Weekly Market Analytics Chile Vol 11 Num 44

VOL 11 | NUM 44 | 23 May 2025

Power Markets Weekly

CHILE | 12 - 18 May 2025

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Sunday's price Spike due to generation failures in Crucero.

Global SEN operation

The average price in Polpaico was USD 66.0/MWh, 1% lower than last week and 22% lower compared to one year ago.

Marginal cost evolution in Polpaico during past years

This week, renewables remained stable its participation, with some minor variation in hydro due to operational constraints:: run of river decreased by 0.7 pp. and dam by 0.2 pp. These variations led to an increase in coal by 0.2 pp. and gas by 0.7 pp.

The system’s maximum demand reached 11 GW on Saturday at 2 PM, with wind and solar contributing 53.6% of the generation. The highest wind and solar participation occurred on Friday at 3 PM, covering 65.0% of the demand.

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

This week, the system experienced frequent decoupling events, occurring almost daily. The decoupling was primarily caused by congestion on the following transmission lines:

220 kV María Elena – Kimal
500 kV Nueva Pan de Azúcar – Polpaico
220 kV Lastarria – Ciruelos
220 kV Charrúa – Santa Clara

During the week, specific failures were observed in combined cycle power plants, which required the operation of gas through open cycle plants.

Additionally, a significant event occurred on Sunday morning, leading to a price spike in Crucero, where prices peaked at USD 409.8/MWh. This was triggered by failures during the startup process of the Ujina, Atacama, and Tocopilla power plants (all gas plants), that lead to the use of diesel and caused the decoupling of the following lines:

500 kV Changos – Kimal
220 kV Kapatur – O'Higgins
220 kV Kapatur – Laberinto

Marginal cost evolution

Crucero
USD 60.3/MWh

D. de Almagro
USD 55.9/MWh

Pan de Azúcar
USD 56.5/MWh

Polpaico
USD 66.0/MWh

Charrúa
USD 64.1/MWh

Puerto Montt
USD 54.3/MWh

Solar and Wind production & BESS dispatch

Solar generation was 275.7 GWh, with an average plant factor of 14.8%. The lowest plant factor was in Puerto Montt (6.1%) and the highest was in Crucero (19.3%).

Wind generation was 185.5 GWh, with an average plant factor of 18.5%. The lowest plan factor was in Charrúa (12.1%) and the highest was in Puerto Montt (46.4%).

Finally, BESS dispatch was 32.1 GWh, with an average plant factor of 15.3%. The lowest plant factor was Pan de Azúcar with 5.1% and the highest in Crucero with 17.1%.

This week’s curtailment rate was 11.6% for wind and 4% for solar, reaching an average curtailment rate of 9.7% (lower to last week’s average curtailment rate).