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VOL 12 | NUM 29 | 6 February 2026
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CHILE | 26 January - 1 February 2026
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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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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.
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Cruel summer: Lightning strike causes brief power outage in Puerto Montt on Friday.
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The average price in Polpaico reached USD 38.4/MWh was 6% lower than last week and 15% lower compared to one year ago.
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Marginal cost evolution in Polpaico during past years
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In terms of the generation mix, solar and run-of-river technologies decreased their shares by 1.6 pp and 1.3 pp, respectively, which was offset by an increase in coal (+1.7 pp), dam (+0.8 pp) and wind (+0.5 pp).
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The peak demand of the week was registered at 2 PM of Thursday reaching 13.1 GW, at the time wind and solar accounted for 69.5% of the generation mix.
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Regarding BESS, their peak participation was registered at 10 PM of Wednesday when their injections reached 1.6 GW.
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Generation Mix
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Variation
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Power range by energy sources (average prices)
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Geothermal
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Cogeneration
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Biomass
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Coal
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Gas
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Oil
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BESS
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Dam
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Run-of-river
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Wind
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PV Solar
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CSP
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Overall, this week had a coupled system, aside from Puerto Montt. Some congestions were:
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- 500 kV Polpaico – Lo Aguirre line congested on Monday afternoon, decoupling the system south from Polpaico.
- On Tuesday, 500 kV line Nueva Pan de Azúcar – Polpaico congested during the afternoon, decoupling the system south of Pan de Azúcar.
- 220 kV Lastarria – Ciruelos line frequently congested everyday of the week both at night-time and day-time.
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A particular event was registered on Friday morning, when at 11:25, a lightning strike hit the 220 kV Tineo - Puerto Montt line, disconnecting both line circuits. This caused the disconnection of Canutillar (dam), Trapén (oil), Aurora (wind) among other power plants, losing the energy supply in the Puerto Montt area. The system started gradually recovering at 11:48 when the line was reconnected and energized, however some areas took longer to recover.
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The hourly peak marginal cost of the week was registered at 7 PM of Wednesday reaching USD 291.4/MWh in Puerto Montt. In the rest of the system, the peak was registered at 7 AM of Friday, when prices ranged from USD 228.3/MWh in Charrua to USD 244.9/MWh in Crucero.
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Crucero
USD 39.2/MWh
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D. de Almagro
USD 38.8/MWh
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Pan de Azúcar
USD 38.4/MWh
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Polpaico
USD 38.4/MWh
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Charrúa
USD 39.1/MWh
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Puerto Montt
USD 148.9/MWh
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Solar and Wind production & BESS dispatch
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Solar generation decreased this week by 3.3% (-17.7 GWh). The weekly plant factor was higher in Charrua (30.2%) and lower in Pan de Azúcar (23.0%). The system-wide solar plant factor was of 25.7%.
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On the other hand, wind generation increased by 6.4% compared to last week (+13.0 GWh). The highest plant factor occurred in Charrúa with 27.7%, while the lowest was in Polpaico area with only 7.8%. The system-wide plant factor reached 19.7%.
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In terms of BESS, their weekly discharge/charge ratio was of 89.4%. The highest charge period (including directly from PV and grid withdrawals) was registered at 12 PM of Monday with 1.6 GW of charge, while the highest discharge was registered at 10 PM of Wednesday, registering a similar 1.6 GW.
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This week’s curtailment rate was 18.6% for wind (42.2 GWh) and 19.7% for solar (111.0 GWh), reaching a system-wide average curtailment rate of 18.9%.
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Crucero
USD 2.1/MWh
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D. de Almagro
USD 2.9/MWh
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Pan de Azúcar
USD 2.5/MWh
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Polpaico
USD 4.6/MWh
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Charrúa
USD 9.3/MWh
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Puerto Montt
USD 167.2/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 22.4/MWh
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D. de Almagro
USD 24.4/MWh
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Pan de Azúcar
USD 43.8/MWh
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Polpaico
USD 33.8/MWh
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Charrúa
USD 39.7/MWh
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Puerto Montt
USD 126.7/MWh
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Energy weighted average spot price using wind production by zone
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BESS discharge capture price
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Crucero
USD 67.1/MWh
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D. de Almagro
USD 68.8/MWh
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Pan de Azúcar
USD 67.0/MWh
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Polpaico
USD 65.9/MWh
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Charrúa
USD 53.6/MWh
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Energy weighted average spot price using BESS discharge by zone
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BESS charge capture price
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Crucero
USD 0.8/MWh
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D. de Almagro
USD 0.2/MWh
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Pan de Azúcar
USD 0.2/MWh
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Polpaico
USD 16.2/MWh
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Charrúa
USD 31.9/MWh
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Energy weighted average spot price using BESS charge by zone
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DNV, Magdalena 181, Las Condes, Santiago, Chile
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