After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. If you do not have a copy of the press release, please refer to the investor relations support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call may be accessed by accessing the webcast link at the same section of Central Puerto's website. Before we proceed, please be aware that all financial figures were prepared in accordance with IFRS and were converted from Argentine pesos to U.S. dollars for comparison purposes only. The exchange rate used to convert Argentine pesos to U.S. dollars was the reference exchange rate reported by the Central Bank of the Argentine Republic for U.S. dollars for the end of each period.
The information presented in U.S. dollars is for convenience of the reader only, and you should not consider these translations to be representations that the Argentine peso amounts actually represent these U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Finally, it is worth noting that the financial statements for the second quarter ended on June 30, 2024, include the effects of the inflation adjustment. Also, please take into consideration that certain statements made by the company during this conference call and answer to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by industry remarks. Thus, we refer you to the forward-looking statements section of our earnings release and recent filings with the SEC.
Central Puerto assumes no obligation to update forward-looking statements, except as required under applicable securities laws. To follow the discussion better, please download the webcast presentation available on the company's website. Please be aware that some of the numbers mentioned during the call may be rounded to simplify discussion. On the call today from Central Puerto is Fernando Bonnet, Chief Executive Officer, Enrique Terraneo, Chief Financial Officer, and Alejandro Díaz López, Corporate Finance and Investor Relations Coordinator. Now I will turn the call over to Alejandro Díaz López. Please, Alejandro, you may begin.
Thank you very much, and good morning to you all. Thank you for joining us today on our earnings presentation, where our management team from Buenos Aires, Argentina, is going to comment on our financial results of the second quarter of 2024. I would like to take a moment to review today's agenda. I will begin the presentation by addressing shortly the main figures of the second quarter of 2024, followed by a quick update of the regulatory framework and relevant news. Then I will show an overview of the Argentine energy sector, moving afterwards to our operational and financial results. Finally, at the end of the presentation, we will be happy to address any question you may have. Before going into a more exhaustive analysis of our financial and operational results, let me briefly review Central Puerto's main figures for the second quarter of 2024.
The group's installed capacity is 6,703 MW, and energy generation amounted to 4,985 GWh during the second quarter of 2024, increasing 5% year-over-year. Central Puerto keeps its leading position as a private power generation company, both in terms of installed capacity and energy generation, through a well-diversified portfolio of assets and power generation technologies. Regarding our financial results, it should be noted that after the sharp devaluation that happened on December of 2023, the exchange rate kept almost flat during the first six months of 2024. While inflation, though decreasing since December of 2023, was significantly higher. This dynamic generated inflation in dollars in Argentina. Due to Central Puerto's accounting methodology, all items in pesos must be adjusted for inflation to the end of the quarter local currency.
While the company reports its results in dollars by converting them at the end of the period official exchange rate, I mean the so-called Central Bank of the Argentine Republic, a 3,500 exchange rate. This causes a non-cash impact that affects positively or negatively as appropriate our financial metrics. Revenues for the second quarter of 2024 amounted to $168 million, increasing 15% year-over-year compared to the second quarter of 2023. While adjusted EBITDA reached $46 million, shrinking 27% versus the second quarter of 2023. Net income for the period was positive in $8 million, decreasing 49% year-over-year. Finally, after debt consolidation as a result of recent M&As operation, loan repayments, and dividend payments, net debt as of June 30, 2024 amounted to $229 million, a reduction of $58 million vis-a-vis December of 2023, showcasing a net debt to adjusted EBITDA ratio of 0.9 x.
Now, let's move to the most recent regulatory updates and relevant facts. We have anticipated in our last call the Resolution 50/24 issued by the Secretary of Energy on May 6, concerning unpaid trade receivables with CAMMESA. Regarding this resolution, Central Puerto finally accepted on May 16, the payment mechanism, by means of which trade receivables accrued in December of 2023 and January of 2024, were paid with Argentine Republic USD bonds at face value. While trade receivables accrued in February of 2024 were paid with funds available in CAMMESA's bank account and transfer made by the national government to the stabilization fund. This resolution carried out a consolidated loss of approximately 20,459 million ARS or approximately $22.5 million. However, it should be noted that this resolution did not affect the ordinary course of business of the company, its payment capacity, nor its available financing options.
