Cost of sales reached 23.261 billion pesos, rising only 1.2 percent compared to the first half of 2025. The divergence between revenue growth and cost containment contributed directly to the utility’s profitability margin. UTE transferred 2.798 billion pesos, or roughly $70 million, to Rentas Generales during the semester, approaching double the amount transferred in the first half of 2025. The company also paid 1.000 billion pesos in dividends from the 2025 fiscal year that had been recorded as a pending obligation.
UTE has not posted a loss since 2012, though annual results have fluctuated significantly. Measured in constant 2025 pesos, the utility accumulated approximately 120.000 billion pesos in profits between 2014 and 2025. Earnings peaked between 2016 and 2018, then declined to a recent low of 4.700 billion pesos in 2023. Results recovered to 12.700 billion pesos in 2024 and 13.150 billion pesos in 2025. The first-half 2026 figure sustains that upward trajectory.
Renewable generation underpins the financial performance. In the twelve months through August, hydroelectric sources covered 44.6 percent of electricity demand, wind contributed 29.9 percent, and biomass provided 13.8 percent. Solar generation accounted for 2.8 percent, with imports at 3.4 percent. Thermal generation, the most costly and fossil fuel-dependent source, represented only 5.4 percent. The availability of hydro and wind capacity reduces reliance on thermal plants and imports, lowering operational costs and improving margins. The treasury transfers form a structural revenue stream for Uruguay’s central government, with state enterprises historically supplying consistent budget support.
This article was curated and published as part of our South American energy market coverage.
