources, the impact on the environment caused by the
installation of a photovoltaic energy plant is minimum since the resource used for the generation of energy does not have any
adverse effects on the environment.
BUSINESS AREAS
RENEWABLE ENERGY
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PHOTOVOLTAIC POWER STATION CAADA HONDA I (SAN JUAN)

Located in the district of Caada Honda, Province of San Juan, the power station has a power of 2 MW and an average
capacity factor of 21.6%. The power station was granted a commercial license halfway through the year 2012. As of
2014, the total energy produced amounted to 10.1 GWh, with a monthly average generation of 316.3 GWh.
Comparison of Produced Energy CAADA HONDA I
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PHOTOVOLTAIC POWER STATION CAADA HONDA II (SAN JUAN)

Located in the district of Caada Honda, Province of San Juan, the power station has a total power of 3 MW and an
average capacity factor of 22.2%. The power station was granted a commercial license in June, 2012. As of 2014, the
total energy produced amounted to 15.6 GWh, with a monthly average generation of 487.1 GWh.
Comparison of Produced Energy CAADA HONDA II
january
57
february
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PHOTOVOLTAIC POWER STATION CHIMBERA I (SAN JUAN)

Located in the district of Caada Honda, province of San Juan, the power station has a total power of 2 MW and an
average capacity factor of 19.7%. The power station was granted a commercial license in March, 2013. As of 2014, the
total energy produced amounted to 6.1 GWh, with a monthly average generation of 288.7 GWh.
Comparison of Produced Energy CHIMBERA I
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MINOR HYDROELECTRIC STATIONS

LUJAN DE CUYO HYDROELECTRIC POWER STATION (MENDOZA)
Located in the city of Lujan de Cuyo, province of Mendoza, the power station has a power of 1 MW and an average
capacity factor of 62.5%. The power station was granted a commercial license in June, 2013. As of 2014, the total
energy produced amounted to 9.1 GWh, with a monthly average generation of 457.3 GWh.
Comparison of Produced Energy LUJAN DE CUYO
january
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may
june
july
BUSINESS AREAS
RENEWABLE ENERGY
august
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LA LUJANITA HYDROELECTRIC POWER STATION (MENDOZA)

Located in the city of La Lujanita, Province of Mendoza, the power station has a power of 1.7 MW and an average
capacity factor of 20.4%. The power station was granted a commercial license by the end of 2014. The power station
has produced 0.8 GWh of energy, with a monthly average generation of 256.1 GWh.
600
500
400
300
200
100
0
OCT - 2014
Nov - 2014
Dec - 2014
CENTRAL HIDROELCTRICA - LA LUJANITA
BIOENERGY (BIOFUELS BIOMASS - URBAN SOLID WASTE)

Biofuels include Biodiesel, Bioethanol and Biogas that can be produced from agricultural or agribusiness feedstock or
from organic waste. Urban solid waste (as abbreviated RSU in Spanish) is also used as raw material to generate
energy, either in the form of liquid fuels or biogas from the organic fraction.
LANDFILL BIOGAS
Landfills produce biogas as organic matter decomposes under anaerobic conditions (lack of oxygen). Biogas is made up of
methane and carbon dioxide. The former causes the greenhouse effect which is the reason why its utilization is twice as important.
In this case, methane is obtained from CEAMSEs landfill in Campo de Mayo. The facilities include a set of biogas wells
and a network of collection and transportation pipes. This fuel, once it has been preconditioned, feeds gas engines
coupled to electric power generators.
Through this process, two Biogas Power Stations have been installed, namely, San Martn Norte III-A and San Miguel Norte III-C.
59
SAN MARTIN NORTE III (BUENOS AIRES)

Located in Camino del Buen Ayre, Province of Buenos Aires, the power station has a power of 5.1 MW and an average
capacity factor of 51.2%. As of 2014, the total energy produced amounted to 61.3 GWh, with a monthly average
generation of 1.9 GWh.
Comparison of Produced Energy SAN MARTIN NORTE III
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SAN MIGUEL NORTE III (BUENOS AIRES)

