Weekly Market Analytics Chile Vol 12 Num 20

VOL 12 | NUM 20 | 5 December 2025

Power Markets Weekly

CHILE | 24 - 30 November 2025

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A continued drop in wind resource combined with low hydro availability, led to oil dispatch and spike in prices

Glossary

Global SEN operation

The average price in Polpaico was USD 68.5/MWh, which is 119.9% higher than last week and 44.3% higher compared to one year ago.

Marginal cost evolution in Polpaico during past years

A week marked by declines in renewables: solar decreased by 0.8 pp, wind by 4.0 pp and cogeneration by 0.4 pp. These reductions were partially offset by an increase in hydro participation, with dam by 0.5 pp and run-of-river by 0.8 pp. However, the higher hydro share was not enough to meet the demand, leading to a higher thermal participation, with coal increasing by 3.2 pp and oil by 0.8 pp, while gas slightly decreased by 0.1 pp, In spite off the increase in the share of thermals.

Peak demand reached 12.2 GW on Monday at 2 PM, with wind and solar contributing 69.8%, while BESS accounted for just 0.4%.

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

This week, the system recorded congestion in two main lines.

On Monday and from Thursday to Saturday, the 220 kV Lastarria – Ciruelos line experienced congestion at dawn, leading to price decoupling in Puerto Montt until afternoon. Additionally, on Tuesday and Wednesday, congestion occurred but during only mid-day, contributing to price decoupling during solar hours.

Meanwhile, from Monday to Friday, the 500 kV Nueva Pan de Azúcar – Polpaico line experienced congestion during solar hours, causing price decoupling between the North (from Crucero to Pan de Azúcar) and the Center (Polpaico and Charrúa).

The peak price of the week occurred on Wednesday at 10 AM, when prices ranged between USD 246.1/MWh in Charrúa and USD 286.9/MWh in Puerto Montt. For most of that hour, the oil power plant “Los Guindos 2” set the price. This coincided with the lowest wind generation of the week and reduced solar injections in Polpaico and Charrúa, contributing to the price spike.

Low wind availability persisted throughout the week, requiring oil-fired generation to cover demand during certain nighttime periods from Monday to Thursday.

Marginal cost evolution

Crucero
USD 57.6/MWh

D. de Almagro
USD 58.8/MWh

Pan de Azúcar
USD 59.4/MWh

Polpaico
USD 68.5/MWh

Charrúa
USD 67.1/MWh

Puerto Montt
USD 103.8/MWh

Solar and Wind production & BESS dispatch

Solar injection increased its system wide plant factor by 1.0 pp compared to last week, reaching 25.1%. The highest plant factor was in Polpaico with 26.3%, while the lowest was in Puerto Montt with 20.9%.

Wind injection decreased its system plant factor by 6.8 pp compared to last week, reaching 15.8%. The highest plant factor was in Crucero with 21.3%, while the lowest was in Polpaico with 5.4%.

The total BESS discharge reached 46.2 GWh, which is 3.5 GWh lower than the injection recorded last week. The highest injection was in Crucero with 38.4 GWh, while the lowest was in Pan de Azúcar with 32 MWh.

The combined curtailment rate for solar and wind generation rose by 1.0 pp compared to last week, reaching 18.8%. Solar curtailment reached 19.8% | 114.6 GWh while wind curtailment was 18.6% | 39.0 GWh.