The CEO of Siemens Energy, Fernando Monteverde, described an auspicious outlook for Argentina in the energy sector by stating that the development of Vaca Muerta has already taken shape. He emphasized the importance of regional integration in the transition to renewables and the need to strengthen generation and transmission.
Monteverde stated that the country has the resources to develop and export its energy surplus. He expressed optimism about creating a "regional energy integration," which would make networks more secure, resilient, and provide cheaper energy. He explained this would allow Argentina to receive energy from Brazil during periods of excess rainfall (due to its hydroelectric-based matrix) and, conversely, send energy to Brazil during its droughts.
Argentina's energy matrix is solid in terms of generation and transmission, but new projects are needed to make it safer and eliminate "bottlenecks." Monteverde pointed out that Argentina has an advantage because 50% of its energy matrix is gas-based, which provides stability when integrating renewables.
He also detailed the "Oil Electric" project to electrify all Vaca Muerta's drilling rigs, which would make production more efficient, cleaner, and cheaper. When asked about necessary changes, Monteverde noted that the current government is trying to change how electricity is commercialized, moving away from a system where the state bought all the energy to a private-to-private market.
In conclusion, he expressed confidence that Vaca Muerta is on a growth path, and its future exports and foreign currency generation will turn Argentina's macroeconomic problems around.
