Weekly Market Analytics Chile Vol 12 Num 12

VOL 12 | NUM 12 | 10 October 2025

Power Markets Weekly

CHILE | 29 September - 5 October 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

DNV offers tools for Wholesale Market analysis and operation:

DNV Power Analytics (DNV-PA) is our web-based platform that provides access to constantly updated long-term energy price forecasts.
With a refined design and an improved user experience we are upgrading our digital services for our customers.

Learn more about Power Analytics here

Puerto Montt price falls to zero for 32 hours during two days driven by high renewable generation and grid congestion

Glossary

Global SEN operation

The average price in Polpaico was USD 32.8/MWh, 28% lower than one year ago and 14% lower compared to last week.

Marginal cost evolution in Polpaico during past years

Thermal participation declined notably, with coal down 2.6 pp. and oil down 0.3 pp., followed by dam participation slightly down 0.2 pp. These reductions were offset by higher wind (+2.0 pp) and gas (+0.7 pp) participation, while solar remained stable compared to the previous week.

Generation Mix

Variation

Power range by energy sources (average prices)

Learn more about this chart

Generation evolution

Geothermal

Cogeneration

Biomass

Coal

Gas

Oil

BESS

Dam

Run-of-river

Wind

PV Solar

CSP

Spot prices fell to zero every day this week.

In the Puerto Montt zone, prices were zero during 32 hours from Tuesday morning to Wednesday afternoon, except Tuesday at 7 PM. This was driven by high renewable availability, with strong wind, dam, and run-of-river generation. Transmission congestion on the 220 kV Charrúa – Santa Clara line limited northward flows, causing local price decoupling. A similar situation occurred on Friday, though for fewer hours.

Additionally, the 500 kV line experienced congestion on Monday, Friday, and Saturday, particularly along the Nueva Pan de Azúcar – Polpaico and Alto Jahuel – Lo Aguirre sections.

The system peak demand occurred on Monday at 12 PM, reaching 11.7 GW, with wind and solar contributing 69.6% of total generation at that time. The peak price was reached in the Crucero zone on Tuesday morning at 7 AM.

Marginal cost evolution

Crucero
USD 33.7/MWh

D. de Almagro
USD 33.0/MWh

Pan de Azúcar
USD 32.3/MWh

Polpaico
USD 32.8/MWh

Charrúa
USD 29.2/MWh

Puerto Montt
USD 23.0/MWh

Solar and Wind production & BESS dispatch

Solar generation remained stable at 439 GWh, with a system plant factor of 22.5% and maximum injections reaching 7.8 GW Tuesday at 12 PM.

On Tuesday, solar output was particularly strong in the Charrúa zone, achieving an average plant factor of 28.5%. Solar production increased highest in Crucero (+5.8 GWh | +3.5%) and decreased most in Pan de Azúcar (-5.0 GWh | -16.3%).

Wind generation increased by 14% week-on-week, reaching 248 GWh. The system plant factor was 23.2%, with maximum injections of 2.9 GW Sunday at 8 PM.

Wind production increased significantly in Charrúa (+40.7 GWh | +111.4%), reflecting higher regional wind availability.

BESS injections totaled 45.8 GWh, remaining unchanged compared to last week. Maximum injections reached 1.4 GW Thursday at 9 PM. The Crucero zone accounted for the majority of this activity, with 37.3 GWh, representing 81% of total injections.

This week’s curtailment rate was 12.3% for wind and 17.5% for solar, resulting in an average rate of 15.4%, similar to the previous week. Note: Curtailment volumes were calculated excluding data from 1 October, which was not available at the time of publication.