In January, users paid only 22% of the real cost of electricity: Caputo stepped on subsidies to achieve a surplus. In January, with devaluation and frozen rates, cost coverage in the electrical system fell to 22%, a level that had not been recorded since 2015.
In that sense, after the December devaluation, the situation that Javier Milei must resolve is similar, in the midst of the inflationary acceleration, to that of eight years ago. Just this month the Ministry of Energy launched a massive reduction in subsidies for high-income households, SME businesses and industries.