Transitioning to energy systems that ensure secure supplies, equitable distribution and environmental sustainability is one of the most important challenges facing countries in the twenty-first century. Different countries are inserted into the regional and global political economy in different ways, and these differences shape transition pathways. As a region, Latin America reflects the competing energy transitions unfolding across the world: countries committed to leaving fossil fuels in the ground sit alongside others whose economies remain highly dependent on these resources. The availability of alternative energy sources offers no guarantee of progress towards sustainable systems. Energy transitions are political processes, not merely technical ones. This chapter offers an account of the political economies of energy in Latin America before focusing on the case of Argentina. This case illustrates how even a country with tremendous renewable potential can remain dependent on fossil fuels. The experience of recent governments in Argentina reveals how energy policy is shaped by political and economic factors that make it difficult to resolve trade-offs between stability, equity and sustainability.