Weekly Market Analytics Chile Vol 12 Num 18

VOL 12 | NUM 18 | 21 November 2025

Power Markets Weekly

CHILE | 10 - 16 November 2025

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Oil dispatch for inertia amid high renewables

Glossary

Global SEN operation

The average price at Polpaico was USD 36.7/MWh, 3% lower than last week and 19% higher than the same week last year.

Marginal cost evolution in Polpaico during past years

Weekly energy demand rose by 1.7% compared to the previous week, totaling 1.67 TWh. The maximum demand of the system reached 11.7 GW on Friday at 11 AM, with wind, solar, and BESS contributing 76.8% of the output. The highest wind-solar-BESS participation occurred on Tuesday at 2 PM, covering 78.9% of the 11.5 GW demand.

Renewables increased their share in the generation mix by 2.2 pp, driven mainly by wind, which rose by 2.4 pp. Solar and run-of-river also increased their shares by 0.4 pp and 0.2 pp, respectively, while dam reduced its share by 0.9 pp.

Among fossil fuels, oil increased its share by 0.4 pp, while coal and gas decreased theirs by 1.3 pp and 1.0 pp, respectively.

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

Regarding price profiles among reference nodes, Monday and Tuesday showed coupled prices from Charrúa to the northern nodes, while Puerto Montt intermittently decoupled during solar hours without reaching peak levels. On Wednesday, however, Puerto Montt experienced prolonged decoupling during solar hours, sustaining prices near the peaks observed earlier in the week.

Thursday and Friday brought systemic price spikes, an effect that persisted into early Saturday before returning to normal patterns.

The Wednesday decoupling was driven by high renewable availability from Charrúa northward during solar hours, which could not be exported to Puerto Montt due to congestion on the 220 kV Lastarria - Ciruelos line. During this period, the Canutillar plant set the price in Puerto Montt close to USD 100/MWh.

System-wide price spikes on Thursday and Friday were caused by diesel dispatch to meet demand, pushing prices above scheduled levels. The weekly peak price among reference nodes reached USD 220.4/MWh on Friday at 10 PM in Puerto Montt, with the Los Espinos oil plant setting the marginal cost.

This week also saw notable oil generation on Sunday, although it did not impact price levels. The reason was the technical (non-economic) dispatch of the Kelar oil plant in the Crucero zone, operated to provide inertia to the system during periods of high inverter-based renewable penetration. This requirement was outlined in CEN’s DAOP Minute N°04/2025.

Marginal cost evolution

Crucero
USD 37.4/MWh

D. de Almagro
USD 36.6/MWh

Pan de Azúcar
USD 36.4/MWh

Polpaico
USD 36.7/MWh

Charrúa
USD 35.6/MWh

Puerto Montt
USD 58.0/MWh

Solar and Wind production & BESS dispatch

Solar generation increased by 14.9 GWh (+3.1%), with a system-wide plant factor of 25.0%. The highest solar plant factor was observed in the Charrúa zone (32.7%), while the lowest was in the Pan de Azúcar zone (22.5%).

Wind generation rose by 45.0 GWh (+17.5%). The system plant factor was 28.3%, with Charrúa leading at 40.4% and Puerto Montt recording the lowest at 13.9%. Wind output in Charrúa was particularly strong on Thursday, with a plant factor of 63.9%.

BESS discharge totaled 50.7 GWh, down by 1.9 GWh (-3.6%) from the previous week. The Charrúa zone recorded the steepest decline, with injection dropping 10.6% (-95 MWh).

Solar curtailment reached 24.4%, up by 4.5 pp from the previous week. Wind curtailment was 20.1%, up by 3.6 pp. The combined curtailment rate was 20.0%, 3.9 pp higher than last week.