Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 8

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 8
---
 as a compensator dam, which is used to manage
the system’s water flow for irrigation purposes. The Nihuiles System covers a total distance of approximately 40 km with the grid’s
height ranging from 440 m to 480 m. HINISA has an installed capacity of 265 MW, which represents 0.6% of the installed capacity in Argentina.
From 1990 to 2023, the average annual generation was 778 GWh, with the highest level of generation (1,250 GWh) recorded in 2006 and the
lowest level (428 GWh) recorded in 2022. HINISA also owns 1.6% of the capital stock of TJSM and 1.4% of the capital stock of TMB.

  55  

  Table of Contents  

Termination of concessions.
The original term of the HINISA and HIDISA concession agreements was 30 years, starting from June 1, 1994 in the case of HINISA and October
19, 1994 in the case of HIDISA. Thus, the original concessions expired during 2024. However, under the relevant concession agreements
both the national and provincial governments opted to extend the concession term for a one-year period as provided therein. Consequently,
the reversion of the concession was postponed until June 1,2025 in the case of HINISA. In the case of HIDISA, the SE extended
the transition period until June 1, 2025, while the Province of Mendoza extended it until October 19, 2025.

On March 8, 2025, the National
Government and the Province of Mendoza signed an agreement to jointly carry out the public national and international bidding process
for the concession of the Diamante and Nihuiles Hydroelectric Complexes as a single business unit. The bidding process will include the
transfer of 51% of the shareholding package of the company that becomes the concessionaire and owner of the assets.

The coordination and execution
of the bidding was delegated to the Agency for the Transformation of Public Enterprises, and the process is currently expected to be carried
out during 2025.

HPPL

A 30-year concession fully-owned
by us, it was awarded for hydroelectric power generation at HPPL beginning in August 1999. The HPPL complex has three electricity generating
units and is located in the Comahue region, Province of Neuquén. The dam