English translation of the condensed interim consolidated financial statements originally filed in Spanish
with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
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YPF SOCIEDAD ANONIMA
NOTES TO THE
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2018 AND COMPARATIVE INFORMATION (UNAUDITED)
(Amounts expressed in millions of Pesos, except for shares and per share amounts expressed in Pesos, or as otherwise indicated)
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31. MAIN REGULATIONS AND OTHERS (Cont.)
Amendment to Basic Rules for the Distribution License
On March 28, 2018, MINEM Resolution No. 91/2018 was published in the Official Gazette. Such resolution unifies the terms for the adjustment due to
variations in prices of the purchased gas or seasonal adjustment and the
six-month
adjustment of tariffs, providing that once the transition period has elapsed, adjustments shall be seasonal, for the periods
between April 1 to September 30 of each year, and between October 1 and March 31 of the following year.
Reduction for social
tariff users
On May 23, 2018, MINEM Resolution 218/2018 was published in the Official Gazette (later instrumented by ENARGAS by means of
Resolution No. 86/2018) which provides for suspension of the reduction criteria application for social tariff users set forth in Resolution No. 474/2017 for consumptions made in May and June 2018. For invoicing such consumption, the social
tariff regime within the scope provided for in MINEM Resolution No. 28/2016 shall be applicable, to which end the 100% reduction of the natural gas price these users consume should be considered.
New maximum prices at the TSEP, per natural gas basin of origin, to be used in generation of electric power
On August 1, 2018, MINEM Resolution 46/2018 was published in the Official Gazette, which instructed the Under-Secretariat of Electric Energy to take the
necessary measures for CAMMESA to implement competitive mechanisms aimed at securing the availability of gas for the production of electric energy, and established new maximum prices (20% lower than the then current prices) for natural gas at the
TSEP, for each basin of origin, to be applied in order to estimate the cost of the natural gas volumes to be used in the production of electricity to be marketed on the WEM , or, generally, to be used in the provision of the electric power public
distribution service from August 1, 2018.
Optional purchase of fuel by MEM Generators,
Co-Generators
and
Self-Generators
On November 7, 2018, SGE Resolution No. 70/2018 was published in the Official Gazette, which amended Resolution
No. 95/2013 issued by the former Secretariat of Energy, authorized Generators,
Co-Generators
and Self-Generators of the MEM to contract the supply of their own fuel for the generation of electric energy.
In addition, this Resolution establishes the costs of generation with their own fuel shall be appraised in accordance with the mechanism of recognizing the Variable Production Costs recognized by CAMMESA.
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Trust Fund to finance imports of natural gas
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In April 2018 and regarding Decree 2067/08 on tariff charges, the Federal Administrative Court No 11 passed judgement on the unconstitutionality
action filed by Mega (for the period after the Budget Act for 2013 No 26,784), which admitted the complaint and declared the unconstitutionality, regarding Mega, of sections 53 and 54 of the law referred to above. Such first instance judgement took
effect since it was not appealed by the Argentine Government.
31.c) Natural gas production incentive programs
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Stimulus Program for Investment in Natural Gas Production Developments from Unconventional Wells
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On January 23, 2018 MINEM Resolution No
12-E/2018
was published in the Official Gazette
modifying Resolution
46-E/2017,
which:
(i) makes incentives applicable to adjacent concessions which are operated
in a unified manner and meet the following requirements: having a common investment plan; being operated jointly by using, substantially, the same surface facilities; in case of
co-ownership,
all concessions
having the same share and any share assignment being carried out jointly and simultaneously by all shares.
(ii) adjusts the payment date of the first
compensation under the Program and, correlatively, makes the corresponding reviews related to the initial interim payment, setting forth that, for the requests filed until January 31, 2018, it shall be the one corresponding to January 2018, and
for requests filed after January 31, 2018, it shall be the one corresponding to the month in which the request to be included in the Program has been filed.
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