Weekly Market Analytics Chile Vol 12 Num 22

VOL 12 | NUM 22 | 20 December 2025

Power Markets Weekly

CHILE | 8 - 14 December 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

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Wednesday, the National Energy Commission released the bids submitted for the latest regulated tender (tender 2025/02). For a detailed review of the bids and our expectations regarding likely awardees and clearing prices, please see DNV’s analysis about the offers

Coal gains ground in a week of widespread decouplings

Glossary

Global SEN operation

The average price at Polpaico was USD 52.8/MWh, 39% higher 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 0.6% compared to the previous week, totaling 1.75 TWh. The system’s maximum demand reached 12.7 GW on Tuesday at 2 PM, with wind, solar, and BESS contributing 66.3% of the output. The highest wind-solar-BESS participation occurred on Saturday at 2 PM, covering 74.3% of the 11.2 GW demand.

Renewables reduced their share in the generation mix by 2.5 pp. The largest drop came from run‑of‑river with 0.9 pp, followed by wind with 0.7 pp and solar with 0.6 pp. Among fossil fuels, coal led the increase with a 3.1 pp gain over the week, while oil increased its share by 0.3 pp and gas reduced its share by 0.8 pp.

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

Tuesday, Wednesday, and Thursday were marked by diesel generation setting peak prices. Notably, diesel prices were systemic (across al reference nodes) overnight between Tuesday and Wednesday. During these days, the Far North also decoupled from the system, sustaining prices of USD 0/MWh during hours in which the rest of the system showed positive prices. This can be attributed to congestion in the 500 kV Cumbre – Nueva Cardones line, given by a programmed maintenance of one of its circuits that lasted from last week, to this Friday.

Regarding the southern area, Puerto Montt decoupled from the system multiple times, as has become common. The price decoupling in Puerto Montt can be attributed to congestion in the 220 kV Lastarria – Ciruelos line

Marginal cost evolution

Crucero
USD 40.2/MWh

D. de Almagro
USD 50.7/MWh

Pan de Azúcar
USD 51.9/MWh

Polpaico
USD 52.8/MWh

Charrúa
USD 52.3/MWh

Puerto Montt
USD 89.7/MWh

Solar and Wind production & BESS dispatch

Solar generation decreased by 7.8 GWh (-1.6%), with a system-wide plant factor of 25.0%. The highest solar plant factor was observed in the Charrúa zone (30.2%), while the lowest was in the Pan de Azúcar zone (22.8%).

Wind generation decreased by 10.5 GWh (-4.3%). The system plant factor was 21.7%, with the Diego de Almagro zone leading at 41.3% and the Polpaico zone recording the lowest at 6.7%. Wind output in Diego de Almagro was particularly strong on Friday, with a plant factor of 68.9%.

BESS discharge totaled 52.9 GWh, down by 1.5 GWh (-2.7%) from the previous week. The Crucero zone recorded the steepest injection decline, with discharges falling by 1.4 GWh.

Solar curtailment reached 21.8%, up by 0.4 pp from the previous week. Wind curtailment was 13.4%, down by 2.6 pp. The combined curtailment rate was 18.9%, 0.3 pp lower than last week.