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VOL 12 | NUM 32 | 27 February 2026
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CHILE | 16 - 22 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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Overall coupled system with record wind participation on Monday
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The average marginal cost in Polpaico was USD 32.0/MWh, 9% lower than last week and 44% lower than the same week, last year.
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Marginal cost evolution in Polpaico during past years
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Regarding the generation mix this week, thermal sources increased their overall participation due to an increase by 2.7 pp in gas, despite the fall in coal by 1.2 pp. Oil presented no change compared to last week.
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Hydro registered a decrease in its share, accounted by a 1.1 pp and a 0.4 pp fall in dam and run-of-river, respectively.
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Solar and wind contribution to the mix remained stable, with a 1.6 pp decline in solar and a 1.6 pp increase in wind.
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BESS injections peaked at 11 PM on Sunday, reaching 13.1% of participation at that moment.
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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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While prices across the system remained mainly coupled, decoupling of Puerto Montt was recorded daily on solar hours except for Thursday, this decoupling was driven by the congestion of the 220 kV Lastarria – Ciruelos line.
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A brief decoupling from Polpaico to Charrúa was registered on Tuesday from 2 to 6 PM while Puerto Montt was already decoupled, leading to three distinct marginal costs within the system. This event was caused by the congestion of the 500 kV Nueva Pan de Azúcar – Polpaico line.
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The peak marginal cost this week was registered by Puerto Montt, on Wednesday at 10:00 AM, reaching USD 224.8/MWh, with the oil power plant Trapén setting the marginal price at that moment.
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Crucero
USD 32.5/MWh
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Cardones
USD 31.9/MWh
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Pan de Azúcar
USD 31.5/MWh
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Polpaico
USD 32.0/MWh
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Charrúa
USD 31.0/MWh
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Puerto Montt
USD 57.4/MWh
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Solar and Wind production & BESS dispatch
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Solar generation presented a slight decrease by 4% | 17.7 GWh compared to last week. With respect to the plant factor, the highest was 29.9% in Charrúa, while the lowest was 21% in Crucero. The system-wide solar plant factor reached 23.6%.
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Wind generation achieved a 12% | 31.1 GWh increase this week, setting a new record in both absolute generation and share at the same time! Reaching 4,377 MW of output and 40% of participation on Monday at 8 PM. As for the plant factor, the highest was 38% in Charrúa, while the lowest was 14.5% in Polpaico. The system-wide wind plant factor was 25.6%.
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BESS injections declined 3% | 1,696 MWh relative to last week, driven by the 2,079 MWh reduction in discharges in the Crucero area, meanwhile, the rest of the system increased their BESS injections by 384 MWh.
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This week curtailment rate was 13.1% | 42.4 GWh for wind and 18.3% | 105.3 GWh for solar, reaching an average curtailment rate of 16.2% | 147 GWh, corresponding to a 3.1% drop versus the average curtailment rate registered last week.
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Crucero
USD 2.0/MWh
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Cardones
USD 2.8/MWh
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Pan de Azúcar
USD 2.1/MWh
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Polpaico
USD 4.3/MWh
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Charrúa
USD 3.3/MWh
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Puerto Montt
nan
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Energy weighted average spot price using PV production by zone
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Crucero
USD 22.1/MWh
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Cardones
USD 28.6/MWh
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Pan de Azúcar
USD 36.9/MWh
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Polpaico
USD 39.8/MWh
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Charrúa
USD 35.4/MWh
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Puerto Montt
USD 44.9/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 58.0/MWh
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Cardones
USD 58.4/MWh
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Pan de Azúcar
USD 61.4/MWh
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Polpaico
USD 53.4/MWh
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Charrúa
USD 45.2/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 1.1/MWh
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Cardones
USD 0.2/MWh
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Pan de Azúcar
USD 0.0/MWh
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Polpaico
USD 9.5/MWh
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Charrúa
USD 25.3/MWh
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Energy weighted average spot price using BESS charge (both from co-located power plant and from grid) by zone
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DNV, Magdalena 181, Las Condes, Santiago, Chile
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