Located in Camino del Buen Ayre, province of Buenos Aires, the power station has a power of 11.5 MW and an average
capacity factor of 61%. As of 2014, the total energy produced amounted to 164.5 GWh, with a monthly average
generation of 5.1 GWh.
Comparison of Produced Energy SAN MIGUEL NORTE III
january
february
march
april
may
june
july
BUSINESS AREAS
RENEWABLE ENERGY
august
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60
BAGAZZE
Bagazze is the by-product obtained from sugarcane processing in sugarcane mills. It is used to generate electric energy
given its high calorific value. Through different tenders, ENARSA awarded 6 contracts for the construction of the following
power stations: Aristbulo del Valle I and II (6 MW each), in the Province of Misiones, Garruchos (36 MW) in the Province
of Corrientes, Ingenio La Florida (45 MW) and Ingenio Santa Brbara (8 MW), both in the Province of Tucumn, and
Tabacal (32 MW) in the Province of Salta.
Additionally, two projects were awarded: the Posadas Project (1.5 MW) and Leandro N. Alem Project (6MW) both in the
province of Misiones. In 2014, as regards both projects, the Wholesale Electric Market (MEM, in Spanish) Agreements were
executed for the purchase of energy generated by future stations, finally adding 7.5 MW to the Argentine energy network.
The Ingenio Santa Brbara (8 MW) and Tabacal (32 MW) power stations have been operational since September , 2013
, whereas the Ingenio La Florida power station is in construction under an effective contract. The rest of the projects are
in the contract formation process.
INGENIO SANTA BARBARA (TUCUMN)

Located in the district of Ingenio Santa Brbara, Province of Tucumn, the power station has a total power of 8 MW and
an average capacity factor of 11.1%. As of 2014, the total energy produced amounted to 15.7 GWh, with a monthly
average generation of 652.2 GWh.
Comparison of Produced Energy INGENIO SANTA BARBARA
january
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INGENIO TABACAL (SALTA)

Located in the district of Oran, province of Salta, the power station has a power of 32 MW and an average capacity factor
of 23.3%. As of 2014, the total energy produced amounted to 87.3 GWh, with a monthly average generation of 5.5 GWh.
Comparison of Produced Energy INGENIO TABACAL
january
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february
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TIDAL POWER ENERGY

ENARSA is a pioneer in this field. It is conducting preliminary studies for the development of tidal energy projects in the
Atlantic basin of the Province of Santa Cruz, one of the areas with the largest tidal amplitude in the world, which
amplitude may be used for electric power generation.
TIDAL POWER STATION
In 2011, ENARSA signed a Memorandum of Understanding, Cooperation and Confidentiality with the Russian company
RUSHYDRO ("Federal Company of Hydroelectric Power Generation") which is the Russian leader in power generation
and the second largest company in terms of installed capacity of hydroelectric power generation, and is also a leader in
the generation of energy from renewable sources in Russia. The purpose of the Agreement is the identification of
potential projects for generation of tidal energy, wave power and hydroelectric power stations, as well as the exchange
of information and cooperation in energy efficiency and the design and construction of large hydroelectric power
stations. In 2012, within the framework of this Agreement, potential project sites in Santa Cruz were visited and studied
in conjunction with the personnel of RUSHYDRO; thus collecting the necessary data for the relevant prefeasibility
studies. A potential power generation capacity of approximately 1000 MW was detected in the sites visited, namely the
estuary of Santa Cruz river, the estuary of Gallegos river and the estuary of Puerto Deseado. The first stage of the project
consists in the construction of a small tidal power plant, the first one in South America, which will enable us to measure
the efficiency of such technology.
In December 2013, the Addenda to the Memorandum of Understanding was executed. Throughout 2014, ENARSA has
submitted the relevant depth-to-water mapping and the tidal measurements of Puerto Deseado and Puerto San Julin.
RusHydro will assess based on this data whether it is feasible to install a pilot station and shall submit to ENARSA
different alternative points.
TRANSPORTATION SYSTEM ENHANCEMENT WORKS
As a consequence of the CAMMESAs Technical Report which states a number of network restrictions for a total
evacuation of the power to be generated by the wind power projects awarded within the framework of the GENREN
Tender, it was concluded that wind turbines had to be connected directly to the Puerto Madryn power Station at 500 kV.
Otherwise, the collapse of 330/132 kV Transformers of the Puerto Madryn Thermal Power Plant of TRANSPA and the
500/330 kV transformer Puerto Madryn Thermal Power Plant of TRANSENER, would impose a restriction on the joint
dispatch in design wind conditions.
For the purpose of solving this problem and increasing the Transportation Capacity from the Puerto Madryn to Choele
Choel, ENARSA installed capacitors in series and associated equipment in the 500 kV Puerto Madryn power plant.
Installation works began on July, 2013 and are currently in progress.
HEALTH (CASS)
In 2012, together with the Renewable Energy Management, different environmental-related assessments and documents
were made and prepared to be submitted to different bodies and authorities, in connection with the following Projects:
SOLAR PHOTOVOLTAIC PROJECTS
Hornaditas Solar Photovoltaic Power Station
Villa Unin Solar Photovoltaic
Cutral-C Solar Power Plant
Plaza Huincul Solar Power Plant
San Juan Solar Power Plant
Altiplano Project
WIND POWER PROJECTS
Aguada del Molle Wind Power Plant
Plaza Huincul Wind Power Plant
BIOMASS PROJECTS
Caa de Castilla Plaza Huincul Thermal Power Plant
Caa de Castilla Cinco Saltos Thermal Power Plant
BUSINESS AREAS
RENEWABLE ENERGY
62
During 2013 and 2014, different environmental-related assessments and documents were made and prepared to be
submitted to different bodies and authorities, in connection with the following Projects:
SOLAR PHOTOVOLTAIC PROJECTS
Finca del Pongo Solar Project
Amaicha del Valle Solar Project
WIND POWER PROJECTS REGIONAL PROJECTS:
A survey was carried out in different areas of the country to analyze the possible locations to install wind power plants,
with the relevant pre-feasibility studies.
Neuqun Survey Area: Zapala Wind Power Plant
Neuqun Survey Area: Cutral-C Wind Power Plant
Neuqun Survey Area: Rincn de los Sauces Wind Power Plant
Buenos Aires Survey Area
San Luis Survey Area
A tender was called to award the environmental impact assessment (as abbreviated EIA in Spanish) and Environmental
Management Plan (as abbreviated PGA in Spanish) concerning the Villa Unin (10MW) Project.
SOLAR AND WIND POWER PROJECTS REGIONAL PROJECTS:
A survey was carried out in different areas of the country to analyze the possible locations to install wind power plants,
with the relevant pre-feasibility studies.
San Juan and Quebrada de Humahuaca (YINGLI Solar) Survey Area.
Fras, Santiago del Estero (DHAMMA Solar) Survey Area
Buenos Aires Survey Area: Arenas Verdes (60MW) Wind Power Park.
63
DEPARTAMENT OF QUALITY, ENVIRONMENT AND