Regarding the situation of Piedra del Águila Hydro operation, on May 17, the Secretary of Energy issued Resolution 70/2023, by means of which it extended the transition period up to December 28, 2024, as it is allowed in the concession contract. On June 14, the Secretary of Energy issued Resolution 99/2024, which updated remuneration prices for energy and power sold in the spot market. Remuneration values increased 25% since June 1, 2024. This price adjustment affects positively our revenues during the period under analysis, but just for one month. The thermal generation tender process, called TerCONF, was finally canceled as it was determined by Resolution 151/2024, issued by the Secretary of Energy on July 8. Finally, there was another price adjustment determined recently by the Secretary of Energy.
Although it has no impact on the second quarter figures, it should be noted that a 3% increase on power and energy prices was granted since August 1st, by means of Resolution 193/2024. Continuing with news and relevant facts, we have also anticipated in our last call the investment made in the mining industry. Let me recall that on April 22nd, our subsidiary, Proener, entered into a common shares subscription agreement with AbraSilver Resource Corp., by means of which it was granted with a 4% interest in the share capital of the aforementioned company, which is the owner of the silver-gold project, Diablillos, located in the northeast region of Argentina.
With regards to the investment project currently in execution, let me tell you that in the case of San Carlos Solar Farm, construction agreements with Shanghai Electric Power Construction Co., Ltd. were signed on March 27th, and works began on July 31st, being April of 2025 the COD. As of today, all permits are in place. Local vendors have already initiated their purchasing process, and the site is being prepared for construction and assembly. Also, equipment is being delivered to Argentina. In the case of Brigadier López Combined Cycle, as you may recall, Central Puerto is going to convert an open cycle thermal power plant with a gas turbine into a combined cycle thermal power plant with the addition of a steam turbine. The EPC supplier, SACDE, received the notice to proceed on February 26th of 2024, and the COD is scheduled for October of 2025.
As of today, works on the site have already started, with the assembly of pipes and wires, communication system, and water intake system. It is important to notice that both projects are on schedule and on budget. Now, let's skip to the Argentine energy market picture of this quarter that will be shown on slides seven and eight. By the end of the second quarter of 2024, the country's installed capacity reached 43,603 MW, which means an increase of 0.5% or 198 MW. Compared to the 43,405 MW recorded as of June 30th of 2023. The variation is a combination of the installation of new power facilities and the addition of capacity, adjustment, and repowering of power plants that were already in operation. The positive variation of 198 MW is decomposed as follows.
We have an increase of 533 MW of renewable sources, of which 368 MW corresponds to wind farms, 50 MW of new power plants installed during the second quarter of 2024, 155 MW to solar plants, of which 12 MW corresponds to new power plants installed during the second quarter of 2024, and 9 MW to biogas power plants. We have a decrease of 335 MW in thermal sources, which includes a positive variation of 527 MW of combined cycles and a negative variation of 862 MW of gas and steam turbines and diesel engines. Generation rose 6% during the quarter on a year-over-year basis. The growth was basically driven by nuclear and hydro generation. Renewable generation also rose, but on a much smaller scale.
Nuclear generation was significantly higher as a result of the reincorporation of Atucha II power plant, which was in maintenance shutdown during the first half of 2023. This power plant resumed operation in August of 2023. Hydro generation rate of growth was remarkable, especially in May, with 60% of growth year-over-year, due to the outstanding increment in the flow of river. We have Uruguay River with a growth of 500%, the Limay River with 82% of growth, and the Collón Curá River with a 45% rate of growth. The higher supply of nuclear, hydro, and renewables prompt a lower thermal dispatch, and as a consequence, a lower fuel consumption was registered. 12% decrease was registered in equivalent natural gas, million cubic meters. Focusing now on the demand.
