The election of Javier Milei in the country has raised financing risks for vital infrastructure projects, specially from Brazil. Despite this, TGS is actively expanding its pipelines in Vaca Muerta to enhance flow capacity for various regions. As political dynamics evolve the potential privatization of YPF warrants close attention In the power sector, El Niño phenomenon will continue to impact the water inflows increase in the region. While in Chile resevoirs levels reached 47%, i.e. 43% y-o-y growth, in Brazil its effect is uneven, with reservoir levels falling in the north and rising in the south. Still, the country begins the wet season with reservoirs levels at 66%.