OCCUPATIONAL SAFETY AND HEALTH
CORPORATE MANAGEMENT
INTERNAL WASTE MANAGEMENT
During 2012, ENARSA worked in the management of the waste generated at ENARSAs administrative offices, which
comprised mainly paper and cardboard waste. From then onwards, ENARSA has been making donations, on a
regular basis, to Cottolengo Don Orione and Hospital Garrahan. On the other hand, ENARSA has been working on the
management of empty toner cartridges and has launched a campaign for electronic waste collection.
ENERGETIC EFFICIENCY AWARENESS CAMPAIGN
For informational purposes only, 10 recommendations were given internally in connection with the following topics:
Printing configuration, computer configuration, use of light and use of air conditionings.
The Department of Quality, Environment and Occupational Safety and Health (CASS) basically aimed at being more
involved with the operational areas and introduced to the areas managed by this Department the occupational safety
of workers as one of its core activities.
THE FOLLOWING PROGRAMS WERE PUT INTO EFFECT:
Annual Program of scheduled Audits regarding Safety and environment for Operations Managements.
Annual Program for Quality, Environment and Occupational Safety and Health Training
Annual Program of Building Safety applicable to the 3 Administrative Offices
Program for the Development and Implementation of the Integrated Corporate Management System.
Dealing with the concept of Clean and Safe Operation involves a series of Management corporate procedures that form
part of ENARSAs main goals both as regards the Operations management and the Administrative management.
We have developed a Comprehensive Corporate Management of Hazardous and Non-Hazardous Waste at the locations
where ENARSA is present. Reference is made to a sole Preliminary Report of Incidents together with a sole Report of
Corporate Research.
A campaign was launched to disclose simple technical information, easy to understand, relating to Safety, Environment
and Occupational Health, through the issuance of journals published in the Intranet on a fortnight basis.
QUALITY
PROGRAM FOR THE DEVELOPMENT AND IMPLEMENTATION OF THE INTEGRATED CORPORATE MANAGEMENT SYSTEM
Based on an overarching corporate concept, the Companys Board of Directors seeks to unify criteria in the
administrative performance and mainly in the execution of the companys operations.
Within the scope of these decisions and based on the development of prior specific experiences, the Company has
decided to develop and implement an Integrated Corporate Management System. This Program was shaped based on
the need to systematically obtain corporate order under certain procedures, management policies and standards that
are applicable to the entire company.
The implementation of the Integrated Corporate Management System means to standardize/order the company and to
such effect, the models taken based on the needs of each company are those set out by the ISO international standards.
In our case, ENARSA is working with a system that integrates QUALITY (ISO 9001), ENVIRONMENT (ISO 14001) and
OCCUPATIONAL SAFETY AND HEALTH (OHSAS 18001).
BUSINESS AREAS
CASS
64
This Project is comprised of three stages:

