Weekly Market Analytics Chile Vol 12 Num 19

VOL 12 | NUM 19 | 29 November 2025

Power Markets Weekly

CHILE | 17 - 23 November 2025

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A week marked by lower wind availability and the celebration of a new anniversary of the SIC-SING interconnection.

Glossary

Global SEN operation

Average hourly price in Polpaico was of USD 47.5/MWh, 29% higher than last week, and 44% higher than the same week last year.

Marginal cost evolution in Polpaico during past years

Given low wind availability, especially in the Pan de Azúcar area, the technology decreased its share on the mix by 4.1 pp, being the main decrease of the week. This was leveled by an increase in gas by 2.2 pp, dam by 0.8 pp, solar by 0.5 pp and run-of-river by 1.0 pp.

BESS, which maximum participation reached 12.9% at 8 PM on Sunday, decreased its share by 0.1 pp.

This week, demand rose by 2.7% reaching 1.7 TWh, with the peak demand occurring at 12 PM on Tuesday, with a total of 11.7 GWh/h. At the time, wind and solar represented 71.8% of the output.

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

Marginal cost spikes were observed on Tuesday and Wednesday, driven by several factors. First, wind availability was particularly low throughout the week, especially in the Pan de Azúcar area. Additionally, several coal-fired power plants were offline for maintenance. Furthermore, from Tuesday at 2 PM until Wednesday at 3 PM, the Nueva Ventanas coal plant was unable to inject due to environmental restrictions.

As a result, the peak marginal cost of the week was observed at 8 PM on Tuesday, going from USD 217.6/MWh in Crucero to USD 244.0/MWh in Polpaico, when different oil power plants were needed to meet the demand.

In terms of decoupling, Puerto Montt decoupled from the rest of the system everyday during solar hours given congestion on 220kV Lastarria – Ciruelos line.

The 500 kV Nueva Pan de Azúcar–Polpaico transmission line experienced congestion during solar hours on Monday, when a nearby fire forced a limitation in the line from 3 PM to around 6 PM. Additional congestion during solar hours occurred on Thursday and Saturday, as well as early Wednesday morning, temporarily decoupling the system north from Polpaico.

Marginal cost evolution

Crucero
USD 47.0/MWh

D. de Almagro
USD 47.3/MWh

Pan de Azúcar
USD 47.6/MWh

Polpaico
USD 47.5/MWh

Charrúa
USD 46.2/MWh

Puerto Montt
USD 67.9/MWh

Solar and Wind production & BESS dispatch

Solar generation increased by 21.9 GWh this week (+4.4%), with a system wide plant factor of 26.1%. The highest solar plant factor was observed in Charrúa area (34.4%) and the lowest was in the Pan de Azúcar area (22.7%).

Wind generation fell by 61.5 GWh this week (-20.3%), mainly due to very low plant factors in the Pan de Azúcar area. From Wednesday onward, performance in the area collapsed, with the daily plant factor never exceeding 9.0%, and on Sunday it plunged to just 1.3%. Overall, Pan de Azúcar recorded the lowest weekly average at only 8.6%. In contrast, the highest plant factor was observed in the Charrúa area at 36.0%, while the system-wide average stood at 22.6%.

BESS injections fell this week by 997 MWh (-2.0%), the Crucero area reported the highest injections with a total of 40.8 GWh, while the lowest injections were at the Pan de Azúcar area with only 41 MWh.

Curtailment rates this week were 20.1% for wind (1.1 pp lower than last week) and 17.7% for solar (6.6 pp lower), with an overall combined curtailment rate of 17.9%.