As you can see, electricity demand increased 2% to 33.4 TWh, compared to 32.9 TWh recorded during the second quarter of 2023, which is basically explained by a rise in residential consumption due to weather conditions. On average, the temperature was 0.9 grades lower during the second quarter of 2024, when compared to the same period of last year. May was the coldest month during the second quarter of 2024, with temperatures 3.7 grade lower than the same month of 2023. Not surprisingly, residential consumption skyrocketed along this single month, increasing 29%. Although the electricity trade balance during the second quarter of 2024 resulted in a net import situation, export were higher and imports lower during this quarter, vis-a-vis the second quarter of 2023, thus reducing the net import balance. We now go to slide nine, to our key operating indicators for the quarter.
We can see that energy generated by Central Puerto rose 5% to 4,985 GWh, compared to 4,762 GWh during the second quarter of 2023. In the second quarter of 2024, hydro energy generation from Piedra del Águila increased 94% as compared with the second quarter of 2023, reaching 978 GWh, as a direct result of higher levels of water available for generation, which was a direct consequence of higher flow of river, as we have recently explained. With regards to renewables, energy generation increased 5% in the second quarter of 2024 compared to the second quarter of 2023, being basically explained by the 48 GWh generated by Guañizuil Solar Farm acquired in October of 2023. Speaking specifically of wind generation, it decreased almost 8% or 30 GWh, reaching 354 GWh during the second quarter of 2024.
This is primarily due to the storm that hit Bahía Blanca in December of 2023, which impacted La Castellana II. Generation from La Castellana I was also lower due to maintenance works carried on some blades. Regarding thermal generation, it decreased 7% in the second quarter of 2024 compared to the second quarter of 2023, basically as a result of lower dispatch of some units, which was a direct consequence of higher hydro and nuclear aggregate supply in the system, as we explained earlier. Regardless the lower dispatch, it should be highlighted the good availability figures for the quarter, both against the market average and against Central Puerto own metrics for the second quarter of 2023.
Despite the lower thermal dispatch during this quarter, I mean the second quarter of 2024, for the whole system and Central Puerto, it should be noted the higher generation of Buenos Aires combined cycle as a consequence of the maintenance program carried out last year. Now, let's move to our revenues breakdown. As you can see on slide 10, this amounted to $168 million in the quarter, as compared to $147 million in the same period of 2023. It should be noted that the gap between inflation and devaluation in the period has positively affected the second quarter of 2024 figures at a non-cash level, due to the company's accounting methodology and the conversion into dollars using the end of the period official exchange rate, thus making the comparison with the second quarter of 2023 more complex to analyze.
Hence, having in mind this effect, the variation in revenues is a consequence mainly of: A 14% or $10 million increase in spot sales, driven by a higher dispatch of Piedra del Águila hydropower plant, higher availability of some thermal units, especially in Central Costanera, and also higher generation from Buenos Aires combined cycle. An 8% or $5 million increase in sales under contract, mainly explained by the recent acquisition of the Guañizuil Solar Farm, and higher sales of cogeneration units. Basically, we are speaking of Luján de Cuyo facility. Sales of wind farms were lower due to lower wind generation. As we mentioned before, La Castellana II was hit by a twister in December of 2023, and there was maintenance work carried on some blades in La Castellana I.
Finally, there was a 42% or $3 million increase in steam sales, driven by basically higher production levels in Luján de Cuyo facility, which is basically a consequence of higher availability of units and a higher demand from YPF. On slide 11, we can see the dynamic of our adjusted EBITDA. During the second quarter of 2024, the group's adjusted EBITDA amounted to $46 million, shrinking 27% or $17 million when compared to the $63 million in the same quarter of 2023. When analyzing the adjusted EBITDA, we can observe that the variation is mainly explained by the previously stated higher aggregate sales, driven by spot sales and sale from the contract, and a positive non-cash effect on the gap between currency devaluation and inflation.