STAGE 1 (2013)
DEVELOP AN INTEGRATED CORPORATE MANAGEMENT SYSTEM MANUAL MISSION, VISION AND POLICYY
OF INTEGRATED MANAGEMENT SYSTEM. ESTABLISH 14 CORPORATE MANAGEMENT STANDARDS AND KEY
OPERATIONAL STANDARDS. TRAINING STAGE ONE.
STAGE 2 (2014)
DEVELOP MANAGEMENT TOOLS LEGAL COMPLIANCE AND RISK PERFORMANCE PRINCIPLES - INDICATORS
TRAINING STAGE TWO TRAINING OF INTERNAL AUDITORS AND LEADERS OF THE COMPANY- FACILITATORS
STAGE 3 (2015)
IMPLEMENTATION ACCORDING TO SCOPE AND CERTIFICATION. TRAINING STAGE THREE
To such effect, in September 2013 the System of Corporate Management Program (As abbreviated SIG Program) was
commenced with a group formed by representatives of all of ENARSAs Managements and Departments, with the purpose
of drafting a set of Performance Corporate Standards, Key Operational Standards and General and Particular Procedures
related to each sector.
14 PERFORMANCE CORPORATE STANDARDS
1 Leadership
2 Compliance with laws and document control
3 Risk and change management
4 Planning and goals
5 Occupational safety and health
6 Environment and Biodiversity
7 Training, knowledge and competence
8 Communication, consulting and participation
9 Design, construction and start-up
10 Operations and Maintenance
11 Management of Suppliers and Contractors
12 Investigation of Incidents and Deviations
13 Crisis and Emergency Management
14 Management Control, Audit and Critical Analysis
KEY OPERATIONAL STANDARDS

1 Permits required for the execution of works
2 Energized Systems Locking
3 Works in Confined Spaces
4 Works at Height
5 Cutting and welding
6 Suspended Loads
7 Vehicles
8 Comprehensive Waste Management
65
ENVIRONMENTAL COMMITTEE - SIG CENTRAL COMMITTEE

Upon request of the Department of Quality, Environment and Occupational Safety and Health, on December, 2013, the
Companys Board of Directors resolved to re-establish the Environmental Committee and resolved further:
To modify the Environmental Committees name and rename it as Integrated Corporate Management System
Central Committee (CCSIG, as abbreviated in Spanish). Such modification is based on the fact that ENARSA is
willing to install a Quality, Environment, Occupational Safety and Health Integrated Management System.
To approve the Management Procedure SIG Committees by the Board of Directors.
ENVIRONMENT
ENVIRONMENT DAY AWARENESS CAMPAIGN
In June 2014, ENARSA celebrated World Environment Day at ENARSAs offices and power stations by delivering
speeches and organizing themed games with the purpose or raising awareness to protect the environment and its
current status. At the end of the game, employees of each sector were given a sowing kit comprised of different season
seeds to cultivate them at home thus contributing with the environment.
OCCUPATIONAL SAFETY AND HEALTH
CONFERENCES ON OCCUPATIONAL SAFETY AND HEALTH
In 2014, a series of conferences related to Occupational Safety and Health were carried out. The purpose of these
conferences was to raise awareness in ENARSAs staff as regards this subject.
BUILDING SAFETY ANNUAL PROGRAM
The annual program of building safety applicable to the three administrative offices was carried out in compliance with
the Labor Hygiene and Safety Law and executive order 351/79. This program consists of the following tasks;
Electrical installations verification plan
Fire extinguishers verification plan, physical, chemical and biological analysis of water for consumption
Emergency lights verification plan
First aid kits verification plan
Lighting assessment
General control of Safety and Hygiene
Ventilation assessment
Boilers maintenance
Elevators maintenance
Pursuant to the annual planning and in compliance with the rules in force, evacuation process simulation was carried out
at ENARSAs different administrative offices in an efficient manner and with a satisfactory outcome.
OTHER PROCEDURES AND RESULTS

