Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 21

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 21
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 operation and maintenance
of lines and services provided to third parties. As of the date of this report, Pampa holds a 26.3% stake in Transener. The remaining
capital stock is held by ENARSA and minority public shareholders as Transener’s Class B common shares are listed on the BASE.

Transener was privatized in July
1993, when CITELEC was awarded the Argentine Government’s controlling stake in Transener. On August 5, 1997, Transener acquired
90% of Transba’s capital stock, when the Province of Buenos Aires privatized the company’s capital stock on August 5,
1997.

Operation and Maintenance

The extra high voltage
power transmission grid, operated and maintained by Transener, faces increasing demands year after year. On February 1, 2024, demand reached
a new all-time high of 29,653 MW, exceeding by 2% the peak recorded in 2023.

Despite the high demands,
at the end of 2024, 0.35 failures per 100 km of line were recorded, a service quality consistent with accepted international parameters
for companies operating and maintaining extra high voltage transmission systems.

Annual revenues generated by this
segment amounted to U. S.$ 292 million, representing 89% of Transener’s total revenues, a 103% increase when compared to 2023, explained
by tariff updates since February 2024, in transition to the Five-Year Tariff Review, combined with the appreciation of the Peso in real
terms.

Business Development

Annual revenues generated by this
segment amounted to U. S.$ 38 million, representing 11% of Transener’s total revenues, a 115% increase compared to 2023, explained
by the appreciation of the Peso in real terms.

Engineering services, works
and maintenance

Transener focuses on projects
leveraging its competitive advantages, prioritizing interventions in 500 kV and 132 kV systems. During 2024, in addition to providing
engineering consultancy for transforming stations in new wind farms, Transener expanded its range of services with the installation of
production and demand monitoring systems and experienced significant growth in the provision of access to the interconnected system, including
electrical studies, basic engineering and preparation of technical specifications to budget works.

Since its inception, Transener
has been committed to operating, maintaining and providing specialized electricity transmission services to private customers, either
for exclusive use or linked to public utilities,