Edenor (NYSE: EDN)

Empresa Distribuidora y Comercializadora Norte S. A. (EDENOR S. A.) is a stock corporation incorporated under the laws of the Argentine Republic. The company holds an exclusive concession to distribute electricity in the northwestern part of the greater Buenos Aires metropolitan area and in the northern part of the City of Buenos Aires. This concession covers an area of approximately 4,637 square kilometres and serves a population of about nine million people. Its core activity is the delivery of electric power to residential commercial and industrial customers within this defined territory.

The company generates revenue primarily from the sale of electricity to its customers under regulated tariffs approved by the national energy regulator. In addition to power distribution it provides ancillary services such as frequency regulation and voltage control which contribute to its income. Revenue is also received from the connection of new users and from the provision of related technical services. All sales are denominated in Argentine pesos and are subject to periodic tariff adjustments.

Within the Argentine electricity distribution sector Edenor enjoys a monopoly position in its concession area because no other distributor is permitted to operate there. It is one of the largest distributors in the country measured by both the number of users and the volume of electricity delivered. Its main competitor in the broader market is Empresa Distribuidora Sur S. A. which serves the southern part of the Buenos Aires metropolitan area. Competitive advantages stem from the exclusive license the extensive distribution network and the long term relationship with regulators and customers.

The company supplies electricity to a diverse base that includes private households small and medium sized enterprises large industrial facilities and public institutions such as schools hospitals and municipal offices. It serves roughly nine million individuals which translates into several million active accounts. While the filing does not disclose individual customer names the base is broadly spread across residential commercial and public sectors within the defined geographic area.