Personal Protective Equipment and clothing were provided to the staff working at the companys fields and plants.
VACCINATION CAMPAIGN
Flu vaccine campaigns are regularly launched at ENARSAs three administrative offices and at Ensenada de Barragn
and Brigadiera Lpez Thermal Power Stations.
BUSINESS AREAS
CASS
66
RELATED COMPANIES
ENARSA SERVICIOS S.A.
ENARSA SERVICIOS S.A. promotes technological development and provides services to the energy sector, in general,
and to the oil sector, in particular, since its creation in August 2006.
Additionally, ENARSA SERVICIOS S.A.s foundational purpose is to incorporate the know how, contribute to the
development of small local applied-technology companies and the satisfaction of the needs of those areas where there
may be a certain deficit of services.
INVAP (Investigacin Aplicada), shareholder of ENARSA SERVICIOS S.A., which is engaged in the comprehensive
execution of technological projects in the nuclear, spatial and industrial fields, has a vast experience in the
implementation of high complexity projects. In over three decades of activity, it has contributed to position Argentina as
a reliable exporter of nuclear installations and its related control equipments and systems.
ENARSA
RELATED COMPANIES
68
VIENTOS DE LA PATAGONIA I S.A.
In compliance with the National Strategic Plan of Wind Energy, designed by the Argentine Government to promote the
use of clean, renewable and non-contaminated energy, Vientos de la Patagonia I S.A. was incorporated by ENARSA
(80%) and the province of Chubut (20%) with the main purpose of contributing with the creation of the national wind
power industry.
Its main task was to start the operation at El Tordillo Wind Power Station (Chubut) which has the first two turbines manufactured in Argentina of 1.5 MW. The initial goal of this initiative has been to obtain the authorization for both equipments. The next stage involves the park enhancement by adding equipment from both manufacturers.
This company, created in July 2006 due to an alliance between ENARSA and the Government of the province of Chubut,
in which ENARSA holds 80% of the capital stock, has been created to design, build, start up, operate, develop and
maintain high-power wind plants to supply the national grid, focusing on the national wind industry. Vientos de la Patagonia I S.A. is willing, not only to commence an important production of wind energy, but also to foster the manufacturing,
installation and local operation of generators, with a power of around 50-100 MW for the first plant, and with a high
percentage of aerogenerators manufactured in Argentina.
Vientos de la Patagonia I S.A. is committed to contribute to the development of wind energy in our country, focusing on
the progress of domestic related industries. Its first wind power plant, El Tordillo Project, located at 40km west of Comodoro Rivadavia, in the Province of Chubut has been built up with the first two locally manufactured high-power wind
turbines (1.5MW).
This project in itself, in which professionalism, dedication and enthusiasm of individuals are combined, is a sustainable
solution for the countrys long-term energy supply.
During 2012, both aerogenerators were finally awarded a "Class I A" certification pursuant to that Standard. Such certifications enable manufacturers to exhibit the aerogenerators specifications and quality in the international market.
In 2013, the Wind Power Plant El Tordillo of Vientos de la Patagonia I S.A., entered the National Interconnected System
with a contribution of 3 megawatts (MV) of electricity, thus becoming the first wind power park built and connected to
the national technological network.
69
68
EL TORDILLO (2013 - 2014)
MWh
1200
1000
800
600
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200
2013
january
february
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December
November
October
September
August
July
June
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March
February
January
December
November
Octobre
September
August
July
June
2014
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PARQUE ELICO - RAWSON
ENARSA
RELATED COMPANIES
70
ENARSA PDV S.A.
FACILITIES FOR THE REGASIFICATION OF NATURAL LIQUEFIED GAS (LNG) IN ARGENTINA

