Weekly Market Analytics Chile Vol 11 Num 32

VOL 11 | NUM 32 | 28 February 2025

Power Markets Weekly

CHILE | 17 - 23 February 2025

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Previously to the SEN Blackout week, solar generation set a new record supplying 7,609.5 MWh/h on Friday at 12:00

Global SEN operation

The average price in Polpaico reached USD 58.1/MWh, marking a 10.4% increase from last week and a 3.0% rise year-over-year.

Marginal cost evolution in Polpaico during past years

A notable drop in wind share by -3.6 pp was offset by increased fossil fuel participation, with coal rising 2.1 pp and gas 1.3 pp. Fortunately, solar share increased by 1.1 pp., contributing to the renewable energy mix.

Solar generation hit a record of 7,609.5 MWh/h on Friday at 12:00. Just two hours later, at 14:00, peak demand reached 11.8 GWh/h, with wind, solar, and BESS covering 68.6% of the load.

Generation Mix

Variation

Power range by energy sources (average prices)

Generation evolution

Geothermal

Cogeneration

Biomass

Coal

Gas

Oil

BESS

Dam

Run-of-river

Wind

PV Solar

CSP

Prices dropped down to zero for 64 hours during the week from Crucero to Pan de Azúcar, 43 hours in Polpaico and Charrúa and 18 in Puerto Montt.

Puerto Montt experienced consistent decoupling, especially during daytime hours, due to congestion on key transmission lines, including:

220 kV Lastarria – Ciruelos
220 kV Charrúa – Santa Clara
220 kV Río Malleco – Cautín
220 kV Duqueco – Los Peumos

Polpaico was decoupled from its northern zones 6 out of 7 days due to congestion on the 500 kV line Nueva Pan de Azúcar – Polpaico, limiting cheap renewable energy exports toward the Center.

The week’s peak price hit USD 248.9/MWh on Thursday at 12:00 in Puerto Montt when the Trapén oil power plant was dispatched due to congestion on the 220 kV line Lastarria – Ciruelos.

Marginal cost evolution

Crucero
USD 58.5/MWh

D. de Almagro
USD 56.3/MWh

Pan de Azúcar
USD 54.3/MWh

Polpaico
USD 58.1/MWh

Charrúa
USD 56.8/MWh

Puerto Montt
USD 138.0/MWh

Solar and Wind production & BESS dispatch

Solar generation was up by 3.9% to 452 GWh, with an average plant factor of 24.7%. The highest was recorded in Polpaico (31.4%), while Pan de Azúcar had the lowest (23.0%).

Wind generation was down by 23.5% to 203 GWh, with the sharpest declines at Pan de Azúcar (35.9%) and Charrúa (29.4%). The average plant factor for wind was 22.1% in the SEN.

This week’s curtailment rate was 11.1% for wind and 14.5% for solar, reaching an average curtailment rate of 13.5% (higher than last week’s average curtailment rate of 12.1%).