Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 53

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 53
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 material changes to the regulatory framework applicable to the electricity sector and tariffs
on public services. Over the years, the energy sector was one of the sectors most affected by the economic policies that the Argentine
Government adopted from the crisis of 2001 onwards. At that time, a freeze on natural gas and electricity rates was imposed, which disincentivized
investments in the sector. The Argentine government tried to boost investment by subsidizing energy consumption, but these measures were
ineffective and caused both oil and gas production and electricity generation, transmission and distribution to stagnate, while consumption
continued to grow. The energy crisis led to a scarcity scenario. The National Government’s response was to increase energy imports,
generating adverse consequences for the trade balance and the international reserves of the BCRA. These measures severely affected electricity
generation, distribution and transmission companies. See “Item 4. The Argentine Energy Sector - Electricity Regulatory Framework”.