With the common purpose of promoting regional alliance and exchange strategies, ENARSA and PDV Argentina S.A.
constituted a pioneer partnership in the region and, in 2006, created a company, whose main purpose is to develop
activities in all phases of the hydrocarbons business value chain. In this context, ENARSA and PDV S.A. have agreed to
start the development of the Regasification of Liquefied Natural Gas (LNG) Plant project, to be located in the Argentine
Republic. The project estimates an initial natural gas injection capacity, in transmission conditions, of 10 millions of m
per day and the potential to duplicate such volume.
With the purpose of installing the Project, ENARSA took all necessary steps before the GENERAL STAFF OF THE NAVY,
to obtain a valuable concession of use of the premises located at the district of Coronel Rosales, province of Buenos.
BASIC ENGINEERING
71
INFRASTRUCTURE
Basic and specific studies will be carried out in order
to be able to make a decision as regards the determination and selection of the most satisfactory location,
from a technical and environmental stand point, for
the regasification plant, taking into account significant
factors that include, amongst others, the transport
and distribution system in the Republic of Argentina,
ship owners availability and port capacities.
TECHNOLOGY OR EQUIPMENT
Basic and specific studies will be carried out in order to
be able to make a decision as regards the determination
and selection of cutting-edge technologies among those
technologies available in the LNG regasification field,
basically taking into account those services that have the
least impact on the environment and provide the highest
safety ratings.
LAWS AND REGULATIONS IN FORCE

Basic and specific studies will be carried out so that
the project and plant operation are in compliance with
legal rules and regulations in force in the Republic of
Argentina.
ENVIRONMENTAL CONDITIONS
Basic and specific studies will be carried out so that
the project and plant operation are in compliance with
the environmental laws in force in the Republic of
Argentina taking into account the Corporate Social
Responsibility as one of the purposes of the project.
TRANSENER S.A.
With the strategic purpose of participating in the electric energy high tension transmission segment, ENARSA and
Electroingeniera S.A., signed with Petrobras Energa S.A. (PESA) an Agreement, on March 14, 2007, by which both
companies offered to individually purchase, in equal parts, the stock of Compaa Inversora de Transmisin Elctrica
Citelec S.A.(Citelec), the parent company of Compaa de Transporte de Energa Elctrica de Alta Tensin Transener
S.A. (Transener S.A.), owned by PESA.
On July 19, 2007, ENARSA and Electroingeniera S.A. signed with PESA a Stock Purchase Agreement, by which each
of them individually purchased from PESA 25% of the shares of stock and votes of Citelec.
Therefore, ENARSA obtained a key participation in the only company of the country that transmits energy in high and
extra high tension, a key aspect for the provision of electric energy. Transener continues working in the operation and
maintenance of the system with outstanding quality service levels, maintaining investment levels in excess of its
obligations and keeping its commitment with the environment.
Transener is formed by Transener S.A. which administers, operates and maintains the very high (500 kv and 220 kv)
transmission system of the Argentine Republic; Transener Internacional S.A. which operates in third countries and deals
with engineering, inspections, operation and maintenance of very high tension and extra high tension lines; and Transba
S.A. which is in charge of the sub trunk energy transmission in the Province of Buenos Aires. These companies,
especially those working in the country, operate with high quality standards, low fault levels and deserve awards as
established in concession contracts.
Transener develops an intense activity in the tariffed and regulated market as well as in the non-tariffed market, providing
project, consulting, inspection, and engineering services, increasing its networks on a permanent basis at the pace of the
construction of Works of 500 KW that the National Government is developing in the Cuyo region, in the North Eastern and
North Western regions and in the Patagonia. The company is getting ready to transport the energy generated by new
projects of Renewable Sources Generation, promoted by the National Government as well as by private third parties.
It is worth mentioning that the National Government continued implementing the Federal Plan for the Transportation of
Electric Energy of 500 KW (Federal Plan). Therefore, in June, the Interconnection of 500KW Santa Cruz Norte Esperanza,
of approximately 559km was put into service, Transener being in charge of the operation and maintenance thereof.
As regards the Works carried out in accordance with Resolution SE No. 1/2003, the extension of the Malvinas Argentinas
Transformer Station was authorized for commercial purposes and the extension of the new Atucha II and Arroyo Cabral
Transformer Stations was authorized for capacity purposes. Furthermore, the 10 works necessary to link the
Transformer Banks purchased by Transener in 2011 and received in the country in July 2012 to increase and guarantee
the transformation capacity at Ezeiza Transformer Station was launched, concluded and put into service. The works
aimed at mounting reserve and quick connection transformers at the Olavarra Transformer Stations were concluded. On
the other hand, as regards Transba, the transformation capacities were increased in the following Transformer Stations:
Norte II, Salto, Corcemar and Azul.
ENARSA
RELATED COMPANIES
72
ARAUCO WIND POWER PLANT
During 2010, the Province of La Rioja and ENARSA set up a strategic alliance for the Arauco Wind Power Plant SAPEM,
with a 75 % capital contribution made by the Province of La Rioja and 25% by ENARSA. The installation of the Arauco
Wind Power Plant started in 2009, and it included 12 mills manufactured in Argentina of 2.1 megawatts. This amount
places Arauco Wind Power Plant among the largest wind power plants in Argentina given its installed power.
GWh
ARAUCO WIND POWER PLANT I Y II
20,00
18,00
16,00
14,00
12,00
10,00
8,00
6,00
4,00
2,00
0
Jan-14
73
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

