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VOL 12 | NUM 35 | 20 March 2026
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CHILE | 9 - 15 March 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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Wind and solar rise as peak prices in Puerto Montt soar
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The average price at Polpaico reached USD 33.5/MWh, 1% higher than last week and 57% lower than the same week last year.
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Marginal cost evolution in Polpaico during past years
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In the generation mix for this week, run‑of‑river decreased by 1.5 pp, while wind and solar rose by 1.2 pp and 0.8 pp, respectively. Dam generation fell by 0.8 pp. Gas increased its share by 0.3 pp and oil by 0.1 pp, while coal participation remained unchanged.
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The weekly peak demand of the system reached 11.5 GW on Wednesday at 4 PM, with wind and solar covering 71.5% of total output at that hour. BESS injections reached their maximum at 1.8 GW on Sunday at 9 PM.
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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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Prices were mostly coupled across reference zones, with the usual exception of Puerto Montt, which decoupled for several hours each day. On every workday, peak prices in Puerto Montt exceeded USD 200/MWh, set by the oil‑fired Trapén plant. This decoupling typically resulted from congestion in the 220 kV Lastarria - Ciruelos line and, on one occasion, the 220 kV Cautín - Malleco line. On Sunday, Puerto Montt decoupled in the opposite direction, with prices dropping to zero due to congestion in the 220 kV Charrúa - Santa Clara line.
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Additional congestion occurred in the 500 kV Nueva Pan de Azúcar - Polpaico line on Tuesday and Wednesday, decoupling the northern reference nodes Pan de Azúcar, Cardones, and Crucero, with prices falling to zero.
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The highest marginal cost among reference nodes for the week was USD 236.8/MWh, recorded in Puerto Montt on Wednesday at 9:30 PM.
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Crucero
USD 32.1/MWh
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Cardones
USD 31.7/MWh
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Pan de Azúcar
USD 31.6/MWh
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Polpaico
USD 33.5/MWh
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Charrúa
USD 32.8/MWh
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Puerto Montt
USD 80.4/MWh
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Solar and Wind production & BESS dispatch
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Solar generation increased by 6.0% | 26.7 GWh relative to last week. The highest solar plant factor was 25.6% in Cardones, while the lowest was 18.4% in Puerto Montt. The system‑wide solar plant factor reached 22.7%.
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Wind generation grew by 13.1% | 25.9 GWh. The highest wind plant factor was observed in Charrúa at 24.8%, while Cardones registered the lowest at 10.8%. The system‑wide wind plant factor reached 20.3%.
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BESS discharges increased by 11.0% | 6.5 GWh compared to last week. The largest percentage rise occurred in Crucero, with a 12.2% increase in injections. Total BESS injections amounted to 65.7 GWh this week.
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Curtailment reached 10.0% | 25.5 GWh for wind and 9.3% | 53.6 GWh for solar, resulting in a combined system‑wide curtailment rate of 9.5%.
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Crucero
USD 2.5/MWh
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Cardones
USD 2.3/MWh
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Pan de Azúcar
USD 2.0/MWh
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Polpaico
USD 7.7/MWh
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Charrúa
USD 8.6/MWh
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Puerto Montt
USD 108.5/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 25.7/MWh
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Cardones
USD 30.2/MWh
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Pan de Azúcar
USD 37.3/MWh
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Polpaico
USD 40.9/MWh
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Charrúa
USD 39.7/MWh
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Puerto Montt
USD 47.3/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 54.3/MWh
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Cardones
USD 54.2/MWh
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Pan de Azúcar
USD 57.6/MWh
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Polpaico
USD 51.0/MWh
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Charrúa
USD 44.9/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 1.6/MWh
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Cardones
USD 0.7/MWh
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Pan de Azúcar
USD 0.3/MWh
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Polpaico
USD 10.8/MWh
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Charrúa
USD 27.3/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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