Then we have a 4% or $2 million decrease in cost of sales, explained basically by a reduction of some production cost, compensations to employees, consumption of materials and spare parts, and forestry and forest production services expenses, being all partially offset by a negative non-cash effect on the gap between currency devaluation and inflation. SG&A decreased 9% or $2 million, mainly by lower fees and compensation for services and lower taxes, again, being partially offset by a negative non-cash effect on the gap between currency devaluation and inflation. Finally, other operating results net in the second quarter of 2024 were lower than the second quarter of 2023 figures by 365% or $42 million, basically as a consequence of the impact of the Resolution 50/24. There were also lower interest from client and lower positive effect difference, and a negative non-cash effect on the gap between currency devaluation and inflation.
Moving to the next slide, the consolidated net income. During the second quarter of 2024, Central Puerto's net income amounted to $8 million, decreasing 54% or $9 million on a year-over-year basis. The net income was positively affected by non-cash effects including results generated by the change in purchasing power of the currency, variation in biological assets, and lower D&A. These items were practically offset by lower funding effects, difference, and interest. We have net financial results, which decreased $1 million year-over-year, basically by lower interest earned and lower variation in the fair value of financial assets. These items were partially offset by lower foreign exchange difference on financial liabilities, lower bank commissions, and higher share of the profit of associates. Finally, on slide 13, we have the cash flow dynamic during the six months of 2024.
Net cash provided by operating activities was $67 million during the six months of 2024. This amount is mainly explained by higher income before income tax for the period, and higher interest earned from clients, being partially offset by tax payments. The net cash used by investing activities was $13 million during the first six months of 2024. This amount is basically explained by the CapEx allocated to San Carlos and Brigadier López projects, being partially offset by the sale of some financial assets. Finally, financing cash flow was negative in $66 million during the first six months of 2024. This is basically the result of long-term loan repayments and interest payments, dividend payment, being partially offset by lower bank and investment account overdraft and long-term loan disbursement. Consequently, our cash position as of June 30 of 2024 amounted to $5 million.
If financial assets are included, our total current liquidity amounts to $158 million. With this, I conclude the presentation, and now we invite you to ask any question to our team. Thank you very much for your attention.
We will now begin the question and answer session. To ask a question, you may press the star key, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then two. Once again, that's star one if you wish to ask a question today. At this time, we will pause momentarily to assemble our roster. The first question today is coming from Martín Arancet from Balanz Capital. Martin, your line is live.
Hi. Well, first, thank you for the presentation. I have three questions, and I would like to run them one by one, if that's okay. The first one probably is recent, so I do not know if you might have an answer, but last Friday, the government issued a resolution to auction again some hydro plants, including Piedra del Águila, but to prioritize them. So apparently, you will have the control of the asset until the end of 2024, after which, there should be a transition period to the new owner. I was wondering, what do you think about this privatization process, if you are interested in participating probably for Piedra del Águila or maybe another hydro plant. Also, if you consider that being the current operator of Piedra del Águila gives you an advantage, if you choose to participate.
This is Fernando. Thank you, Martín, for your question. In fact, as you mentioned, the government made an extension or used all the timing that is establishing the contract transition period, and the additional year award was until December 2024. Today, the government issued a new decree establishing an additional extension going from December 2024 for Piedra del Águila to December 2025. So we will be the operators for Piedra del Águila until December 2025. There are some in the decree that established some reduction in that period. They perform the bidding process, as you mentioned, a new bidding process for a new 30 years concession. Before that, in December 2025, they could reduce 90 days that period. But if they cannot perform the process, we will be operating the hydro until December 2025.
Of course, as you mentioned, we are interested in continuing participating in that bidding process, a new bidding process for having another 30 years period for Piedra del Águila. The decree does not establish the process itself, they only call the Secretary of Energy to start the process and to call the or to start the process in 180 days. But it does not establish how will be the process with, how will be the remuneration or the prices for this new concession period. It will be market prices or will be a PPA, the rate will be high or so. We do not know yet the details. We need to wait until we see the details, how will be that new concession period.
