We Paraguayans have built our energy sovereignty on water. Itaipú and Yacyretá have made us one of the countries with the cleanest energy mix in the world: nearly 100% renewable, with more than 99% coming from hydroelectric sources.

For decades, the National Electricity Administration (Ande) has been the undisputed pillar of Paraguay’s electricity sector: a vertically integrated monopoly that generated, transmitted, and distributed electricity, all under one roof. That model, established by Law 966/64, made it possible to electrify the country at a rapid pace thanks to the enormous hydroelectric potential of Itaipú and Yacyretá.

The National Electricity Administration (Ande) is not going to disappear. Period. It will remain a state-owned, public, Paraguayan company. What is coming to an end—or should come to an end—is its absolute monopoly on the distribution and sale of electricity.

After four installments, the in-depth analysis of Yacyretá paints a clear picture: it is a strategic power plant with 3,200 MW of installed capacity and annual production of nearly 20,000 GWh, but it remains trapped in an unfinished financial framework.

The first three installments examined the Yacyretá Binational Entity as a strategic, binational project: its origins in 1973, its partial operation through 2011, the tariff disparities, and the technical and environmental impact of a dam that has yet to reach its full design capacity. With 3,200 MW of installed capacity and millions in cross-debts, the project remains incomplete. In this installment, we address the core of the problem: the financial maze that determines its future.