Weekly Market Analytics Chile Vol 11 Num 38

VOL 11 | NUM 38 | 11 April 2025

Power Markets Weekly

CHILE | 31 March - 6 April 2025

Power Markets Weekly is a brief weekly review of the electric market operation in Chile, Mexico, Iberia, France and Italy. If you are not a subscriber, please feel free to subscribe here

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Lower coal generation led to higher prices at night in whole the system.

Global SEN operation

The average price in Polpaico was USD 80/MWh, 4% lower than last week and 40% higher compared to one year ago.

Marginal cost evolution in Polpaico during past years

Regarding variation in the mix, thermal sources had a mixed behaviour this week, with coal and oil reducing by 3.8 pp. and 0.5 pp., respectively, while gas increased its share by 2.4 pp.

Hydro sources on the other hand, were also reduced, dam by 0.6 pp. and run-of-river by 0.5 pp. Finally solar and wind increased their participation by 1.3 pp. and 0.9 pp., respectively.

Peak demand was seen at 3 PM on Friday, when solar represented 63.6% of the generation mix and wind 8.5%. In total, renewables meant for 85.1% of the mix at the time.

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

As usual, Puerto Montt was decoupled during solar hours, this was due to congestions on 220 kV line Charrúa – Santa Clara and 220 kV Line Lastarria - Ciruelos.

On Tuesday, Wednesday, Friday and Saturday solar hours, congestions on 500 kV line Pan de Azucar – Polpaico decoupled those areas leading to USD 0/MWh prices from Pan de Azúcar to the north.

Lower dam levels caused this technology to operate at its technical minimum which, combined with a limited availability of Argentinian gas, led to costly gas and oil to serve both the demand and ancillary services. As a result, different peaks appeared at night hours, reaching a maximum of US 289.6/MWh in Puerto Montt zone at 12 AM of Friday.

Marginal cost evolution

Crucero
USD 79.1/MWh

D. de Almagro
USD 76.9/MWh

Pan de Azúcar
USD 76.8/MWh

Polpaico
USD 80.0/MWh

Charrúa
USD 78.7/MWh

Puerto Montt
USD 98.6/MWh

Solar and Wind production & BESS dispatch

Solar generation increased this week by 7.1 GWh. The main plant factor was seen in the Crucero area (23.9%) and the lowest was seen in Puerto Montt (18.6%). Average solar plant factor on the system was of 22.1%.

Wind generation increased this week by 8.5 GWh. The main plant factor was seen in the Pan de Azúcar area (22.8%) and the lowest was seen on the Diego de Almagro area (10.9%). Average wind plant factor was of 18.3%.

BESS injections were 1.6 GWh higher than a week prior. The highest plant factor was seen on the Diego de Almagro area (21.9%), while the lowest was seen at the Pan de Azúcar area (7.9%). Average BESS plant factor was of 16.6%.

This week’s curtailment rate was 11.3% for wind and 11.0% for solar, reaching a combined curtailment rate of 11.1% (1.37 pp. lower than last week).