Enarsa

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2014 MANAGEMENT REPORT

INFORME DE GESTIN 2014

A Company Founded on Values

Gas and Refinement

Gas Pipelines, Oil Pipelines and Multi-purpose Pipelines

Department of Quality, Environment and Occupational Safety and Healty

Vientos de la Patagonia I S.A.

ENARSA PDV S.A.

Parque Elico Arauco

LETTER FROM ENARSA'S PRESIDENT

Lic. Walter Rodolfo Fagyas

CREATION, MISSION, VISION AND POLICY

A COMPANY FOUNDED ON VALUES

DEVELOPMENT, PROFITABILITY, INNOVATION, ASSOCIATION CAPACITY

EXPLORATION AND PRODUCTION

The consortium is composed of:

RELEVANT DATA OF THE AREA

The consortium is composed of:

RELEVANT DATA OF THE AREA

The consortium is composed of:

RELEVANT DATA OF THE AREA

OIL AND GAS RESERVES IN MILLIONS OF BARRELS OF OIL EQUIVALENT (BOE)

GOBERNADOR AYALA III

AGUADA DEL CHAAR

The consortium is composed of:

OFF SHORE AREAS IN ARGENTINA

Colorado Marina Basin

E-2 AREA: AUSTRAL MARINA BASIN

The consortium is composed of:

Austral Marina Basin

E-3 AREA: COLORADO MARINA BASIN

The consortium is composed of:

Colorado Marina Basin

BLOCKS CAA-16/20: GOLFO BASIN

CALAMAR BLOCK AND SALMON BLOCK: MALVINAS BASIN

3D SEISMIC VESSEL - OCEANIC CHAMPION

AGREEMENTS BETWEEN THE BOLIVARIAN REPUBLIC

MATURE FIELDS (SOCORORO, YAPALES NORTE, CARICARI AND CACHICAMO) IN VENEZUELA:

HYDROCARBON COMPREHENSIVE DATABASE OF

GAS AND REFINEMENT

REFINARA CAMPANA (RHASA)

IMPROVEMENTS MADE TO THE COMMERCIAL OPERATION

REGASIFIED LNG PROVISION

ESCOBAR LNG REGASIFICATION PROJECT

SAFETY AND ENVIRONMENTAL STANDARDS

ESCOBAR REGASIFIED GAS INJECTION EVOLUTION MILLIONS OF M3/YEAR

REGASIFIED LNG PROVISION

BAHA BLANCA LNG REGASIFICATION PROJECT

SUPPLEMENTARY WORKS AT TGS - CERRI

CHANGES IN INJECTION OF REGASIFIED GAS BAHA BLANCA IN MILLIONS OF M3/YEAR

PLAN FOR THE PROVISION OF PROPANE-AIR

ENARSAS NATURAL GAS INJECTION CONTRIBUTION

PURCHASE OF NATURAL GAS FROM BOLIVIA AND

EVOLUTION OF GAS PURCHASED FROM BOLIVIA IN MILLIONS OF M3/YEAR

GAS PIPELINES, OIL PIPELINES AND

ARGENTINE NORTHEAST GAS PIPELINE

ARGENTINE NORTHEAST GAS PIPELINE PROJECT (GNEA)

ARGENTINE NORTHEAST GAS PIPELINE (GNEA)

JUANA AZURDUY INTEGRATION GAS PIPELINE (GIJA)

ELECTRIC ENERGY GENERATION AND DISTRIBUTION

CHANGES IN THE AUTHORIZED POWER MADE AVAILABLE TO SADI

THERMAL WITH BIOFUEL

ENARSAS CONTRIBUTION TO THERMAL POWER GENERATION BY SADI

POWER ENABLED [MW]