As you know, the actual concession period was challenging because they established market prices at the beginning, and then after seven years of market prices, we will see a completely controlled prices going down, and the concession was not the one that we imagined at the beginning. So, for the new period and how will be our participation in this new process, we need to see the details about the remuneration and all the details about this new auction to see if we. But as your question, we are very interested in participate if the conditions are the correct ones. As you mentioned, of course, we know the asset in detail, so we think that we have an advantage there because we know the detail, we have the people to operate that. So, of course, as we are there, we have some advantages, yeah.
Thank you. Very clear. My second question then is, we learned that you will be interested in moving forward with a transmission project to take energy to the mining companies in the north of the country. I was wondering if you could tell us a little bit more of this project. Also, we heard something similar with YPF Luz. I don't know if they are two separate projects or if you are considering probably moving forward together, as they mentioned that they were trying to add other important participants in that project.
Yes. As you know, we are looking for new developments in terms of renewable. We are one of the bigger players there, and we see that the demand already, or the demand that we have right now is not enough to develop new projects. We are reaching a limit there because, in two sense, the limit in terms of transmission lines, but limit in terms of demand. The good contracts are already set. The good players and stakeholders are already covered. So we think that the expansion needs to come to try to put the, or to take these new developments, renewable developments, to the new demand. The new demand is right now the mining companies and the lithium mining companies in the north.
The problem is they don't have a line there because they are in 4,000 meters above the sea in the mountains, so we need to take the renewables or the energy produced by the renewables there, and the only way to do it is try to develop new transmission lines in the north. We are trying to collect all the demands in order to know if it's strong enough to develop a project there, which is a transmission line crossing Salta and some part of Catamarca, specifically Salta province, but entering in a portion of Catamarca also.
We know that YPF was at the beginning of the year talking about some projects that could be similar or could be part of the project that we are thinking in, but we don't have the opportunity to talk with YPF yet in order to analyze a possible working together project or working together scheme. But we are open to do it, and perhaps it will happen if they have the similar idea that we have, it will happen. But we are in early stage yet because we are trying to collect the demand and understand if it's strong enough to move forward with the project that requires a lot of engineering analysis because it's a challenging project. So we are collecting the information and talking with the stakeholders and talking with the province and try to develop the project, yeah.
Okay, just to follow up on that one. How would you recover the investment? Could you charge for the transmission line, or would you have to recover that through the energy contract?
Well, the regulation is not already set. If we construct a transmission line, we will need to have a new regulation scheme because right now there are not a clear regulation path to do it. But if we can build the transmission line and we have the exclusivity to operate that transmission line, we will, of course, want to produce and to deliver also our renewable energy. We will see that this will implies a charge for the transmission line and also charge for the renewable energy also. We will see a combination of businesses there, not only the transmission line by itself and in the other case, the renewables going separate. We will see it as a together business. The transmission line and the renewable procurement will be together for us. Yeah.
Okay, thanks. My final question then is what are you expecting in terms of CapEx for the remainder of 2024 and 2025? If you are considering tapping the debt market anytime soon.
The CapEx that we are expecting is the one that we have been carrying on, which is the Brigadier López plant closing of the combined cycle and the solar project that we are developing in Salta, which is the San Carlos project. The two projects together are talking about for the Brigadier López plant $160 million. That is more or less we have left to spend around $90 million. In terms of San Carlos, we are talking about $15 million. It is kind of like $13 million, we need to spend $13 million from now to the second or the third quarter of next year, yeah.
Okay. Thank you very much. That is all on my side.
Okay. Thank you.
Thank you. Again, if you have a question today, please press star then one on your phone at this time. There were no other questions, and that concludes our question and answer session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.
Thank you to everyone for your interest in Central Puerto. We encourage you to call us for any information that you may need. Have a great day.